Table of Contents:
Closing of European stock exchanges
The Old Continent stock exchanges closed in no particular order, with the Ftse Mib in Piazza Affari recording an increase of 0.5%, closing at 35,819 points. Among the stocks in evidence, Moncler shone with an increase of 6.3%, thanks to sales exceeding expectations by Richemont. Other stocks such as Brunello Cucinelli and Nexi showed positive performances, with growth of 2.2% and 2.6% respectively.
However, not all stocks followed this trend, with Iveco, Diasorin, Pirelli and Stellantis
recording significant losses.
Signals from the Federal Reserve
An important statement came from Christopher Waller, a member of the Federal Reserve, who opened up the possibility of interest rate cuts before June, should inflation data continue to show signs of improvement. This could significantly influence future decisions of the central bank, in an economic environment already characterized by uncertainties. In addition, the speech by Bessent, the next US Secretary of the Treasury, highlighted the importance of keeping the dollar as a world reserve, stressing tax cuts as a priority for the economic health of the
United States.
American economic data
Recent retail sales data showed growth of 0.4%, lower than analysts’ expectations, who expected an increase of 0.6%. New claims for unemployment benefits increased to 217,000, exceeding forecasts. These figures, although mixed, indicate a certain resilience of the American economy, with core sales registering an increase of 0.3%, although below expectations. The situation on the labor market remains complex, with an increase in initial requests for subsidies, but a decline in the total number of beneficiaries, a sign of a possible
stabilization.
Commodity markets and currencies
In the commodities sector, Brent oil declined, returning below 81 dollars per barrel, while gold saw an increase, reaching 2,718 dollars an ounce, driven by demand for safe haven assets. In the currency market, the euro/dollar stands at around 1.03, while the dollar/yen slipped to 155.3, influenced by the Bank of Japan’s expectations of rate hikes. Finally, Bitcoin continues to flirt with the $100,000 threshold, a sign of a bustling cryptocurrency market
.
