European Shares To Open On Subdued Note Amid Italy Worries

01 June, 2018, 19:30 | Author: Brooke Harris
  • European Shares To Open On Subdued Note Amid Italy Worries

However, with tensions running high and some political leaders pushing for quick elections, events in Italy remained extremely fluid.Over the weekend, Mr. Mattarella rejected a euroskeptic figure the 5 Star and the League had chosen as economy minister for a coalition government that appeared close to taking power.

Smaller companies, which tend to be more US -focused than the large multinationals in the Dow, fared much better than the rest of the market.

Italy's 2-year bond yields posting their biggest one-day jump in 26 years on Tuesday on fears that fresh elections in the euro zone's third biggest economy could strengthen the hand of anti-establishment parties.

Erin Browne, head of asset allocation at UBS Asset Management in NY, said that though fears of Italy's leaving the euro, or "Quitaly", waned on Wednesday, "We recognize the path to resolution is likely to be bumpy", saying the firm "downgraded our outlook on European assets to account for recent developments".

If Cottarelli does not pass a vote of confidence, as is almost certain, his government would not get a chance to set out such a budget. The July contract was last down 1.6 percent at $66.81 a barrel.

The euro on Thursday climbed to a three-day high of $1.1725, having risen 1.1 percent the previous day, its second-biggest daily gain so far this year.

The pan-European STOXX 600 fell 0.8 percent, with banks the worst-performing.

Adding to heightened geopolitical uncertainty, Spanish Prime Minister Mariano Rajoy will face a vote of confidence on Friday.

Apart from developments in Italy, investors are also looking to the upcoming euro zone consumer price data at 0900 GMT, which is expected to show inflation has accelerated to 1.6 percent in May.

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The German DAX and France' CAC 40 index both shed around 0.6%.

CURRENCIES: The dollar rose to 108.88 yen from 109.37 yen.

The benchmark 10-year Treasuries yields in the USA touched the 2.8% mark, while the 10-year gilts' yields fell.

While investors are near unanimous in expecting the ECB to end bond purchases by December after a short taper, forecasts for the bank's first rate hike have shifted quite sharply in recent weeks, from around next April to possibly as late as September.

When the dollar gets stronger, it can hurt companies that export goods from the US, as it makes their products more expensive in overseas markets.

WALL STREET: Major U.S. benchmarks ended little changed on Friday.

United States crude oil fell 25 cents to $66.50 per barrel in electronic trading on the New York Mercantile Exchange.

Japan's Nikkei 225 slumped 0.9 percent to 22,280.91 while South Korea's Kospi was down 0.7 percent to 2,460.75. Brent crude, used to price global oils, lost 0.5 percent to $74.95 per barrel in London. Oil prices have slumped in the last week following reports that OPEC countries and Russian Federation could start pumping more oil soon.



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