Stock exchanges, the EU plan against Covid strengthens the euro and the lists

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MILAN – 2.50 pm. The European support plan for the countries affected by the Covid crisis 19 seems to convince the markets more than the frictions between the United States and China on the Hong Kong case frighten them. The signs of this tension have been evident, in night trading, on the Hong Kong Stock Exchange which has come to see the March lows of the pandemic peak. The EU price lists point to the positive aspects concerning the community bloc, which for the first time with this crisis could give a strong and united response to the emergency: the European stock exchanges are slightly up, losing a little push during the day .Milan strengthens again at + 2% in the afternoon, the others are more cautious: Frankfurt + 0.7%, Paris + 1.1% e London + 1.1%. Confirm the improvements registered yesterday spread between the BTP and the German Bund, which fell below 190 basis points in the morning with a yield of 1.48% and subsequently returned to the opening level (191), moving to the lows since April.

Usa, over 40 million people have applied for subsidies

Among the macro data, Istat reports the collapse of the confidence indices in May. While updates on the economic impact of Covid arrive from the United States, starting from -5% of the US GDP for the first quarter: the second reading worsens the initial -4.8%. The American economy also records the achievement of over 40 million people who have applied for unemployment benefits, following the pandemic, with the last 2.1 million registered in the last week. The drop in durable goods orders also dropped sharply by 17.2% per month in April, after -16.6% in March and an expected -19%.

US trade futures are also looking positively. In the morning, Tokyo managed to make history in itself by closing at + 2.32%, while Hong Kong it lost 0.7%. Wall Street closed the session on Wednesday 27 May on the rise and close to the day’s highs. For the first time since last March, the Dow Jones (+ 2.21%) closed above the psychological threshold of 25.000 Points and the S&P 500 (+ 1.48%) above the 3.000 quota. The Nasdaq added 0.77%.

Recovery fund, here is the 750 billion plan. Italy 172.7 billion, of which 81 non-refundable

Gentiloni and the historical turning point in Brussels

Also on the currency front there is this double track. On the one hand theEUR it has risen to the top for 8 weeks on the dollar, after the EU aid plan while it does yuan offshore falls overnight to a record low for geopolitical tensions. The European currency changed hands at 1.1015, after a maximum of 1.1035 dollars after the launch of the 750 billion euro Recovery Plan in Brussels. If approved, it will be the largest aid plan in European history: the “Next Generation EU” (this is the name of the plan, ed) is “a historic turning point” because on the part of the Commission “we are used to an economic policy made up only of roofs and controls, now we will have political resources. Now we will see how much the Member States will take to approve it”, the comment of the EU Commissioner Economic Affairs, Paolo Gentiloni, to Radio Me too. Gentiloni explained that “it will not be easy” to find an agreement with the so-called “frugal” countries, but “we will reach an agreement.” The yuan changed hands at 7.1852 after a record low of 1.1966 on the greenback. Euro / yen at 118.78 and dollar / yen up 107.84.

Recovery Fund, Ursula von der Leyen: “Decisive moment, nobody can do it alone”. Holland slows down: “Negotiation will be long”

The commodity market continues to suffer Petroleum after a rise beyond expectations announced by the American Petroleum Institute of US oil stocks. On Asian markets, Light Crude futures fell 3% to $ 31.80 and Brent futures fell 2% to $ 34.11. The price ofgold rises from 0.25 to $ 1,712 an ounce, due to tensions between the US and China over Hong Kong.

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