The leap China’s GDP record in the first quarter of the year, which corroborates the positive indications on the post-Covid recovery coming from the US macroeconomic data, it gives support to the European stock exchanges, which are proceeding cautiously in the aftermath of the new Wall Street records (Dow Jones for the first time above the 34,000 points in closing). After the slight gains of the previous session, the FTSE MIB in Milan, the DAX 30 in Frankfurt and the CAC 40 in Paris and the IBEX 35 in Madrid are up slightly.
Between January and March, the economy of the People’s Republic registered a record increase of 18.3% per year and industrial production grew by 14.1% per year in March. Encouraging signs on the health of the global economy also push up oil prices, which are about to close the best week since the beginning of February, while government bond yields continue to decline after the recent run.
Good Stellantis in Piazza Affari, weak Atlantia
Among the Milanese stocks with greater capitalization, Stellantis rises after the data on European registrations in March, which recorded a growth of 140.9% compared to + 62.7% of the market. Cnh Industrial also did well, confirming its intention to complete the Iveco spin-off as soon as possible. Buzzi Unicem also increased, while Atlantia was affected by the possible new postponement of the negotiations for the reorganization of Autostrade per l’Italia.
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Risk appetite is returning to the markets
The financial markets live the last session of the week in a context of general risk appetite. The Vix travels below 17 points, the lowest for over a year. The 10-year US Treasury yield – whose rise to 1.75% in March made the lists dance, Nasdaq in particular – seems to have taken a break and is traveling below 1.6% despite the latest inflation figures in the US in March (2.6% yoy) beat expectations (2.4%). It’s a sign that many investors are starting to believe Federal Reserve Governor Jerome Powell’s words that the recent price flare-up is only temporary. Meanwhile, Wall Street travels to new records in the wake of better-than-expected employment and consumption figures. Among the European stock exchanges, the Dax 30 in Frankfurt is confirmed in uncharted territory over 15 thousand points while Piazza Affari is struggling to exceed the threshold of 24,500 / 25,000 points, which has proved to be “cursed” in the last 12 years.
Stable spread in the area of 102 points
Stable trend for the spread between BTp and Bund on the secondary MTS market for government bonds. The yield differential between the ten-year benchmark BTp (Isin IT0005422891) and the same German duration stood at 102 basis points, unchanged compared to the value recorded at the previous closing. The yield of the benchmark ten-year BTp rises slightly, which is expected, at start-up, to 0.74% from 0.73% on the eve of the eve.
Euro on highs for over a month, oil on the rise
On the currency market euro settling at its highs for over a month against the dollar. The single currency is worth 1.1961 dollars (1.1964 yesterday closing) and 130.25 yen (130.06), while the dollar / yen ratio is at 108.90 (108.71).
The prospect of a solid recovery in energy demand supports the price of oil, which is about to close the best week since February. The May guture on the wti rose 0.3% to 63.65 dollars a barrel, while the June delivery on the brent rose 0.34% to 67.17 dollars.