Eurozone Inflation At 13-Month High; Meets ECB Target
Eurozone Inflation At 13-Month High; Meets ECB Target
GETTYItaly news Rome has descended into political chaos
02 June, 2018, 14:20
Italian financial markets jumped on the announcement of the first populist government for an European Union founding member, formed by the anti-establishment Five Star Movement and nationalist League.
The parties are now trying to find "a point of compromise on another name" for the economy ministry, said the source close to 5-Star, the single-biggest party in the new parliament. The continent's most high-profile euro-skeptic, France's Marine Le Pen, calledItaly's new government a "victory of democracy over European Union threats".
Major exporters like technology and industrial companies and big drug and medical device makers also skidded. For the US, this presents some opportunity.
"Eurozone membership will be at the forefront of the next election", said Alicia Levine, the head of global investment strategy at BNY Mellon Investment Management.
The Italian election risk had also sent investors scurrying for safer German and US government bonds, as well as currencies such as the yen and Swiss franc, at the expense of the euro. The Kospi in South Korea jumped 0.7 percent to 2,438.96 and shares in Southeast Asia were mixed. The Italian Stock Exchange lost 10% of its value in May, and yield on Italian bonds this week rose to levels last seen in 2014.
On the economic space, Euro Zone inflation surprised economists and analysts on Thursday, after Consumer price data (CPI) released on Thursday showed inflation jumped to 1.9 percent, well above the forecast of 1.6 percent.
Milan-listed equities snapped a five-day losing streak and bounced 2 percent while short-dated Italian bond yields - a sensitive gauge of political risk - fell more than four-tenths a percent from half-decade highs.
Deficits are lower, economic growth is stronger, and more people have jobs.
In a last-minute shuffle of cabinet posts aimed at appeasing President Sergio Mattarella, Conte remained but an 81-year-old euro-skeptic economist, Paolo Savona, was shunted from the economy minister's post to a European affairs position. "This morning the euro is attempting to stage a correction trending towards 1.16 but with the market sentiment heavily against it, any gains will not likely be sustained", Konstantinos Anthis at ADS Security said.
In Spain, political vacuum looks set to be averted as Pedro Sanchez was nearly certain to become Spain's new Prime Minister after his socialist party secured enough votes to topple Mariano Rajoy in a confidence vote scheduled on Friday over a corruption case.
Elsewhere in Europe, Germany's Deutsche Bank AG fell to its lowest in almost two years, dipping as much as 5.7 percent.
USA crude oil fell 1.7 percent to $66.73 a barrel in NY. The Hang Seng in Hong Kong slipped 1.5 per cent to 30,034.07 and the Shanghai Composite index fell 1.6 per cent to 3,072.76. It dropped 1.7 per cent to $66.73 a barrel in NY. Brent crude, used to price global oils, dropped 40 cents to $77.16 per barrel. The USD/CAD closed at 1.2963, up 0.0089 or +0.69% after President Trump announced tariffs on Canadian steel and aluminum.
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The West Indies have stormed to victory in the Hurricane Relief T20 fundraiser, claiming a 72-run win over the World XI at Lords. Prolific Pakistan batsman Shoaib Malik will also feature along with 17-year-old Nepalese spin sensation Sandeep Lamichhane.
Its carbon composite airframe also allows for improved air quality due to a more optimised cabin altitude and humidity levels. Because of the grueling flight time, Singapore Airlines has opted to eliminate economy seating on the route.
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