Il good pace of Wall Street, in the American morning, favors the upward closing of the European lists, at the end of a volatile eighth period, probably the worst of the last three months at a global level mainly due to fears about inflation, somewhat overshadowed today in the US from some macroeconomic data worse than expected.
Lo stop the mask for the vaccinated even indoors, announced by Joe Biden, it also restores confidence in the future and favors purchases of securities of companies heavily penalized by the lockdowns.
Also in Italy the pandemic situation improves thanks to the vaccination campaign and on Monday almost all regions they will turn yellow. In this context, Piazza Affari appreciates by 1,14% to 24.766 points, with investors finding a compass for their choices in the publication of many quarterly reports. The accounts are good for Prysmian +4,54% (promoted by Morgan Stanley and SoGen); Interpump +3,25%; Azimuth +3,1%. Inwit -2,97% and Atlantia -0,16% penalized, while profit-taking weighed on Pirelli -0,62%.
The banks are running again, waiting for news on the subject of aggregations. Banco Bpm rises in particular +3,04%, which becomes "buy" from "hold" for Deutsche Bank, while the target price passes to 3,1 euros from the previous 2,7 euros. The progress is consistent for Unicredit +2%.
Out of the main basket dominates the Datalogic scene, +14,97%, thanks to a better-than-expected quarter and estimates for 2021. On the opposite side, Erg (-5,05%) after the data on the strategic plan to 2025, the results for the quarter and the upward revision of the estimates of Ebitda and investments for this year. Realizations sink Geox -3,4%, while Tod's resists sales which closes flat.
Red is confirmed as the dominant color on the secondary: the spread between Italian and German ten-year bonds rises to 118 basis points and the rate of the BTP still grows slightly to +1,03%. Bank of Italy, in its bulletin, reports that in March the Italian debt rose further: +6,9 billion compared to February, for a total of 2.650,882 billion.
In the rest of Europe Frankfurt gains 1,41%, Paris +1,54%, Amsterdam +1,31%, Madrid +2%, London +1,17%. In New York the three main indices they are on the rise, driven by tech but also by airlines and shipping companies, reteilers and entertainment companies.
Unexpectedly, US retail sales in April remained unchanged from March and industrial production grew by 0,7% (less than expected) over the same period. The picture favors government bonds, which see prices rising and rates falling, even as investors continue to monitor inflation data, signs of labor shortages and the prices of raw materials which led the market to bet earlier in the week that the Federal Reserve will reduce its support sooner than expected.
There was also talk of tension on prices at the last meeting of the ECB, which today published the minutes in which it reiterates that inflation has increased in recent months due to some "idiosyncratic and temporary factors", while "the underlying pressures on prices remained subdued in the context of a significant economic slowdown and still weak demand.
On the currency market the euro appreciates against the dollar and moves around 1,21, while purchases of raw materials restart, especially oil. Brent is trading at 68,45 dollars a barrel, up 2,1%.
