Start of the new month with busy purchases in Piazza Affari which exceeds the pre-Covid highs reaching the highest levels since autumn 2008. The European markets have warmly welcomed the better than expected economic data arrived today. Cyclical stocks in particular benefited from the prospect of a strong economic acceleration. Energy stocks also did very well in the wake of the tops from 2018 touched by oil prices on the day in which Opec + reaffirmed its commitment in April to gradually reduce the production cuts decided last year and to gradually reintroduce approximately 2 million barrels per day, at a rate determined by market conditions.
On the macro front, the SMEs of the euro area jumped to 63.1 points in May, better than the preliminary reading (62.8), confirming the growth at a record pace. Very strong indications also from the Italian manufacturing SME. Positive indications today also for the Italian economy. The GDP surprisingly marks a marginal increase (+ 0.1% qoq) in the 1st quarter of 2021 compared to the first estimate which was -0.4%.
In Piazza Affari the Ftse Mib index thus pushed up to 25,553 points and then slowed down in the end in the wake of the uncertain trend of Wall Street. In closing the index marks + 0.6% to 25,321 points. Oil stocks flew with Eni at + 2.37% to € 10.294, while Saipem (+ 3.98%) and Tenaris (+ 2.70%) did better. Poste Italaiane is also among the big names on the Milanese price list, which with over + 2% today at 11.8 euros brings together the historical tops.
Finally, the + 1.66% of CNH stands out in the Agnelli galaxy; Stellantis also did very well (+ 0.54% to € 16.346) which on the Electrification Day scheduled for July 8 could give indications on possible production plans for batteries for electric cars in Italy.