Stock Market July 1: Markets are up after the French election. On Piazza Affari, follow Tim, Ray Way, Safilo

THE European stock exchanges Markets are expected to open higher today, according to futures. Attention will be focused on the market reaction to the result of the first round of the French elections, and in particular on the Cac 40 index of the French stock market which closed on Friday at 7,479.40 points, down 0.68% and on the yield differential between the French ten-year OAT at 79 basis points and the French ten-year OAT which yields 3.29%. In Asia, mixed data on the resilience of the Chinese economy, while the Tokyo Nikkey is rising.

Wall Street fell Friday on profit-taking. Data awaited

Wall Street futures are slightly up with one eye on the first round of the French elections and the other on the evolution of American interest rates. Friday evening, the main indices closed slightly down on profit taking: the S&P500 at -0.40%, the Nasdaq Composite fell by 0.70%, the Dow Jones closed at -0.10%. Among individual stocks, we will note the abundant sales on Nike, down 19.31%. This is the biggest drop in the sporting goods group's title since February 2001, after a disappointing quarter.

The 10-year Treasury bond at 4.39%. Today on the US agenda: June manufacturing PMI, May construction spending and June ISM manufacturing index.

Asia: Mixed Chinese data, Tokyo up

Asian stocks were mixed as investors tried to interpret data on Chinese manufacturing activity. China's CSI 300 and Shanghai Composite indexes lost 0.3%. Government data released Sunday showed that the Chinese manufacturing sector it contracted for the second consecutive month in June. On the contrary, reading the Private SME Tonight's figures showed the industry growing at its fastest pace in three years. While the two surveys differ in the scope of companies covered, they still paint a satisfactory picture. two contrasting paintings of Asia's largest economy, keeping investors uncertain about its economic outlook, Websim says.
In July, attention will focus on the third plenum of the Chinese Communist Party, a meeting of senior officials at which the government is expected to present greater economic support.

The index Nikkei 225 The government unexpectedly revised down its first-quarter gross domestic product data. The figures highlight growing weaknesses in the Japanese economy, which could prompt the Bank of Japan to keep interest rates low for longer. The June manufacturing PMI was 50 points, down from 50.4 points (the forecast was 50.1 points). It is slightly improving Japanese consumer sentiment. According to information released by the Economic and Social Research Institute of the Japanese Cabinet Office, the confidence index stood at 36.4 points in June, up from 36.2 in May and in line with the consensus estimate. Higher spending intentions on durable goods (+0.6 points) and income (+0.7 points) contributed to the trend of the index, while those on lifestyle declined (-0.1 points) and employment situation (-0.3 points).

THEAustralian ASX 200 loses 0.4%, while the Kospi of South Korea it's stable. The markets of Hong Kong they were closed for the holidays. The index Indian Sensex is virtually unchanged, with the index set for some profit-taking after hitting a series of record highs in June.

Yen The US dollar is now over 161.0, its highest level in the last 38 years against the US dollar. Investors are watching for any signs of intervention by Japanese monetary authorities to defend the national currency, which has lost around -14% since the start of 2024. The growing interest rate gap between the two countries continues to disadvantage the currency of Japan.

Elections in France

Marine Le Pen's National Rally (RN) won the first round of the legislative elections on Sunday. Analysts note, however, that the party garnered a lower vote share than some polls had initially predicted. Macron studies strategic alliances “on a case-by-case basis”. The Ministry of the Interior announced the results of the first round of legislative elections. The National Rally of Jordan Bardella, allied to the president of the Republicans Eric Ciotti, obtained 33.1% of the votes, the New Popular Front, the union of the left, 28%, and Ensemble, the presidential coalition, 20%. The Republicans, not aligned with the RN, collected 6.7% of the votes. Turnout was among the highest in the century, at 66.7%.

Stock market today July 1: what to follow

Futures signal an opening of the stock market up 1.30%. The focus will be on the reaction of the markets to the result of the first round of elections in France, and in particular to the index room 40 of the French stock market which closed Friday at 7,479.40 points, down 0.68% and differential yield among French ten-year-olds Oats at 79 basis points, with 79-year-old French oats yielding 3.29%. Analysts' fears relate to an increase in public spending in France.

The German Bund yield is at 2.50% and that of the BTP at 4.06%. The Italy-Germany spread is at 156 basis points. The single currency is recovering slightly to 1,075 dollars. Brent and WTI oil +0.3%. Gold at 2,322 USD almost unchanged. Bitcoin at 63,200$, +3%.

TeamNetCo sale to Optics BidCo (Kkr) expected to close today
Out of main basket

Ferrari. The arrival of Adrian Newey, British engineer and sporting director who will leave Red Bull next year, is not excluded. President John Elkann told Corriere della Sera on Saturday that “there are many possibilities, Newey or otherwise.” We must carefully assess whether the conditions exist. We need to understand the level of motivation and ability to create new things rather than replicate others, he added.

Eni is considering the creation of a company, to be called Eni Italia, under which all upstream, offshore and onshore activities in Italy will be transferred, according to Milano Finanza.

Rai Way. Rai will not sell more than 10% and not before September, according to Il Sole 24 Ore on Saturday, which adds that public television is aiming for a revenue of at least 130 million euros.

Salvatore FerragamoCiti lowered its price target from 10.2 to 9 euros.

sapphireThe buyback program starts today on a maximum of 11 million shares, or approximately 2.7% of the shares in circulation, for a maximum value of 14 million euros.

Today's data. June manufacturing PMI in Italy, France, Germany, euro zone, United Kingdom. Also in Germany, May retail sales and June inflation.