A shower of positive quarterly reports, an April at the top of the last ten years for the Italian tertiary sector e the prospect that the French elections will not cause further trauma to the Eurozone today push the continental markets upwards and crown Milan queen of Europe, with a growth of 1,98%, beyond the psychological threshold of 21.000 points (21.169), the highest since the beginning of 2016. Leonardo +7,23 make fireworks ,5,68% and Ferrari +XNUMX%.
The climate is also favorable in the other squares: Madrid closes at +1,62%; Paris +1,35; Frankfurt +0,96%. Cautious London +0,19%. Wall Street's opening was much more timid, after the Federal Reserve left the cost of money unchanged last night and underlined that the slowdown in GDP in the first quarter is "probably transitory". Meanwhile, in March, industrial orders decelerated, after a positive month of February. But it is above all the oil slump that weighs on American lists: Brent collapses by 3,74% and falls below 50 dollars, to 49,03 dollars a barrel; WTI crude marks -4,10%, 45,86 dollars a barrel. There is therefore growing anticipation for the meeting on 25 May, when the producing countries will have to evaluate whether to extend the reduction in production to the second half of the year as well. Black day also for gold, which loses 0,83%, 1228,13 dollars an ounce. On the monetary front, the euro strengthens against the greenback and the cross is currently 1,095 (+0,6%).
Bond: the Macron-Le Pen TV duel, favorable to the former according to the latest polls, reduces the appeal of the German Bund and increases investors' propensity for risk. In this climate, the spread between Italian and Teutonic ten-year bonds is reduced by 3,72%, falling to 186.40, yield 2,26%. Even the Italy-Spain differential, again in the 10-year segment, is back on the 67 basis points of yesterday's closing, after having widened to area 70 in the morning. It is believed that, once the great French fear has passed, attention will begin to focus again on the Italy. Tomorrow S&P should also update the rating on Italy, currently BBB-, the lowest level of investment grade, but with a stable outlook.
Piazza Affari is certainly celebrating today. At the top of the list of increases is Leonardo, favored by a quarterly better than expected, for Ebita, profits and financial debt. Stellar Ferrari at 73,50 euros per share, thanks to a new record quarter. Euphoric climate, with the accounts, also for Telecom +4,66% and Ynap +4,94%. Purchases reward Azimut +3,57%, protagonist of three months to be framed. The financials are picking up: Banco Bpm +4,61%; Bfor +3,65%; Banca Generali 2,96%; Finecobank 2,62%; Entente 2,53%; UniCredit +3,57%. Utility rallying with A2a +4,07%, Enel +2,26%, Terna +2,89%, while the increase in gas consumption supports Snam, +2,15%. Brilliant Buzzi Unicem +3,52%. Black gold, on the other hand, sinks Tenaris -2,73% and Saipem -1,26%; Eni floats -0,07%. Corrects downwards Stm -0,2%.
