Even the International Monetary Fund raises its growth estimates for Italy e Business Square finds the strength to close a mixed session with little movement in Europe (+0,29%) and weak, at the start, on Wall Street.
For Italy, this is new and encouraging confirmation of the fact that the recovery will be stronger than expected (+4,3% in 2021 and +4% in 2022), even if the economic outlook will depend on the trend of the pandemic, "by the extent of structural changes and the effectiveness of economic and health policies".
The economic situation also finds support in the growth of industrial production, highlighted by the Confindustria study centre, in April and May (+0,3% and +0,4%) after the slowdown in March. In addition, the final PMI of the euro area soars: 57,1 in May, from 53,8 in April. This is the highest level since February 2018. The services sector index also jumped, to a nearly three-year high to 55,2 from 50,5, slightly above the flash estimate of 55,1. The data on employment arriving from the States are also very positive: the Adp index on employment in the private sector and the new applications for unemployment benefits are better than forecasts, pending the employment report for the month of May which will be published tomorrow.
In this context, Milan takes another step forward to 25.452 points, favored by increases of Pirelli + 2,37% Prysmian + 1,92; Ferrari +2,04%; Saipem +1,39%. I'm down stm -1,33%; Atlantia -1,5%; Enel -1,11%; Buzzi -0,75%. The banks are opposed Bper -0,44% Bpm bank +0,91%, but sparks shine outside the main basket Illcity Bank (+5,78%), following the indiscretion of Il Messaggero according to which the Ion group would be interested in taking over a significant share of the bank, remaining below the threshold that triggers the obligation to take over the takeover bid. News agencies report that a company spokesman said the Ion Group has not made any bids for the bank founded by Corrado Passera, but the statement has not deprived the stock of its appeal.
Sull'Aim also remains on the shields H-Farm, +13,28%, still following the announcement of theacquisition of Depop by the e-commerce giant Etsy for 1,625 billion dollars. Depop is an app born in H-Farm in 2011 and founded by Simon Beckerman. It had gross merchandise sales of approximately $2020 million in 650, while revenue stood at $70 million, both up more than 100 percent year-over-year. The sale to Etsy, thanks to the earn-out clause provided for in the exit agreements, will generate revenues of approximately 6 million euros for H-Farm, with a return of 15,5 times compared to the initial investment (792 thousand euros).
Lo spread it closed on the previous day's levels, at 102 basis points (+0,02%), with the 0,84-year BTP rate slightly down to +XNUMX%.
In the rest of Europe the worst square is London -0,62%, penalized by the selling of mining stocks and raw materials. Well Frankfurt, +0,2%, which remains on its highs, while they are weak Paris -0,21% Amsterdam -0,26% and Madrid -0,43%.
Overseas Wall Street proceeds mixed, with the Dow Jones floating on parity and the Nasdaq down by about a percentage point. For Radiocor, today's downward path would be linked to the new geopolitical tensions in the wake of the news that Russia will eliminate the dollar from its National Welfare Fund by focusing on the euro, gold and the yuan, with the aim of reducing exposure to assets Americans.
In the equity sector, the attention remains high on the small ones, in particular the cinema chain AMC, which gained 95% yesterday and around 2000% since the beginning of the year, currently down 17%, after announcing plans to put more than 11,5 million shares up for sale. Investors shorting the stock estimated a $1,23 billion loss last week, rallying more than 116%, according to data from S3 Partners, yesterday, they lost $2,8 billion in one day .
Among the big ones: Exxon, a declining game changed course after the first exchanges. News of the day is that activist fund Engine No.1, which challenged Exxon's board on climate change, reportedly managed to get three of its four candidates elected, according to preliminary results.
The prices of the T Bond, after the data on work and subsidies, but the 1,6-year yield is back above XNUMX%. It is clear that fears about inflation and the risks reflected in monetary policy remain in the background and an analysis published by Reuters says that US banks have too much money on hand and are running out of places to put it.
Meanwhile, non-voting Fed member Harker (Philadelphia Fed chairman) said it's time to start talking about the timing of a tapering.
On the other hand, the US economy grew at a moderate pace between the beginning of April and May, claims the Fed in the Beige Book, the report on the state of the economy which will form the basis for the next decision. The positive effects are vaccinations and the relaxation of social distancing measures, but price pressures "have increased further", "intensified by supply chain problems.
They go red raw material. Oil, after its recent run, is taking a breather. Brent loses almost a percentage point and trades at 70,66 dollars a barrel.
Metal prices are falling. L'gold spot dropped 2% and traded at 1869,31 dollars an ounce.
On the currency market theeuro it slipped by 0,7% against the greenback with the exchange rate retreating to 1,21.
