Economic growth slows down, but the stock market accelerates and opens the week on the up. Piazza Affari scores +0,86%, 24.544 points, the highest value since 3 October 2008; queen of the list is Ferrari +3,73%, which reaches a new all-time high at 118,05 euros per share.
The other continental markets were also positive: Frankfurt, +1%; Madrid +0,41%; Paris +0,28%. Air France plummets (-9,83%), after the farewell of the managing director Jean Marc Janaillac following the rejection of the salary agreement last Friday. London is closed for holidays, while Wall Street travels well tuned, supported by technology stocks (with new Apple records) and the oil rally. The WTI exceeds the threshold of 70 dollars for the first time since November 2014. The political tensions between the USA and Iran over the renewal of the nuclear agreement also give wings to Brent, which appreciates by 1,6%, reaching $76,07 a barrel. Little moved the gold.
The euro confirms its phase of weakness against the dollar and drops by 0,3% with the cross around 1,192.
The Italian bond was positive, despite the political stalemate and the risk of new elections in July. The 1,76-year yield falls to 0,65% and the spread with the Bund retreats by 122.40% to XNUMX basis points.
On the macroeconomic front, the data on factory orders in Germany were disappointing, down in March by 0,9% on the previous month against estimates of +0,5%; on an annual basis the comparison is +3,1% against the expected +5%. At the same time, the fear of a slowdown in economic activity in Europe is growing. In its April monthly note on the economy, Istat writes that in Italy "the signs of a slowdown are strengthening, outlining a scenario of less intense growth", with business and household confidence characterized by a general worsening trend.
However, the quarterly reports seen so far, such as Ferrari's, give a good boost to purchases on the Stock Exchange, while other important ones will come during the week. Oil stocks rose, driven by the rally in black gold. The most popular is Tenaris +2,2%. Stm still picking up, +3,48%, in line with the sector and driven by the Apple customer. The top five also include Exor +2,29% and Azimut +1,96%.
At the pace of Moncler shrimp, -1,18%, after cutting the recommendations of some analysts. Leonardo loses 0,7%, Poste also slightly down -0,47%; Bper -0,32%; Ferragamo -0,12%. In the credit sector, Unicredit (+0,82%) and Banco Bpm (+0,21%) rise, which will release the quarterly report in two days.
Telecom gains almost a percentage point, +0,96%, which is a "buy" for Deutsche Bank. The first board meeting after the meeting of May 4 was held today and consequently the first face-to-face meeting between the members appointed by the Elliott fund and those indicated by the French Vivendi.
