German business confidence restores optimism on European markets, in the first session of a crucial week for the multi-year budget and the Recovery Fund that the EU Commission will present on Wednesday to various countries.
With Wall Street, London and Singapore closed, it serves as a lodestar Frankfurt, which closes the session with a progress of 2,8%, driven by Lufthansa +6,12%. It follows Madrid + 2,4%, on the day in which Spain decided to reopen to international tourism from July XNUMXst and without the obligation of quarantine; Paris + 2,15%.
It is slightly further back Milano, +1,61%, 17.595 points, even if the banks eventually find the plus sign.
After the good viaticum of Tokyo (+1,7%), it was therefore the German business confidence index that gave a boost to European purchases, up to 79,5 in May from a downward revision to 74,2 in April. "The mood of companies has recovered from the catastrophic previous month - declared Ifo president Clemens Fuest in a note - expectations for the months to come have improved significantly". A necessary boost, also in the light of a recession certified by the drop in the German GDP, -2,2% in the first quarter (-2,3% per annum), after the step backwards in the last quarter of 2019 (-0,1 %). The markets, although in smaller formations and less rich in exchanges, have tried to put the US-China tensions behind them for a day, made more bitter by the ongoing clash in Hong Kong over the new security law and to focus on the reopening and the restart. Even the Petroleum he looks at the recovery and sees the glass half full: Brent +1,82%, 35,77 dollars a barrel.
It is in fractional declinegold, which moves below 1730 dollars an ounce.
On the currency market theeuro-dollar it is little moved, in the 1,089 area, awaiting the proposal of the EU Commission on the Recovery Fund.
The Franco-German idea of a 500 billion euro subsidy-based plan pushed the single currency above the 1,10 level last week, before the arrival of the expected negative reaction from the northern states (Austria, Sweden, Denmark, Netherlands) would bring it back below that level.
Again in the currency area, the Pboc, the Chinese central bank, devalued the yuan by 0,33% against the dollar, setting the exchange rate between the greenback and the Beijing currency at 7,1209, the lowest since 2008, against the previous 7,0939. The parity takes into account the losses suffered by the yuan after the Chinese proposal on Hong Kong's new national security law.
Returning to Piazza Affari, the most volatile stock is Atlantia, +1,31%, which, after a sharp decline at the start, managed to raise its head again in the hope of mediation with the government on Autostrade, before the Aspi shareholders decide to unilaterally terminate the Convention with the State. fca gains 3,49%, on the eve of the board of Intesa Sanpaolo (+0,9%) that tomorrow could approve the 6,3 billion euro loan to the car manufacturer, after an agreement was reached in recent days between the parties on the terms of the loan which would represent the largest transaction with state guarantee to a car manufacturer since the beginning of the pandemic. The effectiveness of the resolution of the board of Intesa will in any case be subject to the outcome of the subsequent process for obtaining the state guarantee which will have to pass from Sace and the Ministry of the Economy for the necessary ministerial decree.
The industrialists shine: Leonardo +5,94% and Cnh +5,5%. Well Amplifon +4,87%; A2a +3,66%. In the top ten he still carves out a place Diasorin, +3,25%. The declines, modest, concern only three blue chips:: Generali -0,37%; Recordati -0,14%; Finecobank -0,05%.
Out of the main basket Rest scores a theoretical +11,3%, focusing on the recovery of motorway traffic.
Pale green ending for bond: lo spread between Italian and German ten-year bonds it falls to 206 basis points (-0,85%): the BTP rate closes at 1,57%.
