Also in Europe, as in Asia, the quarter of the markets opens under the banner of an increase, even if the purchases, during the morning, lose part of their initial strength. Milan participates in the rally +0,4% around 21.400 points despite new negative signals coming from the economic situation: the unemployment rate has risen from 10,6 to 10,7%. There is the risk, notes Banca Intesa, that we could "interrupt the cycle of improvements of recent years".
The Italian PMI manufacturing index in March fell for the sixth consecutive month to 47,4 basis points. The other price lists in the Eurozone were more brilliant, despite the slowdown in PMI data (from 49,3 to 47,6). Frankfurt leads the race +1% ahead of Paris +0,5%. Positive Madrid +0,5% and London +0,6%. Strong growth +1,4% in manufacturing activity in the United Kingdom: companies stock up in view of Brexit. The euro (1,123 against the dollar) is down 0,2% against the pound.
Supporting the markets, in addition to the good data from China, is the belief that the disappointing data from the Eurozone could push the ECB to speed up the adoption of monetary stimuli. The decision is made more urgent by the collapse of Germany: 44,1. According to Markit chief economist Chris Williamson, "new orders have contracted at a rate not seen since 2012 and forecasts for next year's production are also the worst since then."
On the bond market, the Italian paper recovers: the spread on the ten-year segment is confirmed at 259 points (against 256 at the beginning). compared to the previous closure. The 2,511-year benchmark rate trades at 2,48% from 270% at Friday's close. However, with the new benchmark adopted by the Mts platform, the differential exceeds XNUMX points.
Brent oil, down 0,5% tonight, reversed course and gains 0,9% to 68,2 dollars a barrel, from last week's +2%. The flare-ups on the securities of the sector follow one another. Saipem rose by 2,88% to 4,85 euros on the wave of expectations for the sale of drilling activities, relaunched by Bloomberg. The double operation (onshore and offshore) could be worth 2-2,2 billion (up to double for Banca IMI), which would cover the net debt of 1,16 billion. Last week Goldman indicated a target of 6 euros. It also advances Eni +0,15%, which sold some assets in Norway. Run as well Tenaris +1,88% to 12,7 euros. An analyst, who has a target of 15,5, believes that the acquisition of Ipsco in the USA will bring great benefits to the Rocca group company.
In Piazza Affari, the initial increase of Fiat Chrysler +0,6% from +2% in the initial stages under the pressure of the advances on an agreement of an industrial nature with Peugeot confirmed by Carlos Tavares. The Financial Times, which dedicated this week's portrait to John Elkann, argues that "some are expecting a series of platform sharing agreements with competitors and, eventually, a merger". They also go up Ferrari +0,88% and Pirelli + 0,6%.
Among the industrialists, the recovery of stmicroelectronics +3,2%. Prysmian, on the other hand, is holding back -1,3% cut to neutral by Goldman Sachs.
China's recovery gives oxygen to luxury: Ferragamo + 1,57%. Moncler + 1,56%.
Highlights too Buzzi +1,7%. This morning Deutsche Bank raised its target price to 21,5 euros from 21 euros.
Unicredit +2,5% joins Goldman Sachs favorites list.
On the eve of a week full of shareholders' meetings for the utilities sector Snam Rete Gas loses 0,6%: the definitive guidelines on tariffs relating to gas transport have been published, for the period 2020-2023.
Brakes Terna -1,45%. Italy needs to more than double its electricity storage capacity over the next ten years, to adjust to the renewables boom and reduce the use of fossil fuels, says the CEO of the Italian transport and dispatching company electricity, Luigi Ferraris, in an interview with Bloomberg. Six Gigawatts of additional storage capacity are needed by 2030: today we are at 4,8 Gigawatts, mostly attributable to hydroelectricity.
Down too Telecom Italy (-1,5%) And Italgas (-1,38%).
