After a timid attempt to rebound, the European stock exchanges proceed uncertainly, still take fears about growth and inflation. After the worrying data on European inflation, which rose by 8,1%, bad news is coming today from industry, with the manufacturing PMI which in Europe fell to 54,6 points, the lowest for 18 months, from 55,5 in April. The preliminary estimate was 54,4 points.
In the afternoon, data on US manufacturing will be published, especially the Federal Reserve's Beige Book for the mid-April to the end of May. The focus also overseas remains on the cost of living, with President Joe Biden stating "Fighting inflation is our main economic challenge right now". Instead, the words spoken by the secretary of the US Treasury continue to make noise, Janet Yellen admitted it had been unable to anticipate how long inflation would continue to plague US consumers. “I think I was wrong then on the path that inflation would take,” l said in an interview on CNN when asked about his statements a year ago that inflation posed only a “small risk”.
European stock exchanges uncertain
In this context, the European stock exchanges proceed in no particular order. They travel under parity Amsterdam (-0,22%), London (-0,06%) notwithstanding the performance of Dr Martens (+29%) and Madrid (-0,16%). Paris (+0,25%) and Frankfurt (+0,31%) are above parity.
Driven by cars, industry and part of the financial sector, Piazza Affari remains afloat which at mid-day marks +0,05% to 24.515 basis points.
Stellantis leads the way
In Milan the pink jersey is Stellantis, which rises by 3,26%, pushing up also Iveco (+1,77%) and Exor +0,55%). After yesterday's crash, he still travels in Ferrari red (-1,9%). Pirelli (+2,48%) also shines in the car sector.
Among the best titles are also Leonardo (+1,6%) and Bper (+2%), which sold the merchant acquiring and POS management activities to Nexi (+1%) for 318 million euros (a figure that can be increased up to 66 million if the financial targets are reached). It is expected during the week fformalization of the Carige purchase which will be followed by the presentation of the new business plan. In the last three weeks, Bper's prices have risen by almost 30%.
On the other side of the fence, after an upward start Saipem reverses course (-2,28%), who sold the onshore drilling activities to the KCA Deutag group for 550 million dollars. Below parity also Snam, which he announced the acquisition of a storage and regasification vessel from 5 billion cubic meters to 350 million. Among the worst also Campari (-2%) and Terna (-1,9%).
Gas prices are down, oil is up
After the step forward made by the European Council on the ceiling on energy prices, on the Amsterdam Stock Exchange gas is down by 6% to 87 euros per MWh. Important news comes from Russia, where 24 hours after the suspension of supplies to the Netherlands, Gazprom announced that it had blocked gas deliveries to Denmark, due to the non-payment in rubles by the Danish Orsted (controlled by the Government).
On the other hand, oil prices continue to rise, with Brent moving at 117,31 dollars a barrel (+1,48%). The spread falls back below 200 basis points, which stands at 197,9 basis points, while the yield on the ten-year BTP is 3,107%.
