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(Il Sole 24 Ore Radiocor) – The European stock markets are sailing on sight in the first session of a week which will be characterized by the wait for the data on American inflation for April, scheduled for Wednesday, which will give indications to operators on the space available to the Federal Reserve to cut interest rates interest. At the moment the market expects the first intervention on the cost of US money in September. The Milanese FTSE MIB thus does not move away from parity in line with the other main continental indices. Asian stock markets are weak, worried about the possible increase in American duties on some Chinese products, starting with electric cars, as well as by the macro data released over the weekend by Beijing: in April inflation rose to 0.3%, not preventing however, the risks of deflation were completely eliminated, and the credit market confirmed the limited successes of the authorities of the People’s Republic in stimulating demand. Developments that fuel expectations of a surprise rate cut by the Chinese Central Bank.
As for Europe, the Eurogroup, the meeting of the finance ministers of the euro zone, will be held in Brussels during the day, while on Tuesday it will be Ecofin’s turn with the ministers of the EU countries.
Among the main Milanese stocks, Diasorin continues to gain ground following the publication of the quarterly accounts. Nexi and Mediobanca also performed well, while Leonardo-Finmeccanica and Saipem lost ground.
Diasorin rises further, analysts promote the quarterly
As mentioned, Diasorin’s run continues after the quarterly report, published on Friday with markets open, which convinced investors and analysts. The data, according to Equita, show a “very solid start to the year both in terms of organic growth in turnover and margins”. Intermonte’s assessment was also positive, raising the target price on Diasorin from 110 to 121 euros, reiterating its “outperform” rating. “The confirmation of margin guidance after a very solid first period offers a certain degree of flexibility based on today’s visibility on the coming quarters, but on the other hand it could hide an excess of caution on the part of management”, say the experts. Finally, the pharmaceutical company also received the favorable opinion of Banca Akros, which raised the target price to 116.5 euros (from 106), estimating stable profitability for 2024 even “without the contribution of the highly profitable sales” linked to the diagnosis and treatment of Covid.
Spread stable at 133 points, oil moved little
On bonds, the spread between BTp and Bund is stable. The yield differential between the benchmark 10-year BTP and the German Bund of the same duration stands at 133 points, the same level as Friday’s close. The yield of the benchmark ten-year BTp fell slightly to 3.83% from the previous 3.85%.
