Europe follows America and updates new records, focusing on the recovery and the end of the pandemic. They all move up sharply European stock exchanges after the long Easter weekend, pushed by record closure of Wall Street of the session of Monday 5 April. The Stoxx 600 thus updates the all-time highs, returning above pre-pandemic levels. The idea that the US economic recovery will do from locomotive to the world one after the latest macro data published on Friday gives the boost to trade, even if the vaccination campaign in Europe it continues with a certain slowness. In particular, on Friday, with the markets closed, the report on theoccupation, according to which 916,000 jobs were created in March, the best figure since August, against expectations for 675,000 new employees; unemployment fell from 6.2% to 6%, as expected. In addition, ISM services rose to 63.7 points in March, the best reading in the history of the index. Pending the new estimates of the International Monetary Fund on the world economy, unemployment data will also be published for Europe in the morning.
In Milan you buy on Leonardo and Cnh
In Milan, among the titles of FTSE MIB purchases reward industrialists starting from Leonardo – Finmeccanica, followed by Cnh Industrial– on which the rumors continue for the sale of Iveco to the Chinese of Faw – ed Enel, but they are soaring too Pirelli & C e Buzzi Unicem. The banking sector is in tune in general, while they are slowing down in particular Terna, in sharp decline and at the end of the list e Prysmian. Moderate upside for Diasorin which announced a collaboration agreement with Lumos Diagnositcs for new Covid-19 tests that combine antigenic swab and self-administered serological testing.
Credit Suisse devalues 4.4 billion francs after Archegos crash
Swiss bank Credit Suisse will have to make a devaluation of 4.4 billion francs following the bankruptcy of the hedge fund Archegos and will replace two senior executives after a series of scandals raised doubts about risk management. The bank anticipated a pre-tax loss of around 900 million francs for the first quarter and announced a dividend cut. At the same time, Credit Suisse announced that investment bank chief Brian Chin and Chief Risk Officer Lara Warner will leave the bank. Chief Executive Thomas Gottstein has promised he will draw “serious lessons” after the loss of Archegos and the collapse of Greensill Capital last month derailed his efforts to get through a turbulent 2020. «I recognize these cases have caused considerable concern. among all our stakeholders, ”said Gottstein.
Tokyo, realizations with disappointing macro data prevail
Closing down for the Tokyo Stock Exchange which blamed the negative data on household consumption and fears for a lengthening of the times for economic recovery considering the trend of the epidemic curve in the country. At the end of the session, the Nikkei Index closed with a decline of 1.30%, settling at 29,696.63 points. The broader Topix index also fell sharply, dropping 1.47% to close at 1,954.34 points.
(Il Sole 24 ore Radiocor)