Le appointments to the top management of state subsidiaries they mess up a bit Business Square, which closes flat today, while the rest of Europe is progressing. It stands out above all Paris, +1,13%, thanks to the quarterly lvmh (+5,49%) and are timidly positive Frankfurt + 0,15% London + 0,27% Madrid + 0,31%.
Overseas wall street, dragged by Nasdaq (+1,4%) celebrates the confirmation that US inflation is cooling down.
suffers the dollar, falling to a year-low against a panel of currencies, while gold shines amid fears of a US recession and a more dovish Fed.
Piazza Affari bringing up the rear with Enel
Thus, while Wall Street appears optimistic and the European marketplace of big names, Paris, updates the historic highs, Milano reaches the finish line colorless (-0,01). The Ftse Mib is above all ballasted Enel -3,92%, on which profit-taking flocked in the session following the surprise indication of Flavio Cattaneo and Paolo Scaroni at the top of the electric giant. It also moves back triad, -1,64%, where the helm passes to Giuseppina Di Foggia (ex number one of Nokia), first woman at the top of one of the large public companies. On the opposite side Leonardo (+3,21%), with the former minister Roberto Cingolani occupying the box of Alessandro Profumo, as expected. In progress Eni (+ 1,45%) and Post (+1,08%), with the confirmation of Claudio Descalzi and Matteo Del Fante respectively.
Out of this government match, the blue chip index is led by Moncler +4,45%, in the wake of Lvmh, which recorded a 17% increase in sales in the first quarter, exceeding estimates thanks to the strong recovery of activity in China. In the sector they also celebrate Ferragamo (+ 1,64%), Tod’s (+ 2,98%) and cucinelli (+ 1,7%).
Banks are down slightly, with the exception of Mount Paschi + 0,94%.
Letter on asset management and utilities, with Ivy which yields 1,46%.
In the upper part of the list, however, they make their way Amplifon + 2,5% nexi + 2,09% Pirelli + 1,82%.
Stable spreads
Lo spread between ten-year Italian and German it appears stable, at 182 basis points (+0,32%), but i rates they go up, +4,15% for the BTP and +2,33% for the Bund.
In the meantime, the Treasury has today placed the maximum amount of 9,5 billion euros in four BTPs including the new 7-year, which has snatched a yield of 4,02%, the highest since October, compared to 3,98 % previous. Also placed 3,25 billion euros of three-year BTPs with a rate of 3,59%, the lowest since February, compared to 3,71% in March. Finally assigned 1,25 billion in each of the two off-the-runs maturing respectively September 2044 and February 2037.
Wall Street soars as inflation slows
Wall Street moves in progress in the American morning, with the Nasdaq that drives the rebound.
Yesterday the reading of the minutes of the last meeting of the Fed he had frozen the markets assuming a possible, albeit weak, recession due to the banking crises.
Today it is the new ones who induce a certain optimism inflation data. Indeed, in March producer prices in the United States fell by 0,5% compared to the previous month, recording the largest drop in three years, against expectations for an unchanged figure.
The "core" component - the one purged of the more volatile components such as food, energy and commercial services - rose by 0,1% month on month, after +0,2% in February. Compared to a year earlier, prices increased by 2,7%, slowing from the 4,9% year-on-year seen in February (revised from the initial 4,6%). Core inflation is also holding back to 3,6%, after 4,5% in February (revised from the initial 4,4%). The trend appears comforting, also in light of the consumer prices seen yesterday.
Along with inflation, the labor market is also cooling, at least judging by the growth in weekly requests for unemployment benefits, which have risen by eleven thousand to 239 thousand, against expectations at 235 thousand.
Weak dollar, gold runs
The risk of recession and the prospect of a more cautious Fed weigh on the US currency. The dollar index, which measures the performance of the currency against a basket of currencies, is at a year-low. The euro gains about half a percentage point and trades around 1,105. For the same reason it takes a breather Petroleum, after the rush following the newly announced production cuts by OPEC+, Brent trades at around 87 dollars a barrel, while Wti is around 83 dollars.
Instead, run thegold, which is gaining more than 1%, currently worth $2037,6 an ounce.
