Europe restarts well after the Easter weekend, is betting on economic recovery and updates its highs (the Stoxx 600 reached pre-pandemic levels in the first part of the session), even if it slows down in the final with Wall Street, which is moving cautious, in the aftermath of the new records reached by the Dow Jones and the S&P 500. The macroeconomic data from China and the United States (in particular those on jobs published on Friday) are instilling optimism, while in Europe the unemployment rate is stable in the euro area and investor confidence is above expectations, driven by a better outlook on the current situation. The update from the International Monetary Fund contributes to the positive sentiment, which "estimates a stronger recovery for the global economy than forecast in January, with growth expected at 6% in 2021 (a rate not seen since the 70s) and to 4,4% in 2022, after an estimated -3,3% contraction in 2020. The Eurozone "is a couple of months behind the United States" on consolidation, "but the recovery funds and green projects will bring many benefits". For Italy, the World Economic Outlook speaks of growth of 4,2% this year, 1,2% higher than the estimates released last January. Unchanged in 2022 (+3,6%), better in 2020, revised from -9,2 to -8,9%.
In today's session Piazza Affari brings up the rear of the European lists and marks a rise of 0,21% (24.761 basis points). Industrial stocks are doing well, while banks are mixed, perhaps weighed down by the rise in the spread. The differential between the ten-year Italian and German bonds jumps by 6,31% and reaches 101 basis points, while the yield on the BTP grows to +0,7%. Meanwhile, on the primary side, the Treasury has entrusted a pool of banks made up of Barclays, Bank of America, Jp Morgan, Societe Generale and UniCredit with a mandate for a dual tranche issue through a syndicate of a new 50-year BTP benchmark with a maturity set at 01 /03/2072 and a reopening of the 7-year BTP expiring on 15/03/2028. The transaction, according to a note from the Ministry of Economy, will be carried out in the near future, in relation to market conditions. As a result of the transaction, "the announcement of the securities and quantities on offer in the medium/long-term securities auctions scheduled for Tuesday 13 April will take place taking into account the announced transaction".
On European equities, leading the way is London +1,32%, which celebrates the scheduled reopening of economic activities starting next week. Frankfurt +0,7% still flies, Paris +0,47% does well, Amsterdam +0,69%, Madrid +0,66%, Zurich +0,62%, where Credit Swiss still loses 0,39%, after the announcement that it will have to make a 4,4 billion franc writedown following the bankruptcy of the Archegos hedge fund.
On the currency market the dollar loses positions and the exchange rate with the euro moves around 1,184. Commodity futures are on the back burner. Gold appreciates 1% to 1745,75 dollars an ounce. Brent-type oil rose by 1,8% to 63,27 dollars a barrel. In Piazza Affari, the blue chip queen of the price list is Inwit +2,93%, followed by Moncler +2,29%. Diaosorin shines +1,97%, in the wake of the announcement of the launch, in collaboration with Lumos Diagnostics, of an immunodiagnostic platform for Covid-19. Leonardo, rises by 1,65%. with Morgan Stanley which revised upwards the judgment to "overweight" with a target price of 8,30 euros. Money for Campari +1,82%. Enel +1,41%: Cnh +1,66%; Buzzi +1,13%. Financial stocks, on the other hand, are mixed.
Banca Generali, +1,46%, is at the top of the list, while Fineco (-0,79%) Mediobanca (-0,76%) are negative. Mps moved little, +0,13%, on the day of the assembly for the 2020 budget, which closed with a loss of 1,69 billion at the consolidated level. With a percentage of 97,5%, the shareholders of the bank 64% controlled by the Treasury once again rejected Bluebell's proposals for liability action against the former managers Fabrizio Viola and Alessandro Profumo and against the current Board of Directors. Down Terna -3,15%, Recordati -1,54%, Atlantia -1,19%, Telecom -1,18%.
