Eurozone macro data is better than expected, earnings are good and Wall Street appears to have already gotten over the trauma of a possible tax hike and is trading positively. These are all good news which, however, are not enough for the European lists to close the session in green. The ending is mixed and Piazza Affari is placed in the middle, closing a colorless day, -0,5%, while the spread rises to 103 basis points (+2,34%), and the BTP yield grows slightly to +0,77, 2026%, awaiting the review of the S&P rating in the evening, from which, in reality, no surprises should come. The Recovery plan should also contribute to a marked improvement in the growth of the Belpaese and, according to what Ansa writes, the Italian GDP in 3,6 will be at least "5,46 percent higher than the trend trend" thanks to the National Recovery Plan recovery and resilience that Prime Minister Mario Draghi is preparing to present. The third issue of the BTP Futura also closed today with total orders amounting to 16 billion euro. A little less than previous editions, but it must be taken into account that this BTP has a longer maturity (XNUMX years) and has a double loyalty bonus.
In the stock market, the title of the day is Tod's (+11,39%), which remains on the shields, after the gains achieved with the entry into the board of directors of Chiara Ferragni. The increase in the stake by Lvmh, the French luxury giant which has risen to 10% in the capital of Della Valle's company, has given new impetus. Speculative appetites are ignited by the hypothesis that this step could herald a sale, even if not in the short term, or a delisting of the company. Equita raised the target price on the stock to 35 euros from the previous one by 20,4 euros and upgraded to "Hold". Ferragamo, on the other hand, calms down in luxury, -0,33% and Moncler goes down -4,04%, which yesterday, in mid-afternoon, had updated the historical record. The queen of duvets presented a quarterly report in line with forecasts, but in recent days expectations had risen following the fireworks displayed by the accounts of the major luxury brands across the Alps.
The best blue chip of the day is Poste, +2,26%, followed by Stm +1,55%, Prysmian +1,46%, Pirelli +0,79%. The banks show fractional progress: Banco Bpm +0,62%, Unicredit +0,34%, Bper +0,5%. Creval rises by 1,31% to 12,42 euros in the last day to join the Credit Agricole Italia takeover bid which should have exceeded 66,7% of the capital. Utilities are down after the previous day's gains: Terna -1,37%, Italgas -0,91%; Snam -0,66%. Weakness for oil stocks: Saipem -1,43%, Eni -0,65%.
Piatta Atlantia, +0,06%, on the day of an interlocutory board meeting on the future of Aspi, the board of directors in fact resolved to "reconvene in good time for the necessary decisions regarding the binding offer for the purchase of the entire Atlantia's 88% stake in Autostrade per l'Italia presented by the consortium formed by Cdp Equity, Blackstone Infrastructure Advisors and Macquarie Infrastructure and Real Assets (Europe) Limited”.
Out of the main basket the worst title is Fiera di Milano, -10.07%, in fear that the Salone del Mobile will be canceled again this year due to the pandemic. In addition, Equita's analysts lowered their judgment from "buy" to "hold", consequently removing the securities from the Small Cap portfolio. For Equita, the Salone "accounts for around 20% of the square meters rented euros in terms of turnover". If the edition scheduled for September 2021 were to skip "the guidance provided by the Ebitda company (restart scenario from September) between 30-2021 million (35 million the Equita estimate) would no longer be achievable". In the rest of Europe the session is weak for Frankfurt -45%. Paris -45%, Madrid -0,18%, London -0,15%. In contrast, Amsterdam +0,43%.
The euro appreciated against the dollar to 1,206, with an increase of around 0,4% on the previous close following the PMI indices in April. The monthly recovery appears stronger than expected, especially in services and unexpectedly given the many anti-contagion restrictions in force in many countries. The flash composite PMI, considered a good indicator of economic health, jumped to a nine-month high at 53,7 from 53,2 in March, beating expectations. The services PMI also passed the 50-point mark, which separates expansion and contraction, rising to 50,3. The PMI for the manufacturing sector advanced to 63,3 from 62,5, above estimates of 62.
An index measuring output, which contributes to the composite PMI, advanced slightly to 63,4 from 63,3. Also for this index, it is an all-time high. Overseas Wall Street moves in progress, after yesterday's sell-off prompted by the possibility that President Joe Biden proposes a maximum federal capital gains tax of 43,4%, up from the current 23,8%. Furthermore, according to the New York Times, the income tax rate for the wealthy will rise to 39,6%, from the 37% it was raised by the previous president, Donald Trump.
In shares, Coinbase Global, the company behind the cryptocurrency exchange platform of the same name, gained almost 3%, after losing more than 14% in the last four sessions. Bitcoin trades around $49.700, down 9%; just two weeks ago, the famous cryptocurrency was close to $65.000. Fractional rise for oil.
