Today's stock markets, June 26. The spread falls below 90. Lowest since April 2010
MILAN – The spread between German and Italian bond yields continues to narrow. The spread fell below 90 points for the first time this morning, its lowest since April 2010. On the currency front, new tensions between US President Trump and Fed Chief Jerome Powell are helping to weaken the dollar, with the euro nearing 1.17. Stock markets are moving higher this morning. Asia had a positive session, with Tokyo closing up 1.65%.
Exchange rates: euro still advances above 1.17 dollars, new high from 2021
The euro continued to gain ground against the dollar, breaking above 1.17 to reach a new 2021 high, supported by a general dollar weakness. The ceasefire between Iran and Israel is holding, boosting risk sentiment, while concerns over the independence of the Federal Reserve have emerged after reports that President Trump is considering an early nomination of the next Fed chairman, putting pressure on the greenback. Meanwhile, NATO's decision to increase defense spending from 2% to 5% of GDP by 2035 has raised expectations that countries, particularly Germany, will increase borrowing to meet these goals.
Milan Stock Exchange: rise cancelled, mixed banks, Tim in evidence
Piazza Affari erases the increase of the first trading phase with the Ftse Mib marking -0.01% at 39,318 points. On the list, Tim rises by 1.71% to 0.4156 euros also thanks to a positive report from Berenberg which sees the stock at 0.52 euros per share and recommends a 'Buy'. Stm also stands out (+1.44%). Among the main energy companies, Enel is unchanged while Eni falls by 0.26%. Industrials are negative with Stellantis at -0.62% and Pirelli -0.41%. As for financial companies, Generali -0.41%, Intesa +0.24%, Unicredit -0.11%, Mps +0.25%, Mediobanca +0.20%
Illycaffè: acquires 100% of the Swiss distributor
Ilycaffè has acquired 100% control of the Swiss distributor based in Thalwil. "The Swiss market is highly strategic in terms of size, premiumness and potential, representing a significant growth area for the brand. The acquisition is also part of the broader strategy of strengthening direct presence in key European markets", commented CEO Cristina Scocchia.
H&M first half profit – 27% turnover – 1%
H&M CEO Daniel Ervér stressed that the company's results "were negatively affected by the increase in purchase prices due to the strengthening of the US dollar and higher shipping costs", as well as investments in customer service. However, he noted that the negative external factors that increased purchase costs during the first half of the year are turning into positive ones in the second half of the year. In this regard, the group forecast a 3% increase in sales in local currency in June compared to the same month of the previous year. At the end of May, H&M had a total of 4,166 stores,
Gas: Igi index down to 39 euros per megawatt hour
The value of the IGI index (Italian Gas Index) for June 26 is equal to 39.00 euro/MWh, down compared to June 25 which stood at 39.13 euro/MWh. This was reported by the Energy Markets Manager
Cautious upward start
European stock markets started cautiously higher as investors monitored, on the one hand, geopolitical developments in the Middle East and new NATO commitments, and, on the other, the imminent expiry of US tariffs on 9 July. U.S. officials are expected to meet with Iranian counterparts next week in a bid to curb Tehran’s nuclear ambitions as the ceasefire between Iran and Israel continues to hold. NATO’s decision to increase its defense spending target from 2% to 5% of GDP by 2035 fueled a rally in European defense stocks yesterday, even as overall market sentiment remains cautious. In early trading, the Cac 40 index in Paris rose 0.44% to 7,591.61 points, the Dax 30 in Frankfurt advanced 0.53% to 23,649.54 points and the Ftse 100 in London recorded a +0.05% to 8,722.75 points. The Ftse Mib gained 0.35%.
Shell Denies BP Acquisition Rumors
British energy giant Shell has denied reports that it is considering a bid for rival BP. Shell said on Tuesday it has not actively considered a bid for BP and confirmed it has not contacted or had any discussions with BP about a potential offer. Shell said it remains focused on creating greater value with lower emissions through performance, discipline and simplification. The company issued the statement in response to recent media speculation.
Tokyo closes at +1.65%
Tokyo stocks closed higher. The Nikkei 225 index rose 1.65% to 39,588 points, hitting a four-month high, buoyed by technology stocks and the knock-on effect of Nvidia's record earnings on Wall Street. Advantest Corp rose 5% and Tokyo Electron 3.8%, while SoftBank Group, a major Nikkei 225 weight, jumped more than 5%. Japan's top trade negotiator Ryosei Akazawa said he would continue trade talks with the United States before the July 9 deadline for suspended reciprocal tariffs, adding that Tokyo could not accept the 25% tariff on autos
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