Closing higher for the markets, which fluctuated a bit during the day, had started much better this morning. Milan +0.20% percent, the best Frankfurt, +1.30%, thanks to the rebound of Commerzbank, which fell a lot yesterday after the publication of the quarterly accounts. The Frankfurt Dax is very close to the all-time high reached in January 2022.
To give confidence to the markets the possible agreement in the United States on the debt ceiling. President Biden will return at the weekend from the G7 in Japan. "I am confident that we will get the budget agreement and America will not default," he said today.
Wall Street also recovered after a very cautious start. The S&P 500 index is +0.50%.
The concern stems from hawkish words from Dallas Fed President Lorie Logan who said today that current data does not justify a pause in rate hikes. CME Group data shows a chance of a rate hike of 25 basis points at the June meeting rising to 32%, two weeks ago it was 10%.
This context has also made a negative assessment of a good fact: the decline in weekly unemployment claims.
The prospect of US rates stalling until at least November strengthens the dollar against the euro. One euro is worth 1,078 dollars today (-0.6% compared to yesterday).
Government bond yields are also rising in Europe: +12 basis points for that of the ten-year Italian BTP.
Good news from gas, falling below 30 euros per megawatt hour, the lowest since June 2021.
At Piazza Affari, StMicroelectronics (+3.54%) and Saipem (+3.34%) recorded higher gains, while two utilities were down more, Hera -3.82% and A2A, -4.07%.