European stock markets were positive, with Milan leading the way with a 1.47% increase. Madrid also performed well, up by 1.57%, followed closely by Frankfurt with a 1.29% increase. More modest gains were seen in Paris (+0.53%) and London (+0.15%). The Eurozone economy received its first data, showing an expansion in activity for the second consecutive month, with the composite services and manufacturing purchasing managers’ index (PMI) reaching 51.4, above expectations of 50.8 and higher than March’s 50.3.
In the Italian stock market, 38 out of 40 stocks in the FTSE MIB index showed positive results. The best performer was Nexi, with a 3.84% increase, while Telecom Italia also rose by over 3% on the day of its assembly that confirmed Pietro Labriola as CEO, who will be supported by Alberta Figari as chairman. The banking sector was the best-performing sector in the Italian stock market, with the FTSE Italia All Share Banks index up by 2.43%. Vice President of the ECB, Luis de Guindos, stated today, “If things continue in the same direction as the past few weeks, we will relax our restrictive stance in June. In the absence of surprises, it is a done deal.”
Wall Street also experienced positive gains, with the S&P 500 index up by 0.8% and the Nasdaq, which focuses on technology stocks, increasing by 1.1%. The anticipation is growing for the American quarterly reports, especially for the big tech companies whose reports are expected in the coming days. Today, the spotlight was on Tesla as it recovered from two negative sessions following the announcement of price reductions for some models in China and Germany. Tomorrow, Meta will announce its quarterly results, followed by Microsoft and Alphabet (Google) on Thursday.
Overall, the European stock markets showed positive momentum, with Italy leading the gains. The Eurozone economy’s performance was encouraging, with the PMI indicators pointing to an expansion in business activity for the second month in a row. In Italy, the stock market saw positive returns, with Nexi and Telecom Italia leading the way. The banking sector was particularly strong, with a positive outlook given the comments from the ECB’s vice president regarding a potential relaxation of their stance in June. Wall Street also performed well, with tech stocks leading the gains. Investors are eagerly awaiting the quarterly reports of big tech companies to gauge the overall health of the market.
