Pirelli did well after the agreement with Brembo-Corriere.it

Start of the session on the rise for Piazza Affari, with the index Ftse Mib which advances by 0.4% ahead of the other European lists by a thread. On the Milanese list, Moncler (+7.3%) shines after better than expected results, Saipem (+3.3%) in the wake of a new 400 million euro contract and Pirelli (+2.2%) after the pact between Camfin and Brembo that blocks Marco Tronchetti Provera. The entire car sector, with Stellantis (+1.8%) and Ferrari (+1.7%), purchases also on Stm (+1.3%) and Tenaris (+1.1%). Among the banks, Mps gets its head again (+1.1%) after the crash linked to the exit of Axa. on the other side of the list are Recordati (-1.1%) and Nexi (-0.8%) in front of a slew of utilities, all in the red, starting with Terna (-0.6%), Enel (-0.5%) and Snam (-0.4%). (Here all the markets in real time). The bond market moved little, with the spread between ten-year BTPs and the equivalent German Bunds stable at 182 points (the spread in real time). The yield on Italian securities stands at 4.523%. On the currency front, the euro rose against the greenback above 1.06 dollars. The single currency changed hands at 1.0603 dollars (+0.27%) and 144.45 yen (+0.30%). The dollar/yen cross was essentially stable at 136.27 (+0.06%). However, attention remains focused on the future moves of central banks.

In Europe

European stock markets opened moderately higher. After the inflation data from France and Spain in February higher than expected, expectations remain for the German data this morning and for that of the Eurozone tomorrow. The Dax index of the Frankfurt stock exchange rose by 0.39% to 15,393.35 points, in London the FTSE rose by 0.45% to 7,911.45 points while in Paris the Cac 40 rose by 0.37% to 7,294.58. Milan did well with the Ftse Mib up by 0.45% to 27,601.72 points.

In Asia

Asian stocks close higher on February manufacturing PMI data from China rose to 52.6 from 50.1 in January, the highest since April 2012 and after Moody’s raised its GDP growth estimates in 2023 and 2024.
The Hong Kong Stock Exchange flew and closed with a leap of 4.21%, to 20,619.71 points. The rebound is linked to the end of the draconian “zero tolerance” policy on Covid decided by the Beijing authorities at the beginning of last December. In Tokyo, the Nikkei gained 0.26% to 27,516.53 points and the Topix gained 0.23% to 1,997.81 points. Seoul and Taiwan also performed well, respectively +0.42% to 2,412.85 points and +0.61% to 15,598.49 points. The Caixin manufacturing PMI rose to 51.6 points in February from 49.2 in January, beating market forecasts of 50.2 and marking the highest level since May 2021, amid the anti-Covid lockdowns. This is the first increase in industrial activity since last July, supported by increases in production, new orders and employment. Meanwhile, sentiment strengthened to a near 2-year high.