Buying boom today in Europe, while Wall Street tries to put behind it yesterday's plunge in tech stocks, due in part to the words of the secretary of state, Janet Yellen, on a possible hike in interest rates (statements later corrected) . European price lists archive one session up sharplydriven by a string of positive quarterly earnings, the rally in commodities and the rebound in technology stocks.
Piazza Affari continues this week of ups and downs with an increase of 2,01% and climbs back to 24.460 basis points. It stands out on the Stellantis main list, +7%, thanks to better-than-expected quarterly revenue. Pro forma revenues were up 14% to $37 billion and shipments were up 12%. However, there are fears for the shortage of chips, which could weigh on the second quarter. In the Exor galaxy (+2,21%) also shines Cnh, +5,27%, in the light of the quarterly accounts from the commodities rally, which invigorates the world of agribusiness.
Ferrari scores +1,55% after the slide on the eve, caused by the one-year postponement of the 2022 financial targets due to the impact of Covid-19. Some brokers have also cut the target price of the Maranello redhead's shares on Wall Street. Banks are positive. In particular Unicredit, +2,56%, in view of the accounts that will be presented tomorrow. Intesa rose by 1,43% after the excellent quarterly performance, with a net profit up by 32% and the confirmation of the objective for the entire year, which will see a profit "well above 3,5 billion".
Enters the top ten of the Tenaris list +4,48%, best among oil stocks. Buzzi +2,76%. Diasorin +2,54% and Stm +2,46% rebound. The discounts are fractional and concern only 4 blue chips: Telecom -0,6%; Italgas -0,44%; Hera -0,24%; Terna -0,03%. Outside the main roster, Roma is still making a splash, +9,23%, galvanized by the arrival of José Mourinho, the Portuguese coach who will lead the Giallorossi team from next season. The debut is not much for Saeco on the Star segment, where it lost 5,34%. The spread between the Italian and German 107-year bond rises to 1,72 basis points (+0,84%) and the BTP rate rises to +XNUMX%.
In an interview during a webinar organized by the Omfif think tank, the chief economist of the ECB, Philip Lane, said he did not believe that inflation could exceed the limits in the next 18-24 months. According to the European Central Bank official, the fact that there are bottlenecks in some commodity markets or that some multinational companies are rediscovering their pricing power is not in itself sufficient to generate permanent inflation. Lane stressed that the ECB forecasts an average annual inflation of just over 1% in 2022. From the macroeconomic front, the services PMI of the main countries of the euro area is in chiaroscuro. In Italy, the index fell to 47,3 in April, compared to 48,6 in March. In Germany 49,9 in April from 51,5 in March and against forecasts of 50,1.
Going back to today's session: in the rest of Europe Amsterdam +2,5% leads the rises, followed by Frankfurt +2,2%, Paris +1,4%, Madrid +1,7%. Even London appreciates by 1,7%, on the eve of the awaited elections in Scotland. Featured on the FTSE 100 are mining stocks such as Rio Tinto, BHP Group and Anglo American, which are up more than 4%. Metal prices are giving them a boost, with copper once again exceeding the psychological level of 10 dollars a ton during the day. Progress also concerns other raw materials, in particular oil which is celebrating signs of global recovery and the progressive reopening with vaccinations which put a stop to the pandemic. US President Joe Biden has announced his administration's new goal: to have 70% of adults with at least one dose of the vaccine, and 160 million people fully vaccinated, by July 4.
Brent, delivered in July, moves around 69,44 dollars a barrel (+0,81%). Texan crude rose 0,7% to 66,15 dollars a barrel. US weekly stocks fell more than expected. On the currency market, the euro-dollar floats around 1,2.
