BAGS AHEAD TOWING THE INDUSTRY. LUXURY SHINES. GOOD TELECOM AND TENARIS
Good data from the manufacturing industry pushed stock markets higher. In Milan, the Ftse Mib index rose by 0,75% to 23.217. Much more effervescent Frankfurt +1,44% which recovered part of last week's losses. Good Paris +0,70%, weaker Madrid +0,39%. The London Stock Exchange is closed.
A cautious optimism prevails on the outcome of the negotiations with Greece. But on the fixed-income front, the sales of German securities continue, more speculated in the first weeks of Quantitative Easing. The yield of BTPs rises to 1,53%, less, however, than Bunds: the spread drops to 108 basis points. Good Wall Street: the S&P500 index gains 0,5% on a par with the Dow Jones. The Nasdaq is better, rising by 0,7%.
Good indications from the macro data with the ISM index of the manufacturing sector rising to 58,1 points from 50 the previous month. Better than expected factory orders in March +2,1% (from -0,1% in the previous month). It should be noted that PartnerRe -1,4% rejected the merger proposal presented by Exor +1,5%. However, the Agnelli finance company reiterated its offer judged to be better than the merger with Capital Axis -0,6%.
The luxury sector shines in Milan: +4,1% Ferragamo, + 3,2 % moncler. Luxottica +2,2%. Big leap of Tenaris +4,15%), thanks to the financial position emerging from the quarterly report. Positive too Eni +0,9% and other oil-related stocks. Saipem +1,1%. Also among the protagonists of the session Telecom Italy + 2,7%.
On the other hand, subdued Finmeccanica -2,1% and stm -1,5% which still discounts a disappointing quarterly. Bending for Cnh -1,3% after the first quarter deficit. The downward trend does not stop fca -0,37%, now in the red for the fourth consecutive session, despite a good start to the session in the wake of progress in Chrysler's sales on the US market.
Finally, the increases for the banks moderated: Understanding advances 1,1%, Unicredit + 0,7% MontePaschi + 0,3%. Banco Popular earn 0,3%. Among the insurance Generali closed unchanged, Catholic + 1,4%.
