The US macro data help the European markets to turn higher after a morning in negative territory: Paris +0,62%, Frankfurt +0,92% and London +0,56%.
Il Ftse MIb climbs 0,44% with purchases that reward luxury and managed savings. Milan's attention is focused today on two fronts: the Telecom Italia board, awaiting today the accounts for the first quarter and the update of the industrial plan which will be communicated during the night. The other appointment is the one with the Standard & Poor's opinion on Italy which comes after the stock exchange is closed: the US agency confirms the BBB-/A-3 rating for Italy, keeping the prospects stable. According to S&P “Italy's economic recovery is on track, even though we have revised our forecasts for GDP growth to 1,1% in 2016 and 1,3% in 2017”, respectively from 1,3% and 1,4%. The initiative of the Atlante Fund for the support of banks was judged positively, "although we believe that alone they are not sufficient to provide an answer to the related challenges".
The Btp-Bund spread is stable at 142 basis points and a yield of 1,56%.
Data has also arrived from the USA growing consumption: US retail sales rose 1,3% to $453,44 billion in April, the highest monthly increase since March 2015 against expectations for a 0,8% increase. On an annual basis, retail sales are up 3 percent. Furthermore, consumer confidence rose to 95,8 points in the Michigan index for May, exceeding analysts' estimates.
The Italian macro data help: il GDP grew by 0,3% compared to the previous quarter and 1% yoy, slightly above the +0,9% expected. Just as the German GDP for the first quarter was slightly above expectations, which grew by 0,7% compared to the previous quarter (+0,6% forecast). The growth compared to last year is 1,6%, above the +1,5% expected.
The decline the Petroleum with WTI losing 1% to 46,23 dollars a barrel and Brent 0,58% to 47,8 dollars a barrel. The euro-dollar exchange rate fell by 0,74% to 1,129285.
A Piazza Affari purchases reward luxuryor after the quarterly accounts: Yoox leap of 8,25%. After the results, Kepler-Cheuvreux decided to upgrade the judgment to Buy from Hold, however lowering the target price to 28,5 euros from 30 euros. The group that operates in e-commerce for the fashion and luxury sector closes the first quarter of 2016 with growing revenues and confirms the forecasts for 2016. Leap above 8% also for Ferragamo pushed by the accounts: even the Florentine maison has taken into account the drop in Asian demand and tourists in Europe (revenues down by 1,8% year on year to 321 million euro) but, thanks to cost containment and after the negative effect on exchange rates disappeared, the gross margin improved to 67,2%, +250 basis points. Tod's +1,51%. Does not follow in the footsteps of luxury Moncler which drops 0,44%
Recommended Ubi Banca +5,62% bought by Citigroup and after the bank said it had no M&A files on the table. Purchases on managed savings: Anima +4,68% and Azimut +2,97%.
Outside the Ftse Mib Saras flies by 9,12% complete with suspension in the volatility auction thanks to the better quarterly than forecasts. In the first three months of the year, EBITDA, although halving compared to a year ago, amounted to 67,8 million and net profit remained stable at 74,2 million.
At the bottom of the Ftse Mib Unipol -2,92%, UnipolSai -2,5%after the presentation of the quarterly report in line with expectations (and without surprises from the business plan), Saipem -2,24%, Generali -1,11%.
