The winds of recovery blowing from China awaken the spirits of the stock exchanges of the Old Continent. It is no coincidence that they are driving the price lists luxury stocks, the sector most linked to demand in Beijing and Shanghai which announced the partial reopening of stores from Wednesday. In Piazza Affari Moncler is at the top +4,41%. Similar increases in Paris for Lvmh, Hermès and Kering.
Positive notes coming from the auto sector and from technology as well as Goldman Sachs' forecast of rising profits for the banking sector with the next rate hikes complete the positive picture of the day, despite the reduced volumes for the US market holiday. The US bank has restarted coverage of five banks in Italy and France among which Intesa Sanpaolo and Unicredit with Buy rating for both.
The data on the agenda this week should show that Eurozone inflation rose further compared to last month's record, increasing pressure on the European Central Bank. German inflation, scheduled for 14,00 pm Italian time, is expected at 8% on an annual basis after hitting a four-decade high of 7,8% last month.
In Milan, the Stock Exchange approves the single network: Tim's leap
Piazza Affari gains just under half a point around 12, less than Frankfurt and Paris. The yield on bonds rises: the Btp once again exceeds 3% on the eve of the medium-term auctions. German paper also weakens pending the announcement on the level of inflation.
Among the topics that stand out in Milan is the start of negotiations for the creation of the single network between Tim, Cdp and the financial partners Kkr, and Macquarie by the end of October. The market welcomed the novelty with right from the start an increase of around 3%. "There is a need for a powerful and strong infrastructure in the country to be able to reach everywhere and this infrastructure cannot be in the hands of a single operator, it must obviously be at the service of everyone". So the minister for technological innovation and digital transition, Vittorio Colao, on the sidelines of the general assembly of Assolombarda, to those who asked him for a comment on the agreement. "From the separation of the fixed network infrastructure we draw the resources to invest in services and in the development of customer relationships and mobile, competing more easily in the digital services market" writes Pietro Labriola, CEO of Tim in a post sent to employees
In good evidence also Stellantis +1,75% which has expanded the agreement with Toyota for the production of a new large commercial vehicle which will also be available in a battery-electric version.
In light on the Interpump price list +3.2% which recovers the ground lost recently. Stm rises +2,1% after the good closing of the Nasdaq on Friday.
Oil rose +0,5% in anticipation of the extraordinary summit in Brussels which should decide the package of sanctions on Russian crude oil. Saipem +2,2% announced an investment in wind power. Flat Eni.
The prospect of taxing extra profits in line with what has been decided by the United Kingdom, depresses utilities across Europe. Snam, Italgas, Terna and Hera occupy the bottom positions among the blue chips with losses of around 1,5%.
