Business Square returns above the threshold of 34 thousand points again, pushed upwards by the banks with Intesa Sanpaolo to lead the way. The other European stock markets are no exception, all in green, in a week characterized by quarterly, where investors' eyes will be focused on Bank of England which on Thursday 9 May could provide important indications on the start of monetary easing. Eyes also on the secondary: the fourth issue of the Btp Value expiring in May 2030. By mid-day, orders for around 2,3 billion euros had arrived.
Latest stock market news: Milan pink jersey
On the macroeconomic front, the index in April Eurozone Services SMEs it rose to 53,3 from 51,5 in March, beating analysts' expectations. The Eurozone economy is growing at the fastest rate in almost a year. Speaking instead of monetary policy, the statements of the chief economist of the ECB Philip Lane, who told a Spanish newspaper that the arguments in favor of a rate cut in June are strengthening thanks to the slowdown in services inflation, while Friday's US employment data, weaker than expected, renewed the bets on the likelihood of the Federal Reserve easing rates this year.
In this context in the middle of the day Business Square scores +1,18% at 34.026 points, achieving the best performance in Europe. Toned too Frankfurt, which gains 0,86%, followed closely by Paris (+0,72%). You also purchase ad Amsterdam (+ 0,59%) and Madrid (+0,56%). The London Stock Exchange is closed for holidays.
On the stock market, the performance of ubs (+0,86%). Ulrich Korner, the latest CEO of Credit Suisse, will leave UBS in the coming weeks. This is revealed by Financial Times. UBS took over Credit Suisse in a government-backed rescue operation last year, sparking the biggest merger of systemically important banks since the 2007-2009 financial crisis. Korner, who was appointed CEO of Credit Suisse during the turbulent phase of 2022, joined the UBS board after the acquisition. According to the FT, UBS is looking to complete the merger by the end of May.
Intesa Sanpaolo rebounds in Piazza Affari, oil companies in the spotlight
In Milan it bounces Intesa Sanpaolo (+2,96%) after the -3% recorded on Friday after the quarterly accounts in a difficult session for the entire sector. The revisions of the target prices by analysts are also pushing the stock. Among others, JPMorgan raised the target price to 4,10 euros per share (from the previous 4 euros) with a rating confirmed at "Overweight", while Ubs increased it to 4,30 euros per share (from the previous 4,20 euros) with “Buy” recommendation. Equita also raised the target price on Intesa Sanpaolo to 4 euros per share (+5%), confirming its "Buy" recommendation on the stock. Analysts write that the bank reported good quality and better-than-expected first quarter 2024 results, with main positive surprises from commissions/insurance, lower operating costs and a lower cost of risk. “Intesa Sanpaolo trades at multiples that we believe are still interesting, in relation to the high expected profitability and a business model capable of guaranteeing high visibility on targets even in less favorable market contexts – we read in Equita's research – Furthermore, with a dividend yield around 10% which in our opinion is sustainable over time (to which will be added the buyback and any further capital distributions), Intesa Sanpaolo continues to remain an extremely attractive profile in terms of remuneration".
The other banks are also tonic: Pop Sondrio e Bpm bank they earned +1,92% and +1,28% respectively on the eve of the quarterly report. MPS, which will publish its results today, advances by 1,14%. Unicredit +1,52%.
Among the highlighted titles stand out Pirelli (+ 2%) and Amplifon (+0,92%) which closed the first quarter with growing revenues and ebitda. Oil companies are positive. The strength of crude oil, after the increase in prices in Saudi Arabia and the increasingly poor prospects of a truce in Gaza, pushes Saipem (+ 1,8%) and Tenaris (+1,7%) ed Eni (+ 1,22%).
The only negative title on the Ftse Mib is BRUNELLO CUCINELLI (-0,05%).
Outside the main price list, it is necessary to report the performance of Tod’s, in parity, after the company announced on Friday that the L. Catterton fund, as part of the takeover bid launched for the stock, has exceeded the threshold of 90% of the capital necessary for the delisting of the company agreed together with the Della Valle family.
Btp Valore: orders above 2 billion, slower pace
Orders for the fourth issue of the Btp Value May 2030, at 13.10 pm exceeded 2,3 billion of collection value. To be precise, after almost four hours of placement orders for 2,33 billion euros arrived from over 75 thousand contracts. The average value of each contract is just under 31 thousand euros. The issue began today, Monday 6 May, and will continue until Friday 10 May (at 13pm), unless it closes early. The average number of requests on the first day of placement of the first three issues of the BTP Valore was 5,54 billion euros. Launched last year, the BTP Valore has raised a total of 53,7 billion euros.
In this context it is spread between BTP and Bund travels at 129 basis points from 131 on Friday, with the yield of the BTP ten-year contract which drops to 3,76%.
The other markets
On the currency, theeuro is essentially stable at $1,076, while the price of raw materials rises Petroleum, with Brent moving above 83 dollars a barrel (+0,9%) and WTI rising by 1,1% and almost reaching 79 dollars. Prices are also rising gas natural in Amsterdam, which move above 31 euros per megawatt hour.
