The Milan Stock Exchange is approaching 24 in a semi-festive session with modest volumes. The Ftse Mib index +0,2% is thus preparing to celebrate an extremely flattering April (around +7%). Paris +0,1% and Frankfurt +.2% were also up, but still showing a 3% delay compared to the beginning of the year. Deutsche Telekom gains 1,3% after announcing that its US mobile division, T-Mobile will merge with Sprint in a $26 billion deal. The two companies said they could overcome the skepticism of antitrust authorities.
In London+0,50% the focus is on £13bn merger between Walmart's European subsidiary Asda and UK chain Sainsbury's +20%, which will give birth to the first European operator. In strong growth in the City also Wpp + 9%, after the first accounts following the resignation of Martin Sorrell.
The Eurostoxx 600 +0,1% and Eurostoxx 50 +0,2% indices mark new period tops.
The euro is still weak at 1,2110, but above the low for the period reached on Friday at 1,2053.
Some profit taking on oil: futures mark 73,65 dollars/barrel for Brent, 67,4 dollars/barrel for WTI. High crude oil prices are helping to boost exploration in the US: rigs operating rose by 825 (+5) last week, the highest since 2015. Markets are still holding close to more than three-year highs, however. up for the second month in a row.
Strong rebound in Milan by Tenaris +4,35% after Friday's fall following the accounts. The company could benefit from US tariffs on steel pipes because it has a solid manufacturing base in the US.
Eni -0,25% accuses some profit taking: the Eurostoxx Oil&Gas index is among the few negatives this morning.
Poste Italiane +1,3% broke the 8 euro barrier for the first time, reaching all-time highs. JP Morgan raised the target price to 9,1 euros from 9 euros. The increase was favored by rumors about the possible insurance partnership with Generali +1,1%, which could lead to an entry of Vita Post in the orbit of the Trieste company.
The banking sector was positive +0,4%. Understanding + 0,51% Unicredit +0,23%. They go up Bper +0,63% and Carige + 1,12%.
Weak automotive: Fiat Chrysler-1,6%, Exane BNP trims the target to 18,7 euros, Neutral rating. Down too Ferrari e Cnh Industrial. Against the trend, Brembo +1,24%,
Telecom -0,3% pending the shareholders' meeting on Friday 4 May: a note from Elliott he specified that the US fund fully embraces the plan presented by Amos Genish on 7 March, holding back on the dividend for which it 'accepts' "that it can return to its distribution after it reaches investment grade".
Salini Impregilo +6,8% after the announcement of the appointment of Goldman Sachs as advisor for the evaluation of strategic alternatives for the Plants & Paving division of Lane, including the sale. The company announced at the shareholders' meeting that it is working on a possible listing in the United States, which could also imply a delisting from Milan
Among the small caps Juventus + 4,3, As Roma + 1,9 e Lazio +3,4% celebrate successes, which are decisive for the achievement of their respective seasonal objectives.
