The European stock exchanges choose caution, which continue to carefully monitor the progress of the vaccination plan and that of infections, with the risk of the Indian varante, with the first cases that have also been registered in Europe. After the session on Monday 27 April, with Europe positive and Wall Street mixed, the focus is on the United States where the two days of the Fed began and where the quarterly season continues at full speed. Overseas data arrived from Tesla, which closed the seventh quarter in profit and with sales up by more than 70% but just below analysts’ estimates. Wall Street futures were slightly positive.
In Piazza Affari weak Diasorin, down the oil
On a day when no relevant macro data are expected in Europe, Piazza Affari looks at the update of the board of Cassa Depositi e Prestiti which will address the issue of the Open Fiber reorganization and probably that of Aspi, where there is not yet an agreement with Atlantia. Sales on Diasorin. Pirelli & C and oil companies also lost a percentage point, with Saipem and Tenaris under pressure. Prysmian, Inwit and Recordati are up.
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Euro falling. Slight spread, 10-year yield 0.8%
The week continues under the banner of a retracement of the single currency, weighed down in the Monday session by the German Ifo below expectations and with the euro / dollar which recorded the lows of the day with data on ECB purchases. However, the performance of the greenback during the month of April was worse than that of the single currency, “as the recent improvement in the outlook for the European economy has offered support for the euro. The dollar, on the other hand, was weighed down by the Fed’s commitment to maintain its accommodative policy and by forecasts of a faster-than-expected recovery of the global economy, which triggered a sale of safe-haven assets ”, ActivTrades analysts explain. It is therefore “interesting that the US currency is finding support ahead of the FOMC meeting starting today, a dynamic that reflects the expectations of some investors that the central bank may choose April to suggest future changes in direction. The majority of investors instead expect that there will be no substantial changes in direction at least until June », add the analysts.
Slight spread, 10-year yield at 0.8%
The absence of bond maturities in the past week has translated into net Pepp purchases that exceeded 20 billion euros, the highest weekly rate since June 2020. Also strong purchases within the PSP which have risen by 8 billions. “A week from the end of April, since the beginning of the month the ECB has bought about 58 billion shares within the Pepp – write the analysts of Mps Capital Services – therefore the month could end with purchases close to the average monthly 80 billion we have. assumed for this quarter “. The ECB purchases have supported the Italian paper, with the spread which, however, remains at the highest level since last March in the area of 105 points, also in view of the issues.