Stock exchanges, Nvidia does not shake up. Milan snatches parity at the close

On the macro front, there were less than expected applications for unemployment benefits in the last week (209,000 versus an estimated 210,000), down 3,000. On the other hand, conditions in the manufacturing sector in the Philadelphia area worsened (and disappointed expectations): the index calculated by the local Fed was -0.4 points, against expectations for a figure of 17.8 points, after 26.7 points in the previous month. Rounding out the picture were the data on building sites and building permits, which showed opposite, but better-than-expected trends in April.

Piazza Affari posted good Generali, rewarded after first-quarter accounts that saw a 8% rise in operating profit to €2.2 billion. But the pink jersey is still held by Avio, which did not stop its run of recent sessions after the successful launch of the Smile satellite with the Vega C launcher. Also well set were the Ferrari, oil stocks resumed their upward trend as crude oil prices rose again.

Abrupt slide to the bottom of the list for Stellantis on the day of the presentation of the new business plan: 60 billion investments with four brands at the centre but for the time being no details on the financial targets or the payout have been revealed yet.

Banks were generally weak, with Unicredit leading the declines. Down again Diasorin after the investor day on the eve of the event.

On the energy front, oil is running again with news coming out of the Middle East: the Brent is moving well above USD 107 per barrel and Wti is back above USD 101.

According to Reuters, which cites four sources, seven of the key oil-producing countries in the Opec+ alliance are likely to approve a modest July production increase at their 7 June meeting, although for several members deliveries remain disrupted by the war with Iran. According to sources, the monthly target set by the seven key Opec+ members should be increased by about 188,000 barrels per day.

Falling natural gas in Amsterdam just below 50 euros per megawatt hour. Slightly down is the price of gold, which trades at $4,500 per ounce.

The dollar strengthened against the major currencies, with the euro again pushed below 1.16 as tension in Iran increased. Also keeping the greenback strong are "the Fed minutes showed a growth in the number of hawks within the FOMC", Mps analysts point out. Most members believe that the institution will "probably have to consider a rate hike if inflation continues to persistently remain above target". Expectations on the ECB's third rate hike were also 'downgraded', with the third hike no longer fully priced in. Sources tell Reuters that the June hike appears almost certain, but the ECB is likely to hold off on further moves, dampening expectations for a second hike in July," the analysts add.

On the macroeconomic front, theEuropean Commission has reduced its GDP growth estimates from the previous November estimates for the eurozone: this year activity is expected to grow by 0.9% and next year by 1.2% against the autumn estimate of 1.2% and 1.9% respectively. On the other hand, the inflation estimates were revised upwards: this year the consumer price growth rate is expected to stand at 3% after 2.1% in 2025 (November estimate 1.9%), in 2027 it is expected to fall to 2.3% (previous estimate 2%).

The BTp-Bund spread closed higher. At the end of the session, the yield differential between the benchmark ten-year BTp and the German Bund of the same duration stood at 75 basis points, up from 73 points at the previous day's close. The yield on the benchmark ten-year BTp also rose slightly, ending trading at 3.85 per cent from 3.83 per cent at the previous benchmark.