European manufacturing is booming, but the price lists of the Old Continent, with the exception of Germanythey don't take it into account. TO Business Square the Ftse Mib index is slightly below parity at (-0,04%), in line with Paris e London. Heavier Madrid (-0,48%). TO Frankfurt, on the other hand, the Dax index (+0,25% to 12,344) comes within a whisker of the all-time high of 10 April 2015 (12.374 points).
Eurozone manufacturers struggled to keep up with demand in March despite activity picking up at fastest pace in nearly six years. The final reading of the PMI elaborated by IHS Markit marks 56,2 in March, the highest since April 2011, compared to 55,4 in February.
THEPMI manufacturing index Italian rose to 55,7 points from 55 the previous month. In February, employment levels remained substantially stable compared to January, with the unemployment rate falling to 11,5%, its lowest since August 2016, from 11,8% (revised from 11,9) in January, making known the Istat. According to Reuters, on the occasion of the presentation of the Def, the government plans to raise its estimate of GDP growth this year, currently at +1%, after the Italian economy had grown by 2016% in 0,9.
The advance of the Bund puts pressure on governments in the eurozone. The Italy-Germany spread on the ten-year stretch rises to 205,2 basis points from Friday's close to 198 basis points. The reference ten-year yield is instead 2,361% from 2,306%.
“Governments must prepare for a rise in the cost of money after years of low interest rates – asks Benoit Coeuré, member of the board of the ECB – It is clear that the financial sector and other players in the economic world, governments in the lead, must prepare for higher interest rates. I hope the governments of the euro area know that interest rates will not stay at current levels”.
Euro little move against the dollar, at 1,066 from 1,065 on Friday night. Petroleum stable after last week's strong increase (+4%). Brent is trading at $53,5 a barrel, unchanged. Eni earn 0,3%, Saipem + 0,3%.
In the limelight Save (+5,1%, to 21,33 euros) above the price of the takeover bid announced yesterday evening. Enrico Marchi, president, CEO and shareholder of the group that manages the Marco Polo airport in Venice, has reached an agreement to liquidate his historic partner Andrea de Vido from Finint, a company which owns almost 60% of Save. At the same time, Marchi signed an agreement with the funds managed by Deutsche Asset Management and Infravia for the transfer of the stake in Save to a new company, in which Marchi will participate. Expected to be launched, at the end of the restructuring, of a tender offer at 21 euros per share.
The rearrangement of Save this is good news for Atlantia +0,9% which holds just over 22% of the Venetian company, with shares priced at 14,75 euros.
In great evidence A2A (+2,05%). The multi-utility of Milan and Brescia signed over the weekend a letter of intent with some utilities in Northern Lombardy, Acsm Agam (Como and Monza), Aspem Varese, Lario Reti (Lecco) and the Valtellina electricity company. A2A's goal is to become the strong industrial partner of all these subjects, too small to be able to do it alone but strong enough to be able to maintain some level of autonomy. The negotiations are expected to last about four months. In the event of a green light, the parties will start the process of networking their structures.
Some manufacturing stocks are also highlighted. Brembo it rises by 3%, to 71,45 euros, an all-time high. The share of the company that produces braking systems for cars has gained 23,5% since the beginning of the year. 2017 should close with an increase of 5-6%. The investments should be in the order of 300 million euros. In China, revenues are expected to double within a couple of years.
Fiat Chrysler gains 0,3%, to 10,28 euros. The German Transport Ministry claims to have found a new "defeat device", or an emissions manipulation device, in an FCA car during emissions tests.
Buzzi salt of 1%. Broker promotions continue after the good results announced last week by the cement group which is present in the USA and Mexico as well as in Italy. HSBC raised the target price to 31 euros from the previous 28 euros, confirming the Buy judgment. JP Morgan has raised its target to 28 euros from 27, confirmed Overweight.
European banks go down. In Milan Unicredit loses 0,8%, Understanding -0,7% Bpm bank -0,5% in view of the first budget meeting on Saturday in Novara. The European Stoxx index of the banking sector falls by 0,3% significant drops for the Spanish bbva (-2,6%) and for Deutsche Bank (-2%).
Slow insurance: Generali +0,2%. Goes down Telecom Italy (-0,5%), advances Enel (+0,2%). salt Recordati (+ 1,1%), Campari slips (-0,7%).
