Spring is off to a great start Business Square. The Ftse Mib index advanced by over 1,8%, leaping above 19.200. The other lists of the Old Continent also rose sharply, up by a generous 1,4% with the exception of London (+ 0,9%).
The running of the Bull began this morning in Asia boosted by the positive data arriving from China: the PMI index shows a slight acceleration in the growth rate to 51,6 from 51,3 in January, against a consensus which stood at 51,1. The rally was then fueled by the European PMI indices which signal the acceleration of manufacturing activity, to a 70-month high in February thanks to the boost in foreign demand.
Chris Williamson, the chief economist of IHS Markit (the company that takes care of the surveys) is convinced that the trend will continue in the coming months. In Italy, the PMI scores 55 points, a peak since December 2015.
Few news coming from speech to the assembled chambers by President Donald Trump, who did not add significant details on the timing and methods of implementing the programme. Meanwhile, several Fed officials, including New York's Bill Dudley, have rallied for an upcoming rate hike.
Il dollar strengthens against theeuro, to 1,054, from 1,057 at yesterday's close.
They are expected today In the USA data on incomes and consumption of Americans in January, the PMI and ISM indexes on industry and the data on construction spending for January.
In Germany, the appointment is for the early afternoon with the February inflation data.
Tension eases on the bond market: yield on the ten-year Bund up by +0,23%, Btp at 2,08% with the spread at 185 basis points. The France/Germany spread closes by 2 basis points at 64.
The return of risk appetite curbs the momentum of thegold, which slips to $1.247. February ended with a 3% gain.
Il Italian GDP (raw data) showed an increase of 0,9% versus +0,8% (revised) recorded in 2015. The government aimed to close at +0,8%. Italy closed 2016 with a net debt of 2,4% of GDP in line with government estimates, compared to 2,7% (revised) recorded in 2015.
Driving the Milanese price list is Eni, which gains 3% after announcing better than expected results. The oil group returned to profit in the fourth quarter of 2016, after five quarters in the red, thanks to the recovery of the Extraction & Production sector and efficiency and optimization actions, recording a net profit adjusted for extraordinary items of 0,46 billion euros.
Also on the rise Moncler (+3,7%) which yesterday evening announced better than expected results. Mediobanca has raised the target price to 24,7 euros from 22,5 euros.
Banks are also good, except for Carige, down 4,5% after the announcement of the new strategic plan which provides for the cleaning of the balance sheet from non-performing loans and a capital increase of 450 million.
Intesa jumps up by 4,1%, Unicredit + 1,8% B for Bank + 1,6% Bpm bank + 1,6%. Generali it advances by 1,7%.
They also earn Enel (+ 0,7%), Snam (+ 1,6%) and Telecom Italy (+ 1,3%).
Part in red Fiat Chrysler (-0,2%), but then recovers and goes above parity. The accusations made by the EPA on alleged manipulations of diesel emissions weigh on the title. FCA is "studying these issues and plans to cooperate with all valid government requests." This is what we read in the report on the 2016 financial statements filed with the Sec.
Meanwhile, the emoluments of Sergio Marchionne: 10,6 million euros thanks to a basic salary of 3.613.369 euros, bonuses of 6.135.481 euros and other benefits of 917.670. The manager is the owner of 14,62 million FCA shares, equal to 1,13% of the capital, and 0,86% of the voting rights.
