The economy is doing better than expected on both sides of the Atlantic, giving investors some optimism, but also providing central banks with arguments for more rate hikes, sending market sentiment into a tailspin.
Today's session is therefore rather volatile and cautious: mainly positive in Europe and slightly negative in the US at the start.
Milano closed with an increase of 0,43% (27.745 basis points), with Frankfurt + 0,56% Paris + 0,51% London +0,13% and Amsterdam +0,14%, while Madrid loses 0,29%.
In New York, Wall Street it is still looking for direction and is currently losing ground slightly with the three major indices.
Prudence characterizes the currency market, where the euro-dollar changes around 1,097. Oil is modestly up and Brent and WTI futures are up about 0,5%, to 81,5 dollars a barrel and 78,1 dollars respectively.
Piazza Affari, Recordati doing well, Telecom and Juventus badly
Recordati (+5,44%) is the blue chip that leads today's increases in Piazza Affari, after a quarterly report with revenues up by 35%.
In the wake they appreciate each other Amplifon +1,86% and Diasorin + 1,81%.
Among the banks the speculative appeal sustains Bpm bank +4,29%, after yesterday's meeting and the news that Gaetano Caltagirone has a share of around 1%. Top management make positive forecasts for the current year, but minimize on the merger front. The market, however, does not believe it, so does the subsidiary Soul Holding + 1,42 e Ps + 1,7%.
Third day no instead for Telecom, -4,3%, in fear of a stalemate on the sale of the network and in the aftermath of the shareholders' meeting which rejected management remuneration and the appointment of the director who was to replace the outgoing Arnaud de Puyfontaine.
They retreat Unipol -1,02% and Leonardo -0,92%. In the galaxy Agnelli go down Cnh -1,35% and stellantis -0,66%, but the worst is the Juventus -4,37%, which apparently sees no cause for celebration in Coni's decision to order a new judgment in the Federal Court on the 15-point penalty in the standings.
In luxury it goes downhill Ferragamo, -5,93%, on weak first quarter sales results. It shines instead Essilor Luxottica, +5,69%, in Paris, for opposite reasons.
The spread goes up
Lo spread between the Italian and German 187-year bond, it rises to XNUMX basis points, with rates respectively at +4,35% and +2,48%. The yields partly reflect the expectation that the ECB will still be on the scene at its May meeting, where it will probably raise rates by another 25 basis points, in line with what many central bankers reiterate daily, including today's Finnish Olli Rehn.
The services sector supports Euroland
To support the central banks falcons could help SMEs of today. Indeed, the euro zone's economic recovery unexpectedly accelerated this month, as the bloc's dominant services industry saw an already buoyant surge in demand, more than offsetting a steep decline in output. The Preliminary composite PMI it rose to 54,4 points from 53,7 in March, above the consensus estimate of 53,9 points. THEthe service sector it leaps to 56,6 points from 55 in the previous month (54,5 points consensus). Conversely, that manufacturing it drops to 45,5 points from the previous 47,3 points (48 points consensus), then the contraction is accentuated, which is signaled by an index below 50.
In Use instead, manufacturing appears to be recovering. The data - drawn up by IHS Markit - rises, in a preliminary reading, to 50,4 points from 49,2 points in March and expectations were at 49 points. Services also performed well: the preliminary reading of the PMI services index, drawn up by Markit, grew from 52,6 in March to 53,7 points; expectations were for a figure of 52 points.
