After the mid-day threshold, the European stock exchanges continue an interlocutory session without direction: investors await the outcome of the two-day Federal Reserve summit before taking a position. The market expects confirmation of the current ultra-accommodative monetary policy, although the US central bank may signal that if the economy continues to recover consistently, it could become appropriate. start discussing plans for tapering, the gradual exit from the support measures, at one of the next summits.
To some extent bolstering investor morale, as happened in the previous session, is the trade peace between the United States and the European Union, which an end to the tariff war, starting with that relating to Airbus and Boeing. Thus the European indices move in no particular order and with little marked movements, as happens at the FTSE MIB in Piazza Affari, which remains above the top of February 2020, at the CAC 40 in Paris, the IBEX 35 in Madrid and the AEX in Amsterdam. Frankfurt’s DAX 30 lags further behind, after the Ifo lowered its growth forecast for Germany in 2021 (now it estimates + 3.3%, 0.4 percentage points lower than in March).
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In Piazza Affari good oil, weak cars
Among the Milanese stocks with the highest capitalization, oil was highlighted, with Tenaris, Eni and Prysmian among the best. In a session in which, however, the movements are very little marked, Azimut, Interpump Group and Inwit stand out positively. Italgas, on the other hand, was weak following the presentation of the plan to 2027, while the worst ones are Cnh Industrial, Bper and Unipol. Not even Stellantis finds the way to hikes, following the meeting at Mise, which was also attended by the trade unions, on the future of the car group.
Among the “small” rallies for Intek after the sale of Kme assets
The agreement with Paragon Partners for the sale of the Special division of the subsidiary Kme gives wings to Intek Group in Piazza Affari. The Specials division deals with ingot molds for steel mills and products with high corrosion resistance mainly used in the naval and petrochemical sectors. The operation involves the creation of a company (55% owned by Paragon and 45% by Kme) in which the Specials business will be conferred. The operation will bring to Kme total cash for 260-280 million, of which approximately 60-80 million will be destined for the repayment of intragroup loans relating to working capital, plus a vendor loan of 32 million that will be repaid by the newly established company.
Tod’s at maximum from 2018, focus on luxury
Purchases on Tod’s, which scores one of the best performances of the Milanese list and reaches its highest since 2018. The prices are highlighted in a luxury sector under the spotlight after the indications arrived from the accounts of Chanel. According to what was revealed by the financial director Philippe Blondiaux in an interview, the French maison expects a growth in turnover in 2021 of about 35% compared to 2020, in turn down by 18% on 2019.