ITALY AND SPAIN LEAD THE LISTS AFTER THE PMI DATA
JP MORGAN PROMOTES ITALY “COUNTRY TOP”
Incentives to industry, PMI index growing and, surprisingly, the resignation of King Juan Carlos, an attempt to save the scandal-ridden monarchy. The mix results in a rise of 0,52% on the Madrid Stock Exchange.
In Milan, thanks to the party, the day holds fewer emotions but the FtseMib index rises in the same way: +0,52%, the Ftse Mib index at 21743 points.
Little moved the Italian bond market. Rates and spreads traveled throughout the morning in line with Friday's closing: the spread trades at 164 basis points, the 2,94-year yield reaches a minimum of XNUMX%.
The London Stock Exchange rises by 0,36%, Paris +0,07% and Frankfurt +0,23%. The euro zone manufacturing PMI fell slightly to 52,2 from 52,5 the previous month. In Italy there was a slowdown to 53,2 from 54 in April, France also disappointed by remaining below 50, which acts as a watershed between prospects for business growth and signs of contraction. The May ISM manufacturing index is expected in America today.
The opinion of JP Morgan on the Italian Stock Exchange should be noted promoted to "top country pick", i.e. the best bag to choose. In particular, JP Morgan expects very strong performances from the banks, destined (according to American analysts) to close with the best performances. Banca Popolare di Milano +1,94% stands out, followed by , Unicredit +0,86%, Intesa +0,81%, MontePaschi +0,36% (on Friday it gained 7%).
Even better are Ubi +2,07% and Mediobanca +1,16%.
Among the minor titles, CreditoValtellinese +8,6% and PopolareSondrio +3,6% rose on the rumors about a possible merger between the two Valtellina banks. Fiat -0,3%: the Ministry of Development, Industry and Foreign Trade in Brazil has allowed a number of manufacturers such as Fiat, Volkswagen and General Motors access to the Inovar-Auto technological innovation incentive program .
Finmeccanica salt by 1,16%. StM -1,15% suffers from Citigroup's downgrading to Sell from Neutral.
Shines Pirelli +1,29%, promoted by Goldman Sachs to Neutral by Sell.
The conclusion of the Sorgenia case is approaching, Cir increases by 4,8%. L'Espresso +2,4%. Finally: Enel +0,1%. Barclays has raised the target price by 15% to 4,6 euros.
Telecom Italy +1,36%. Jefferies raised the target price from 0,74 euro to 0,89 euro.
Hold judgment confirmed. Corporacion America Italia has extended for a further 10 days the period of adhesion to the takeover bid of Sat, the company that manages the Galileo Galilei airport in Pisa.
