Slightly higher trend for the European stock exchanges in the first session of the week. After closing the last octave with a minus sign, the indexes of the Old Continent move around parity. The FTSE MIB of Milan does not find great benefit in the fact that, as expected, S&P has left unchanged the “BBB” rating on Italy with a stable outlook and after the approval by the government of the Recovery Plan, which will be presented to the Chamber and Senate and then to the European Union. The CAC 40 in Paris and the DAX 30 in Frankfurt are also slowly ahead after the Ifo business confidence index rose to 96.8 points in April, above estimates.
In a macro picture that remains positive, with data published last week showing signs of recovery in both the United States and Europe, the events to focus on this week are the Federal Reserve FOMC meeting on the 27th and April 28 and the latest updates on the GDP of the United States and the euro zone on Thursday and Friday. Meanwhile this morning the Ifo index will arrive from Germany, which in any case should not influence the performance of the Frankfurt Stock Exchange. Always with an eye to the pandemic, the publication of the quarterly reports continues.
Down Leonardo, Atlantia climbs with eyes on the Aspi dossier
Among the securities, Leonardo starts in the red at Piazza Affari, after the announcement of the purchase of 25.1% of the German company Hensoldt from Kkr. Leonardo’s investment is 606 million euros and for analysts “it is reasonable from an industrial / strategic point of view, but the premium paid requires more information on potential synergies and governance”. The auto sector is also in red with Stellantis and Pirelli down, while Atlantia is up, awaiting developments on the Aspi front.
Off the main price list, Trevi shot after updating the industrial plan, now to 2021-2024, taking into account the current market context, “strongly conditioned by the effects caused globally by the spread of the Covid-19 pandemic”. In April 2020, Trevi confirmed the 2018-2022 plan and then launched this new plan, which provides for revenue growth in the reference period with a CAGR of around 8%.
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Stable spread below 105 points
The yield differential between the benchmark ten-year BTp (Isin IT0005422891) and the same German duration, marks 104 basis points, the same level as last Friday’s closing. In fractional increase the yield of the benchmark ten-year BTp which opens trading at 0.8% from 0.78% at the closing on the eve of the day.
Euro strengthens and returns above 1.21 dollars, down oil
On the foreign exchange market, the euro strengthened and was worth $ 1.2101 (Friday closing 1.2061) and yen 130.3805 (130.291), with the dollar changing hands at yen 107.752 (108.017). The price of crude oil fell with the June delivery contract on the WTI which stood at 61.46 dollars a barrel and the one on Brent at 65.40 dollars.
Tokyo closes slightly higher, Covid worries in Japan
Closing moderately higher for the Tokyo Stock Exchange. After a slightly declining start, the positive outcome of trading prevailed, also thanks to the rebound recorded by Wall Street. Concerns persist, however, about the economic impact of the new state of emergency in Japan. Less than three months before the opening of the Tokyo Olympics, last Friday the Japanese government declared a new state of emergency in the Japanese capital and in three other departments of the country, in the face of a strong local increase in Covid-19. The Nikkei index closed 0.36% higher at 29,126 points.