The recovery accelerates and manufacturing in the euro area reaches an all-time high, giving a boost to the financial markets which open the month of May on the rise. The prospect of a progressive reopening for travel, including tourism, contributes to the positive climate.
Business Square she is the queen of the day, with an increase of 1,15%, which brings her back to 24.419 points. Lead the race Ferrari +2.55%, followed by Unipol + 2,33% Exor + 2,2% Banca Mediolanum +2,14%. The big banks are in green, awaiting the upcoming quarterly reports: Unicredit + 1,85% Understanding + 0,56%. Mediobanca it appreciates by 1,85%, after entering the S&P Europe 350 Esg index. “The inclusion – reports a note – is the result of the rebalancing of the index promoted by S&P Dow Jones which every year selects the best issuers in relation to sustainability criteria, appropriately weighted according to the respective levels of capitalisation”.
In the sector, at European level, after last week's leap, it goes into the red instead Deutsche Bank (-2,19% in Frankfurt). The main German bank announced "that it has completed the operation known as 'Minerva' for the securitization of a portfolio of performing fixed-rate consumer loans worth around 4,74 billion in terms of residual capital".
In any case, the session closed positively for the Dax, +0,75%. Well too Madrid + 0,85% Paris + 0,61% Amsterdam + 065%. London it has been closed for public holidays, such as important Asian places (China, Japan). Overseas it started up Wall Street, although the Nasdaq has changed sign since its launch and is currently down 0,3%. Tesla yields 2%. Sources told a Reuters that the EV maker, which is under scrutiny in China over safety and customer service complaints, is stepping up engagement with the country's regulators and government relations team.
The fact that women are working from home and going out less due to the pandemic is not good for Eeste Lauder Companies (-6,3%), which loses its allure and misses analysts' estimates for third quarter sales, penalized by the weak demand for high quality cosmetic products.
While waiting for the rich quarterly menu that will be offered this week, let's look at the ISM data on manufacturing activity, worse than estimates but still high. This is down 4 points from March (when it was the best figure for almost 40 years), in any case the US is experiencing the 11th consecutive month of expansion. "All six of the major industrial sectors recorded strong to moderate expansion," reads the ISM press release, and all five sub-indexes remained in expansion.
The recovery is also strengthening in the Eurozone, which in April reaches a level never seen since this type of survey was carried out. The area's manufacturing PMI (measured with interviews with company purchasing managers) rose to 62.9 points from 62,5 in March. Italy also records its best data: 60,7 points from 59,8 previously. Germany fell a little, to 66,2 points from 66,4. In March, German retail sales rose by 7,7% month-on-month and 11% year-on-year, well above expectations of +2,6% compared to February.
In short, vaccinations, reopenings, macro data converge towards a rosier outlook that favors purchases today, especially in Piazza Affari which was lagging behind last month compared to other European colleagues.
On the Ftse Mib today's session is moderately negative only for two stocks: stm -1,43% and Diasorin, -0,28%. According to press rumors, confirmed by judicial sources, the CEO of the diagnostic company, Carlo Rosa, is allegedly under investigation by the Milan Public Prosecutor's Office on the hypothesis of the crime of insider trading.
Well the car, with Ferrari and stellantis (+1,43%), even if the shortage of chips is a concern for the sector.
Among the oil stocks, they raise their heads Eni +1,71% and Saipem + 1,95%.
Bene Atlantia, which closed with an increase of 1,17%, despite a declining start to the session. The company has called a shareholders' meeting for the end of the month which will evaluate CDP's offer for 88% of Aspi, after the changes aimed at improving it. The broker Bestinver, quoted by Reuters, notes that "at this point the offer of the consortium led by CDP is the only option that can definitively resolve the impasse on ASPI and avoid dangerous legal battles".
Out of the main basket it goes into orbit Exprivia, +29,50%. in light of the 2020 results (total revenues of €167,8 million, stable compared to €168,5 million in 2019).
On the secondary market, it drops spread between Italian and German ten-year bonds: 104 basis points (-2,26%), with the BTP rate closing at +0,83%.
Last Friday the Dbrs agency made no changes to the Italian rating, confirming "BBB high". However, the prospects also remain negative.
The vice president of the ECB, Luis de Guindos, interviewed by Repubblica and reflecting on the economic recovery, remarked that the "second half of the year will be very positive" and "when the economy begins to normalise, it is clear that monetary policy too will have to begin to normalize". However, the approach remains cautious: "It is clear that the possible withdrawal of these extraordinary measures (such as the Pepp, ed) will have to go hand in hand with the evolution of the economy, we must be extremely careful about this", to avoid the “risk of strangling the recovery”.
On the currency market, the euro exchanges with the dollar at 1,206.
Commodities are well set up: the July 2021 Brent future rises by 1,26% to 67,60 dollars a barrel: the June 2021 gold future rises by 1,35% to 1791.75 dollars an ounce.
