The good season of corporate profits and the minutes of the latest ECB meeting (bankers consider a rate cut in June "plausible") are heating up today's European lists, which closed another session in progress after having reached historic highs during the day with the Stoxx 600 and the German Dax.
Europe toned with quarterly reports and ECB
Square Business is queen in Europe and appreciates by 0,93% to 34.657 basis points, thanks to a series of better-than-expected accounts such as those of Diasorin (+5,59%) ed Enel, +3,8%. During the day, the performance of the Italian electricity giant's shares also pushed purchases across the entire utility sector on a continental level. The mining sector also performed well, with increases in metal prices.
I make money like this Paris + 0,38% Frankfurt + 0,43% Madrid + 0,5% Amsterdam + 0,71%.
This morning, the reading of the minutes of the latest ECB meeting contributed to giving investors confidence, from which it emerged that some bankers were in favor of a rate cut already in April, while overall the members of the Governing Council considered it "plausible" to start easing monetary policy restrictions "at the June meeting", if the new macro data confirm the inflation prospects indicated in the March forecast.
Outside the eurozone London rises by 0,61% and the British economy shows signs of recovery with GDP growth (+0,6%) in the first quarter higher than estimates (stationary at 0,4%), after the slight recession in the second half of the last year.
Wall Street cautious, sales on T-Bonds return
The ending is rosy in Europe and also Wall Street moves towards historic highs, after the pause for reflection in April. The DJ could close the eighth consecutive session in progress, but now it S & P 500 is flat and the Nasdaq it lost 0,2%, also due to the negative performance of Stars and Stripes government bonds, which saw falling prices and rising rates. The 4,5-year bond currently shows a yield above XNUMX%.
The risk appetite seen yesterday was slightly cooled - in the wake of weekly unemployment claims exceeding expectations, a "negative" data which however weighs positively on the markets' aspirations for monetary easing - were the declarations of some members of the central bank . In particular, according to Loris Logan, president of the Dallas Fed, "it is too early to think about cutting interest rates."
American consumer confidence also fell in May.
The dollar rises again; gold shines
Strengthening on the foreign exchange market dollar, after the slight weakening the day before. L'euro trades little moved near 1,077.
Among the raw materials, thegold, with spot gold rising again today to 2365,31 dollars an ounce, while the June 2024 future rises by 1,36% and passes above 2372 dollars.
All metal contracts appear well bought, while those of Petroleum, after a morning of growth, are now slightly decreasing. Brent -0,3%, 83,64 dollars a barrel.
Piazza Affari, rising with the accounts effect; However, industrial production is declining
The conti effect supports Business Square, which sees many titles celebrate the quarterly of last night and today, beyond estimates, even if i macro data of the day they could bring some concern. In particular, Istat estimates that the seasonally adjusted index of industrial production will decrease in March by 0,5% compared to February. On average in the first quarter, the institute recorded a decline in the level of production of 1,3% compared to the previous three months. On an annual basis, net of calendar effects, the overall index recorded a decline of 3,5% (calendar working days were 21 compared to 23 in March 2023).
For now, however, investors are looking at the good performance of company profits in stocks such as Diasorin, Enel, Mediobanca, + 2,41%, Pirelli + 2,74% Banca Mediolanum + 2,57%.
Leonardo it appreciates by 2,99%, after that Fincantieri (-0,64%) has entered into an agreement to take over the Underwater Armament Systems (Uas) division from the defense giant in an operation that enhances the underwater business by up to 415 million euros in enterprise value.
It's still in the money nexi, + 2,61%.
It fails to appear in the top ten of the day Unipol, +0,23%, which closed on first quarter of the year with an accounting profit of 242 million euros, up by 7% on the same period of 2023 and the result rises to 363 million, an improvement of 27,8%, if recalculated including the contribution of bank shareholdings in Bper (-0,38%) And Popular of Sondrio (+0,89%), in light of the quarterly results approved in recent days by the two banks. Unipol is the blue chip which, since the beginning of the year, has achieved the best performance with an increase of 65,9%. Also Iveco it is among the best on the list at an annual level, but today it closes almost flat (+0,21%) after one morning sprint in the wake of the January-March numbers.
Among the few stocks of the day that were down were cucinelli -0,94% Ferrari -0,85% Campari -0,89%.
Spreads falling; the Btp Valore closes with 11,2 billion in orders
The movements of spread are confirmed to be limited, but today the yield differential between the 130-year BTPs and Bunds retreats slightly to 3,8 basis points. The rates are 2,49% and XNUMX% respectively.
A positive movement, on the day in which the fourth edition of the Btp Value, with 11,2 billion orders collected.
Today's placement, until 13pm, closing time, recorded a demand of 970 million for 34.857 contracts. The issue, expiring in May 2030, provides quarterly coupons and annual minimum guaranteed rates of 3,35%, from the first to the third year, and 3,90%, from the fourth to the sixth year, and a final premium of 0,8, XNUMX% of the invested capital. These rates were confirmed by the Ministry of Economy.
