Piazza Affari positive at the start (+0.6%), US retail sales today

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First trading mostly up for European stock markets, with the Ftse Mib up 0.6% to 33,980 points. In Piazza Affari, above all, Leonardo (+2.5%) and Prysmian (+1.6%) advanced, having closed a 3.9 billion agreement for the acquisition of Encore Wire, while Telecom Italia (-1.2% ) and (-1%) slip to the bottom of the main list. The telecommunications company announced on Friday an agreement with the unions for the application of the solidarity contract.

The markets appear to have reduced fears of an escalation of tensions in the Middle East and are returning to focus on macroeconomic events and monetary policy. The data on US retail sales is scheduled for today, among the most important of the week together with the Chinese GDP (tomorrow) and those of the United Kingdom on the labor market (Tuesday) and inflation (Wednesday). Also worth following are the interventions of various central bankers, starting today with the ECB chief economist Philip Lane.

Focus also on the US quarterly reports, with Goldman Sachs scheduled today, after the first chiaroscuro bank accounts released on Friday.

Yields rising on bonds, with the ten-year Treasury at 4.55% and the two-year at 4.92%. The BTP-Bund spread is stable around 140 basis points, with the Italian ten-year bond at 3.79% and the Bund at 2.39%. At the end of the week the S&P agency will decide on Italy’s rating.

Among raw materials, Brent oil retraces below $90 a barrel and gold returns to $2,355 an ounce after exceeding $2,400 on Friday. On Forex, the euro/dollar exchange rate remains at 1.065, held back by the strength of the greenback, and the dollar/yen weakens further to just below 154.

This article is originally published on finanzaonline.com

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