Crazy about luxury. The sales of Lvmh in China, after the end of the bans imposed by the pandemic, they overwhelmed even the optimistic forecasts. In Milan instead the MY BAG engages with the nominated of state. Paris toasts the brands controlled by Bernard Arnault's flagship: they have recorded an increase in volumes of around 18%, dragging the French index cac 40 +0.9% to new absolute record. Behind LVMH +5% which thus consolidates the first place among the European blue chips, they move Hermes +3% also at an all-time high Kering +1,5%. There is also glory for made in Italy: Moncler +4,1% guide Piazza Affari, continues Ferragamo +2,3%. After all, Les Echos (the first French business newspaper, owned by the Arnault group) has just dedicated a long report to Milano, judged to be true European capital of fashion and design.
Cautious stock exchanges in Europe, Milan rejects Enel appointments
Stock exchanges and appointments: the strength of Made in Italy is not transmitted today in Piazza Affari -0,2% at 12, slightly down after the indications coming from the nomination front of state-owned companies. In particular, the operators have greeted with spite the surprise appointment of Flavio Cattaneo instead of Francesco Starace in Enel – 4% right from the start, together with the return as president of Paolo Scaroni. "It will be important to verify the strategy that the new top management will adopt both on the disposals front and on investments for the energy transition in Italy/development of international markets", notes Equita Sim.
It regains altitude instead Leonardo +2,3% after confirmation of arrival at the summit of Roberto Cingolani.
Stm + 1,5% after theagreement with the German ZF for the supply of silicon carbide devices to be integrated into ZF's new modular inverter architecture envisaged for the electric car.
Quiet bond market: the 4,24-year BTP trades at XNUMX%
In the medium-long term auction, the Treasury assigned the maximum amount of 9,5 billion euros in four BTPs including the new 7-year.
In detail, Via XX Settembre has assigned 3,75 billion in the new security maturing on 15 June 2030 with a yield of 4,02%, the highest since October, compared to the 3,98% of the previous placement in March on the BTP in December 2029. also 3,25 billion euros in the three-year BTP with a yield of 3,59%, the lowest level since February, compared to 3,71% in March.
Risk of recession: weak dollar, euro above 1,1
The real news concerns the confirmation of the weakening of the dollar: the euro reached its highest level since the beginning of February at 1,101 after the data on US inflation. Members of ECB are converging on a rate increase interest rate of 25 basis points in May, even if other options remain on the table and the debate is not over yet. Five sources with direct knowledge of the discussion told Reuters.
On Wall Street futures in slight progress
On Wall Street, i futures on Nasdaq and S&P500 I'm making little progress. The minutes of the Federal Reserve's March meeting showed that the first concern of the meeting participants is about the coming slowdown in the economy.
Crude oil prices are lower as the market evaluates the prospect of limited supply and the possibility recession in the United States, the world's largest oil consumer. Around 13 the Brent it loses 0,29%, to 87,08 dollars a barrel. The West Texas Intermediate US (Wti) dropped 0,19% to 83,26 dollars.
