Weak European stocks on Wall Street’s lower close yesterday, which was impacted by rumors reported by Bloomberg that US President Joe Biden will propose a maximum federal tax on capital gains of 43.4%, up from the current 23.8%, which would be applied to those who earn more than a million dollars. In addition, the New York Times reported that the income tax rate for the richest will be raised to 39.6% from 37%. These news have completely overshadowed the good US macro data, including the new requests for unemployment benefits, which fell by 39,000 units to 547,000, the lowest figure since March 14, 2020. The markets of the Old Continent, thus, take a breath. after yesterday’s good performance also favored by the words spoken by ECB chief Christine Lagarde, who yesterday, at the end of the board of directors, confirmed the accommodative policy of the central institution and above all the decision to “significantly” increase the pace of second quarter securities purchases already announced in March. On the macro front, the data on the evolution of the global economy will be published today with the release of the PMI (manufacturing and services) indices in April. Milan is just below par.
In Milan, focus on luxury, eyes on Moncler and Tod’s
At Piazza Affari the focus is on luxury. Moncler slips, despite yesterday the down jacket company announced first quarter 2021 sales of € 365.5 million, up 21% at constant exchange rates and 18% at current exchange rates. Compared to the first quarter of 2019, revenues decreased by 2% at constant exchange rates (-3% at current rates). the shares, however, just yesterday had updated a new record.
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Furthermore, in the evening it was also announced that the French giant LVMH increased its stake in Tod’s to 10%, purchasing 6.8% of the shares from the Della Valle family. The stocks, which initially failed to make a price, are flying by 10%. Attention also to Atlantia on the day when the board of directors returns to discuss the Autostrade dossier.
Spread to 102 on the last day to subscribe for Futura
The spread stands at 102 points, while the ten-year BTp yield is slightly up to 0.75% from 0.74%. On the bond market, today is the last day to subscribe to the new BTp Futura, the third in the series. For now, securities have been requested for a further 470 million euros, bringing the total subscriptions to approximately 5.1 billion.
Exchange rates, euro stable, crude oil on the rise
On the currency market, the euro is worth 1.204 (from 1.2 yesterday at the close) and is stable at 129.9 yen while the dollar / yen ratio is at 107.89 (from 108.13). Crude oil rises with Brent at 65.8 (+ 0.7%).