The week of the quarterly reports of the main big names in Piazza Affari (from Enel to Stellantis, to Intesa Sanpaolo) delivers another increase for Piazza Affari which closes the week with an overall increase of 1.95%: it was still a brilliant octave for a large part of the European equity indices (+ 2.7% Madrid, + 2.3% London) which were supported by purchases on raw materials, oil & gas and construction companies. In other words, it has bet on the resumption of activities and therefore on demand in parallel with the fewer restrictions decided by governments and the advancement of vaccination campaigns.
In Milan, Cnh Industrial (+ 11%) and Stellantis (+ 8%) were the best in the industrial sector, Unicredit (+ 9%) in the credit sector given the surprise of the quarterly accounts. Two stocks that have somewhat limited the Milanese market: Tim (-8.33%), with the project to combine the infrastructure assets of Telecom and those of Open Fiber which seems to be slowing down, and Ferrari (-7.1%). %) for the postponement of the 2022 guidance.
On Friday the Ftse Mib + 0.5%, the pink jersey at the Dax30
The disappointment over the jobs created in the United States in April bent the dollar (1.21 to one euro) and pushed US government bonds but only gave a temporary shock to the European stock exchanges which instead ended the week in good shape. rise led by technology stocks (with the Nasdaq running overseas: on Friday evening Wall Street closed up, Dow Jones + 0.7% and Nasdaq + 0.88%) and by travel and tourism companies: the American figure is in fact a signal for the Federal Reserve that it will be cautious about changing its course on bond purchases and rates. Frankfurt, with German industrial production growing by 2.5% in April, was the best also because it was driven by Adidas thanks to the rise in financial targets after the quarter.
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Piazza Affari closed trading with a modest increase in the FTSE MIB, which still archives the week with an overall increase close to 2%. The brake came from the banks – also thanks to the blaze of the spread – and from Telecom Italia (still subdued after the collapse due to the indiscretions on the stop of the corporate combination project with Open Fiber in the optical fiber assets), but also from the profit taking on some titles protagonists of the last sessions such as Tenaris (at the highest for over a year and best title of the Ftse Mib in 2021), Davide Campari (at all-time highs) and Leonardo (+ 5% in the previous five sessions). Conversely, Unipol rose thanks to the positive forecasts in view of the accounts and StMicroelectronics. Moody’s opinion on Italian debt is expected in the evening: no adjustments to the rating and outlook are expected.
Analysts, US data signal for Fed, soon to change strategy
“The US payroll data – is the comment by David Riley, Chief Investment Strategist, BlueBay Asset Management – have greatly surprised to the downside in terms of job growth, in contrast to recent data on the US economy, which show a strong recovery and solid labor demand. Major improvements in the leisure & hospitality sector confirm that the reopening of the economy is underway, while the decline of 18,000 manufacturing jobs, including the 27,000 fewer automotive jobs, could reflect the fact that the decline in manufacturing offer impacted on recruitment. There was also a reduction of 111,000 jobs in temporary care services. In general, monthly payroll data should be taken with a grain of salt, considering there are occasional factors, revisions and seasonal adjustments that could have an impact. But the scale of this decline cannot be ignored and justifies thethe Fed’s wait-and-see approach, before considering a tapering of its buying program or thinking about a rate hike.
“The disappointing data on job creation had an immediate impact on the financial markets – explains Filippo Diodovich of IG Italia – The dollar showed a sharp decline on the currency markets. The dollar index basket which measures the strength of the dollar against the main international currencies fell from 90.9 to 90.4 points. The Eurodollar exchange rate jumped from 1.2060 to a high of 1.2130. Strong bond market purchases leading 10-year Treasury yields down from 1, 57% to 1.50%. On the equity markets the effect was more mixed. Positive reaction for the technology indices (Nasdaq 100 and Nasdaq Composite), strong fluctuations for the S & P500 and Dow Jones IA. At the end of the session, however, Wall Street closes with a new record: the Dow Jones grows by 0.66% to 34,776.44 points, the S&P 500 by 0.73% to 4,232.43 points. The Nasdaq is also positive: + 0.88% to 13,752, 24 points.