MILAN (Reuters) – Piazza Affari rebounds after four consecutive negative sessions, in line with the other European stock exchanges and supported by Tokyo’s strong closing at the highest levels in over a month.
The leap in the technology sector is the driving force.
From the point of view of macro data, some ideas may come from the May PMI estimates from the euro zone, Great Britain and the USA, which will give an indication of the health conditions of the private sector.
As for the outlook on rates, a cut in June by the European Central Bank and a similar move by the Bank of England are currently a given, unlike the picture looming in the United States.
At around 9.40am the FTSE Mib rose by 0.22%.
The letter on the energy sector continues, with Enel down by 0.7%, Italgas by 0.5% and Snam by 0.55%. A2A and Terna fared worse with reductions between 1.2% and 1.4%.
Stellantis rebounds at +1.1% after yesterday’s decline in the European car sector penalized by rumors according to which China should increase duties on imports of large-displacement petrol cars to 25%. The company announced that it has signed a share buyback agreement for the second tranche of the buyback program with an investment company for a maximum amount of up to 1 billion euros.
Quarterly effect on MFE securities rising by 1.5% and 1.2% respectively. The group controlled by Fininvest closed the first quarter with a 21.8% growth in operating profit on an annual basis, thanks to the increase in advertising revenues in the Italian and Spanish markets.
Webuild is heavy, losing 9.35%, penalized by the announcement of the placement by Salini of secured bonds exchangeable into Webuild ordinary shares for an amount of approximately 225 million euros, perceived by the market as a sort of capital increase.
Finally, in the credit sector Mps achieved (-0.55%) after yesterday’s run. UniCredit did well, up 1.2%.
(Giancarlo Navach, editing Francesca Piscioneri)
