The OECD launches a new alarm Italy, but Piazza Affari, with the rest of the European lists, closed higher on the basis of the news coming from Asia and the Wall Street rally. In particular, the recovery of Chinese manufacturing (the Caixin index rose to an 8-month high) and the positive trend in tariff negotiations between the USA and China.
Milano it gains 1,1% and reaches 21.520 points, supported by banks and some industrial stocks. Unicredit, included in the "conviction list" by Goldman Sachs, appreciates by 4,32%.
Sun seat also a Frankfurt +1,3%; Paris +1,03%; Madrid +1,1%. London is more backward, +0,5%, with the parliament still busy finding a way out on Brexit. On the English square it goes down Easyjet, -9,7%, following estimates for the summer semester and fearing the negative effects of a no-deal UK exit from the EU.
Wall Street, after a rising opening, sails with the wind at her back. The words of the president of the ECB, Mario Draghi, also arrived to galvanize the stock exchanges in the afternoon: "Looking to next year, sizeable monetary stimulus remains essential to ensure that the build-up of domestic upward price pressures continues over the medium term”. said the number one of the Eurotower, in the editorial of the annual report, in which he also underlines the continued existence of uncertainties “connected to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets”.
April therefore starts off on the right foot, despite the fact that the European economy is still in trouble. Manufacturing activity in the single currency area is at its lowest since April 2013 (March PMI 47,5 points, below the 50 points that separate expansion and contraction). The unemployment rate is 7,8%; inflation is down from 1,5% to 1,4%. The OECD estimates also hit Italy: -0,2% GDP in 2019 and only +0,5% in 2020. "The expansionary budget policy and weak growth - will increase the public finance deficit, which will go from 2,1% of GDP in 2018 to 2,5% in 2019” while the debt will rise to 134%. Citizenship income also risks favoring undeclared work.
The premises do not seem favorable to the sale of debt, but the surge in the spread today would not be the fault of these data. On the Mts platform (electronic market for the wholesale trading of European fixed-income bonds) the reference benchmark has changed: no longer 2028-year with a December 2,52 maturity (yield of 10%) but 2029-year Btp maturing August 2,67 (yield 268.60%) and this would be at the origin of the increase. In essence, the spread with the German 5,54-year bond rises to XNUMX basis points (+XNUMX%), but there's nothing to worry about.
The signs of a slowdown in the European economy weigh on the single currency which remains weak against the dollar, with the exchange rate around 1,1,21.
But the Chinese recovery is invigorating for oil: Brent +1,78% to 68,78 dollars a barrel. Gold stable around 1291,19 dollars an ounce.
The expansive dynamics of the Asian giant are also encouraging stm, which in Piazza Affari rises by 4,02%. Well the galaxy FCA, starting from Cnh + 3,33%.
Banks in dust, with Unicredit and Ubi +3,65%. A growth in the sector that adds to last week's good performance (+0,7% for Ftse Italia Banks).
In check Telecom -1,7% Prysmian -0,98% and uitlity, Italgas -1,27% and Terna -1,13%.
