Surveys of purchasing managers show an increase in activity in February in Germany and across the Eurozone. At Piazza Affari focus on the quarterly reports of Moncler and Eni, but the former Finmeccanica is the protagonist
by Eleonora Micheli and Andrea Fontana
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Surveys of purchasing managers show an increase in activity in February in Germany and across the Eurozone. At Piazza Affari focus on the quarterly reports of Moncler and Eni, but the former Finmeccanica is the protagonist
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The European stock exchanges they find in the recovery of European manufacturing an opportunity to redeem themselves after two consecutive sessions of decline accompanied by similar movements also in Asia and Wall Street (three drops in a row for Tokyo and Nasdaq). While investors are wondering about the Fed’s moves, in the event that a scenario with rising inflation arises, in a country that could soon return to almost normal given the progress of the vaccination campaign, in the Eurozone are the indicators made monthly at the purchasing managers of large companies to give a positive signal: in the euro area the index jumped to a 3-year high, scoring 57.5 points in February, while in Germany it exceeded 60.
Piazza Affari in red despite Leonardo and Moncler exploits
In Europe, Paris and Frankfurt are on the rise while Piazza Affari is in the red despite the exploits of Leonardo and of Moncler. The aerospace group benefits from the acceleration, reported by press rumors, of the listing project on Wall Street of the American subsidiary Drs: the goal is to bring the company on the list already in the spring and with a 40% free float through a sale offer and subscription. Moncler instead takes advantage of the 2020 accounts, closed with a net profit down to 300.4 million, from 358.7 million in 2019. The company underlined the positive trend of recent months, that the number one, Remo Ruffini, he defined as ‘exceptional’: in the fourth quarter of 2020, turnover amounted to € 675.3 million, up 8% at constant exchange rates. Eni lost on the stock market on the day in which the oil giant announced the 2020 numbers, filed with a red of 8.56 billion. However, the company’s top management confirmed the coupon of € 0.36 per share, although down from € 0.86 last year.
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Markets and the game of inflation
On the markets, however, inflation expectations hold firm and, in addition to nominal rates (the 10-year Treasury has moved to 1.3% area), real rates are monitored on a special level.
“In our view it is too early to even have a debate on inflation and interest rate hikes in the US or elsewhere – observes Mirabaud AM’s Andrew Lake Head of Fixed Income – It is likely that we will start to see to gradual reopenings in most of the developed world over the next few weeks as the vaccination campaign picks up pace. The economic boost we all expect – driven by very high savings rates – will somehow be offset by high levels of debt, unemployment, and therefore limited wage pressure. This list is not exclusive. The debate will gain more strength as we head into the second half of 2021 and begin a phase of greater normalization. It must not be forgotten that interest rates must not do. zero for government bonds to react and there is likely to be upward pressure on yield curves – led by the US – regardless of what the Federal Reserve’s policy will actually be “.
The minutes of the Fed relating to the last meeting of the FOMC, the operating arm of the central institution, showed that the US economy is still far from its long-term objectives.
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