The data arriving today from overseas, US inflation at the top since 2008, does not affect the mood of Piazza Affari. US inflation in April marked + 4.2%, the highest rate in 13 years. The reaction of the Treasuries is sudden with the rise in yields that is worrying Wall Street with all the indices falling. Now among investors the fear of a tight Fed is becoming more concrete with the June meeting already that could mark a turnaround and the start of the so-called tapering in the event of worrying data on inflation and a strong improvement in conditions on the job market in May. In this scenario, IG assumes a halved QE from 120 billion to 60 billion dollars and the prospects for a rate hike would no longer be set at 2023 but at 2022.
On the other hand, the EU stock exchanges are holding today. In Milan, the Ftse Mib index thus closed at 24,452 points, marking a + 0.23%. Supporting the Milan stock market are oil stocks with Eni up 2.07% and Tenaris up 3.37% under the pressure of the rally in oil prices.
Some big banks also did well. Banco BPM closed at + 1.14%, but the best was Unicredit with almost + 3% at € 10.20, on the new highs of over 13 months. The novelty imprint that the new CEO Andrea Orcel is giving is convincing the market. Today’s news concern the reorganization of the bank’s top management structure with the removal of two twin divisions that managed the top corporate functions in the era of the former CEO Mustier. Orcel has appointed Niccolò Ubertalli, who previously headed the Eastern Europe division together with Gianfranco Bisagni, as head of Italy. In the previous structure, Italy, like Germany and Austria, was part of the Western Europe division, that is, the division dedicated to Western Europe. A move that reflects Italy’s “crucial importance” for the group.
On the other hand, among the minus signs stand out the -2.42% of Banca Mediolanum and -1.1% of Banca Generali despite the results beyond expectations of the quarterly numbers. Among the testimonials of managed savings, on the other hand, Fineco is doing well (+ 1.04%) with Barclays analysts who define the quarterly results as “solid”, reiterating the equalweight recommendation with a target price of € 15.3.
Enel is also down today (-0.89% under 8 euros) which continues to pay the rise in bond yields, as well as other utilities (approximately -0.5% for Snam and Terna).