European inflation rises by 1,9%, more than expected. In Italy, prices increased by 1,8%, the highest since April 2013. The data helps the recovery of the old continent's price lists, already awaiting the trend of US GDP, which will be communicated in the early afternoon.
A Milano the Ftse Mib index (+0,40%) is close to 20.900. On positive ground too Paris e Frankfurt, both +0,1%, and Madrid (+0,43%). In red London, on the eve of the European Council in which the 27 will dictate the EU conditions for Brexit. Angela Merkel said that "Britain must have no illusions".
For the stock exchanges of the old continent, the third positive month in a row is about to be completed. The Eurostoxx index overall gains about 2%. The FtseMib it has a partial balance of +0,6%, but in March it had achieved a leap of 8,3%. The Star index which groups together mid-cap companies recorded a monthly gain, the fifth positive in a row, of +4,7%.
Spain's GDP grew by 3% year-on-year in the first quarter, slightly better than the +2,9% expected. On the other hand, France's GDP is below expectations: +0,8% against +0,9%. Growth in Great Britain is also holding back, to +0,3% from 0,7% in the fourth quarter.
THEeuro it weakened to 1,088 against the dollar, from 1,090 at the close. Brent oil closed down 0,8% to $50,4 a barrel, rising 0,5% to $51,60 this morning. Eni +0,4%, Tenaris +1,5%, recovers after yesterday's -5%.
With closed markets, various rating updates are expected, among which that of Standard & Poor's on the Germany (currently AAA, stable outlook) e Britain (AA, negative) and that of Fitch on theHolland (AAA, stable).
Fitch it cut the rating of some Italian banks to bring it in line with Italy's sovereign rating to BBB from BBB+. Unicredit +1% after Third Point, Daniel Loeb's hedge fund, took a position in the capital. Understanding + 1,65%. Mediobanca +3,88%: Morgan Stanley yesterday promoted the stock to "overweight" from "equal-weight", raising the target price to 10 from 8,3 euros. Salt too Bper (+0,8%) after Unipol said it could increase its stake.
Recommended Cnh Industrial (+2,8%) and new record. The day after the presentation of the quarter's data, Mediobanca raised its recommendation to Buy from the previous Neutral. The target price is 11,6 euros.
Brake instead Atlantia (-0,5%). Yesterday the holding company announced that it had sold 10% of Autostrade per l'Italia. The price paid by the two buyers, two consortia that bring together funds specialized in infrastructure, values the first Italian motorway concessionaire at 14,8 billion euros.
Telecom Italy +0,1%. The Brazilian subsidiary presented data for the quarter that exceeded expectations, revenues from services rose by 3,5% year on year thanks to the increase in average revenues per user, ebitda +8,7%.
An exceptional return is looming on the price list: Pirelli has decided to speed up the listing process in Milan or on a major international market in order to be able to seize market opportunities. Marco Polo will subscribe to a capital increase of 1,2 billion euros and the Chinese of CNRC are willing to go below 50%.
