They are aiming for a comeback for European equity markets, after the generalized decline on Tuesday 4 May triggered above all by strong sales in the technology and auto sectors, which rebounded along with mining stocks. In addition to the quarterly – in Milan it is the day of Intesa Sanpaolo, Italgas, Stellantis and Cnh in the first place – operators are waiting for indicators on the performance of the services in Europe and the United States for the month of April.
In Milan, focus on quarterly, opens with Stellantis and Italgas
At the beginning of the session, attention was focused on the quarterly reports: for Stellantis the first quarter closed with net revenues of 34.4 billion euros and deliveries of 1.477 million euros. The guidance for 2021 has been confirmed. The best title on the list, meanwhile, is Cnh Industrial, waiting for the accounts. In the session of Tuesday 4 May the title had followed the slide of the Agnelli galaxy after Ferrari postponed the targets due to Covid. Italgas closed the quarter with revenues up 2% to 333 million euros and a net profit up 7.8% to 81.2 million euros. The group said that there were no significant negative effects on the 2021 accounts. Mourinho effect again for Roma: the title of the Giallorossi club flies thanks to the announcement of the new coach.
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The euro is just below $ 1.20
The exchange rate between the euro and the dollar remains just below 1.20 after the strengthening of the greenback following the statements of Janet Yellen, Secretary of the US Treasury, who hypothesized an increase in interest rates in the event of the risk of overheating of prices and the economy: Yellen however specified that his reflections on the issue of rates represent neither a forecast nor a suggestion for choices monetary policy of the Federal Reserve.
Slight spread at 110 basis points, yield at 0.87%
The spread between BTp and Bund on the secondary MTS market for government bonds has little effect. The yield differential between the ten-year benchmark BTp and the same German maturity is indicated at 110 basis points, from 109 on the eve of the previous year. The yield of the benchmark ten-year BTp recorded a slight increase, recorded at 0.87% from 0.86% at yesterday’s close.
The appointments of Wednesday 5 May
With the Tokyo Stock Exchange closed for holidays, the macroeconomic agenda foresees the publication of the SME indices of the services sector of Italy, France, Germany and the Eurozone. These are the indices of the purchasing managers of companies, who have a vision of the future. Producer prices also come from the Eurozone. The delicate data on car registrations in Germany is also expected, after the auto sector was the worst in Europe on Tuesday along with the technology sector.