I fears for the arrival of recession downsize in the Eurozone after the publication of the PMI data on the trend of economies, starting with the locomotives of France and Germany. Thanks to the rally in services, which compensated for a slight decline in manufacturing activity, the index rose to 54,4 points, an 11-month high, well over the 50-point threshold that separates growth from contraction. The data reversed the mood of the operators but only for a while: i markets have reversed course but they remain weak. Once again to lead the charge is a luxury stock traded on the Paris Stock Exchange: Essilor Luxottica increases by 6,4% after the umpteenth quarterly record of the jewel founded by Leonardo Del Vecchio. It will be seen in a few hours whether the rally will have the strength to continue on the US markets, the hardest hit yesterday by the crash of Tesla and AT&T.
Milan tied, Banco Bpm did well
In Milan, where the index fluctuates around parity at around 27 points, the task of keeping pace with the group is supported by Bpm bank +4% at 12. Despite the CEO Giuseppe Castagna having reiterated in the assembly that the institute in Piazza Meda "intends to dance alone" they continue to hold court rumors about a neighbor merger with Unicredit, justified by the need for the bank led by Mario Orcel to grow in Lombardy, which is relatively weaker. The strengthening to 10% of Crédit Agricole, the strongest shareholder of Bpm, does not go in this direction. But the prospect of a new risk attracts Caltagirone, frozen for now in Generali and Mediobanca; just a report from Piazzetta Cuccia relaunched the thesis. Continue there instead Stellantis landslide Approximately -2% after yesterday's crash. The excellent did not help the title Mercedes performances after the accounts. The markets didn't like itexit of CFO Richard Palmer, already a close collaborator of Sergio Marchionne. At current prices, the house will come off Monday a dividend just under 9% also to the advantage of last-minute buyers.
The BTPs are in trouble
A bit in the BTPs are in trouble, especially after the growing economic data fueled expectations of a rise in European rates at the beginning of May. On the other hand, the update of the S&P rating on the Italian Republic scheduled for tonight does not matter. Around 12 the yield of the ten-year BTP it settles in the 4,34% area, from 4,28% at the start and after finishing the previous session at 4,32%. The Bund spread on the ten-year stretch it is around 187 basis points, compared to 186 at yesterday's close.
Sul front of the auctions, the Treasury this morning placed a total of 5 billion made available in Short-term Btp and in the new BtpEi May 2029, awaiting the Bot auction which will see a 6 billion offer next Wednesday.
The vice president of the ECB, Luis de Guindos, stressed that core inflation is very high and more stubborn than expected, and that Frankfurt will not return to forward guidance for a while given the uncertain outlook.
In Piazza Affari, utilities and health shine
Going back to the stock lists, they shine in Piazza Affari utility and a defensive sector such as the health: the best title is Recordati +4,7% followed by Saipem +3,5%: Morningstar raises the target price from 2 to 2,50 euros and strengthens the Buy after the mega contracted in Australia.
In decline Ferragamo, Juve and Tim which expands in Cybersecurity
Among the big losers of the morning figure Tim -3,5% to 27 cents after the new tensions around governance. In the'meeting yesterday, shareholders rejected the telephone group's remuneration policy. The market fears that the sale of the network could stall, underlines Equita in a note. Meanwhile, the Group, through Telsy, continues its growth in the market of cybersecurity acquiring Ts-Way, an Italian company specialized in the activities of IT risk prevention and analysis. The acquisition will make it possible to strengthen the presence of cyber threat intelligence and services related to predictive defense.
Also in sharp decline Ferragamo, -5,7% after weak first quarter sales results announced yesterday with the exchanges closed.
Uncertainty reigns over the title Juventus: -3,54% in the late morning after a brilliant start. The market is not optimistic in the view of the new judgment in the Federal Court on the 15-point penalty in the standings for the Juventus club.
