Piazza Affari closed the last session of a brilliant week flat (-0,03%) in which it gained around 5% and returned to pre-pandemic levels. On the Ftse Mib, Telecom (+3,26%) and Stellantis (+1,38%) are still shining, but Diasorin (-3,26%), Amplifon (-3,03%), Inwit (-3%), Stm (-2,01%). Among the banks, Unicredit did well (1,32%).
The other European lists stop in no particular order: Frankfurt -0,42%; Amsterdam -0,92%; Paris +0,21%; Madrid +0,6%; London +0,34%; Zurich -0,42%. After the records set on the eve, the start is mixed on Wall Street, the Dow Jones is up, the S&P 500 is down fractionally, while the Nasdaq loses more than 1%. Clouding the stars and stripes financial skies and favoring a rotation on stocks (technological stocks retreat and cyclical stocks, more linked to the recovery, are trading on the upside) contributes in these hours to the new flight from T-Bonds with consequent rate hike. The American 1,6-year yield moves over +6, approximately +XNUMX%.
Lots of good news (from the 1900 trillion dollar Biden plan, to the promise that all Americans will be vaccinated by May 4 and will be able to celebrate Independence from the coronavirus on July 0,4), on the one hand they tone up the price lists, on the other they keep pressure especially hi-tech for fear of a recovery in inflation, especially as the February data on producer prices in the US show a clear increase. A figure that gives wings to the dollar against other currencies. The euro lost about 1,93% against the greenback and traded at around XNUMX.
While awaiting the Fed's pronouncement on rates and the macro picture next Wednesday, Europe is metabolizing the ECB effect which yesterday gave a big boost to stock markets and bonds. In fact, Christine Lagarde announced the decision to accelerate the pace of Pepp purchases in the next quarter, a move that should serve to keep government bond yields in the area under control. Italian paper had reacted particularly well, while today the 0,63-year rate rises to +0,59% (+93% yesterday's close) and the spread with the Bund of the same duration consolidates around 0,5 basis points (+ XNUMX%).
A stable situation especially as Italy is close to new restrictions and is in the midst of another pandemic wave that will force people to stay at home even for Easter. Prime Minister Mario Draghi, visiting the Fiumicino vaccination center, said he wanted to speed up the immunization campaign, despite the new cuts in AstraZeneca deliveries to the EU and the fears of some countries for some post-vaccine adverse events, although there is no proof of correlation.
Returning to Piazza Affari: purchases continue to reward Telecom, which has reached its highest level for about a year. The accounts are driving the stock of the telecommunications giant, with the fourth quarter of 2020 beating analysts' forecasts, while CEO Luigi Gubitosi is in the roadshow for the presentation of the plan. According to Deutsche Bank analysts, "positive messages" have emerged from the meetings held so far. The indications, reads a report, support the forecast of an improvement in revenue and EBITDA trends during 2021. Any concrete news on the single network could lead to further positive developments and in this sense, again according to Deutsche Bank, the future presence of CDP chairman in Tim's board "could be a step in the right direction"
Bofa analysts advise “Buy” and say: “Stability in 2021 is the key to a revaluation”. Oil stocks did well with Eni up 1,15%, while black gold showed little change and Brent traded just below 70 dollars a barrel. Atlantia closed a volatile session up 0,94%.
Outside the main basket, luxury is appreciated with Brunello Cucinelli +8,24%. Despite the 10% drop in turnover in the year of the pandemic, the king of cashmere has raised its growth estimates for 2021 with revenues expected to increase between 15% and 20% from the previous estimate of +15%. Kepler Cheuvreux raised the target price on the stock to 36 euros from the previous 30 euros. The Equita broker writes in the daily that "the Ebitda adj is above expectations and the 2021 guidance higher". The broker raised its 2021 and 2022 profit estimates by 12% by 7%, with a target price of 35 euros from the previous 32.
The prospects for recovery in the sector reward Tod's +15,36%, in the wake of the results. Autogrill fell (-4,25%) after announcing a loss of 480 million euros in 2020 due to the pandemic and declaring itself optimistic about the group's long-term prospects.
