The month of March begins on the right foot for the European stock exchanges which start trading with a sharp rise, reassured by the good news from the United States where the House has given the go-ahead to the 1.900 billion dollar economic stimulus plan proposed by the the Biden administration. But the most important news concerns vaccines, with the FDA (Food and Drug Administration) having approved the single-dose vaccine developed by Johnson & Johnson. According to forecasts, EMA's ok the serum should arrive by 11-12 March, giving new impetus to the European vaccination campaigns which are currently proceeding slowly.
However, the eyes of the markets remain on government bonds, with yields that have risen sharply around the world in recent weeks, encouraging sell-offs on the equity markets, even if rates on US Treasuries slowed on Friday.
From a macro point of view, the data on the manufacturing PMI arrives. The index Eurozone PMI reached 57,9 in February, up from 54,8 in January and better than the previous flash estimate. With the sole exception of Greece, where the respective PMI slipped just below 50, the recovery involved all the countries of the Eurozone. In Germany, the index rose to 60,7 from 57,1 in January, while in Italy, the seasonally adjusted PMI IHS Markit manufacturing index rose in February to its highest level in 37 months to stand at 56,9, up from 55,1 in January.
In this context, Business Square gains 1,59% to 23.212 points, while lo spread it returns below the psychological threshold of 100 points, settling at 99 points from the 105 of Friday's closing. The 0,72-year yield is XNUMX%.
The other Stock Exchanges also rose sharply: +1,68% per Amsterdam, +1,82% per Madrid, +1,65% per Paris, +1,29% per Frankfurt. Outside the eurozone, London is the best with an increase of 1,93%.
Returning to Milan, it stands out Atlantia which, after an uncertain start, achieved an increase of 3,5% pending news on the Aspi dossier. On Friday evening, the board of directors of the holding took note of the binding offer for the purchase of the entire 88% stake held in Aspi presented by CDP and funds and "following an initial examination, deemed the offer lower than expected" and inconsistent "in both the economic and contractual terms proposed, with the interest of Atlantia and all the stakeholders". In any case, "it has in any case given a mandate to the president and to so that, with the help of the appointed advisors, they verify the possibility of introducing the necessary substantial improvements to the consortium's offer and has therefore determined to reconvene to make its own assessments giving, of course, timely communication to the market". In the meantime, some news could come from Spain after the president of Acs, Florentino Perez hinted that he is ready to invest over 5 billion in motorways and renewables. Aspi could therefore be among the possible targets, as part of the demerger project which aims to bring 33% of Autostrade into the newco Acc and to sell the remaining 55%, in the event the operation with CDP does not go through.
In the spotlight Leonardo (+4%), after the authorization request presented to the American authorities for the listing of the subsidiary Drs.
Among the best performances also stand out Unipol (+ 3,53%), Azimuth (+ 3%) and A2a (+2,8%). The banks were tonic, with the sub-fund index gaining 1,8% led by Unicredit (+ 2,86%) and Understanding (+ 1,3%).
On the Ftse Mib only Saipem travels below parity (-1,1%).
Two other news to report:
- Philogen announced that it had priced the IPO at 17 euros per share, in the upper part of the range (15-18 euros), attributing to the company a capitalization of 690 million euros in view of its debut on the Stock Exchange, set for next 3 March. In a note, the Italian-Swiss biotech group also announces that it has received a total demand which, at the offer price, exceeded 210 million euros, or about three times the amount offered.
- Outside the Ftse Mib runs Piaggio (+2,87%) after the signing of the agreement with KTM, Honda and Yamaha for the creation of interchangeable batteries for motorcycles and light vehicles.
Moving on to the other markets, the price of the Petroleum after the decline recorded on Friday and in view of the summit of OPEC and non-OPEC countries scheduled for March 4: Brent is at 65,7 dollars a barrel (+1,99%), WTI, contract for delivery in April, stands at at $62,56 a barrel, up 1,9%. Finally, on the foreign exchange market, the euro it stands at $1,2071 (from $1,2096 on Friday).
