Europe slows down, Milan closes in the red (-1.26%). The spread rises

Red flag at the end of the session for all the main European lists, with Milan losing 1.26% falling just below 25,000 points, followed by Frankfurt which loses 1.14, Paris 1.23 and London l 1.24%. The markets are worrying about the slowdown in the recovery coming from China and the spread of the Delta variant that is looming. Meanwhile, in the bond sector, the spread is up compared to the start of the session at 106 points, with the yield on the ten-year BTP rising to 0.724%.

This is followed closely by Wall Street still down as at the opening session, with the Dow Jones slipping by 0.03, the S&P by 0.26% and the Nasdaq by 0.42%. The words of the head of the Fed Jerome Powell were not enough to reassure the US indices, who yesterday confirmed that inflation is transitory and that the labor market still does not allow for a reduction in aid to the economy.

In addition, in the States, weekly requests for unemployment benefits fell by 26,000 to 360,000, in line with the consensus. The number of ongoing subsidies as of July 3 fell by 126,000 to 3,241 million. Meanwhile, the Empire State Manufacturing index compiled by the New York Fed came in at 43 points in July from 17.4 in June. The index on regional manufacturing activity prepared by the Philadelphia Fed finally stood at 21.9 points in July, down from 30.7 points in June and below the consensus (29.8 points). US import prices rose 1% monthly in June. The figure is below the consensus of economists, which predicted a month-over-month growth of 1.2%.

Industrial production in June rose by 0.4% compared to May, disappointing analysts’ expectations (+ 0.8%). The utilization rate of the plants was also below expectations, which stood at 75.4%, compared to the expected 75.6%. Looking at the energy sector, weekly natural gas stocks stood at 2,629 billion cubic feet (74.444 billion cubic meters), up 55 billion cubic feet (1.557 billion cubic meters) compared to the previous week.

Oil prices are still falling on both reference lists, affected by the latest news on the OPEC + agreement with the United Arab Emirates. Wti loses 0.49% and Brent 0.46% to 72 and 74 dollars a barrel respectively. The bullion rose slightly to $ 1,825 an ounce. In the currency, the euro / dollar exchange rate drops to 1.181 (-0.18%), the dollar / yen is little moved at 110.01 and the cross between pound and greenback returns to 1.3861 (+ 0.05% ). (All rights reserved)

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