Merkel meets Tsipras but stock markets continue to fall: Milan -0,5%

The German Chancellor met the Greek premier before the European summit but the stock exchanges remain restless – The European SME is disappointing – Piazza Affari loses 0,5% due to the effect of technological products, FCA, Finmeccanica but also achievements on Ferragamo and Mediaset – On the other hand, the oil and construction sectors shine – Morgan Stanley promotes Renzinomics.

PMI INDEXES HOLDING DOWN: EXCHANGES DOWN. FINMECCANICA AND FERRAGAMO UNDER FIRE

A day with a negative sign for European stock markets, conditioned by the disappointing data on economic growth in Europe recorded by the PMI (Purchasing Manager Index), which fell below the average forecast by economists in April. In Milan, the FtseMib index lost 0,5% (to 23.188), the Paris Stock Exchange dropped by 0,9%, Frankfurt -1,2%.

Uncomforting news also from the US economy. The PMI index of the manufacturing sector fell in April to 54,2 points, the lowest in the last three months. There was also a slowdown in construction activity in March. The three main indices, Dow Jones, S&P500 and Nasdaq fluctuate around parity.

The PMI index of the manufacturing sector fell in April to 54,2 points, the lowest in the last three months. In March, the index on the expectations of purchasing managers of industrial companies stood at 55,7: the consensus expected a confirmation of this level. There was also a slowdown in construction activity in March.

The euro was up against the dollar at 1,080, from 1,072 at the previous close. Oil rose again in the afternoon: Brent gained 2,9% to 64,5 dollars a barrel and Wti was traded at 57,6 dollars (+2,7%). After the good morning, the BTP slows down: the yield is at 1,42%, waiting for the Merkel-Tsipras summit. As a result, oil stocks rise. Eni +0,2%, Saipem +1,3%, Tenaris +1,2%.

In Piazza Affari the most visible loss is by Ferragamo, which drops by 4% after the downgrade of Barclays, which lowered its recommendation to Equal Weight from Overweight. In the luxury segment Moncler, on the other hand, rose again by +0,3%, after Deutsche Bank raised its target price to 18 euros. Luxottica -1,2%.

The banks retreat: Intesa -0,7%, Unicredit -0,4%, MontePaschi -1,3%. FiatChrysler drops by 1,9%, Prysmian -1,7%. Finmeccanica fell by 3,2% after the news of a new investigation for alleged international corruption relating to an order for helicopters from the subsidiary AgustaWestland to Algeria. The facts refer to the years 2009/2011 and see managers now out of the group under investigation.

Buzzi's rise continues +2,2%, after the promotion of JP Morgan which raised the rating to Overweight from Underweight. Finally, publishing did well: Espresso +3,4%, Rcs +3,5%. Banzai gains 1,8% after strong growth in the first quarter.