Triggering the global risk-on on stock markets were mainly yesterday's U.S. inflation figure, which showed an unexpected slowdown in the core figure, and good quarterly reports from major U.S. banks.
Today the movement continues encouraged by the positive performance of Wall Street index futures as U.S. banking results continue with Morgan Stanley and Bank of America
Around 1:10 p.m., the Ftse Mib rose 0.82 percent to 35,937 points. Volumes of 1.2 billion.
Stocks in focus today
Luxury sector euphoric in Piazza Affari and Europe after Richemont's well above-expected quarterly results, which are prompting investors to buy stocks in the sector. Soaring Moncler, up about 9%,followed by Ferragamo at +7%, much sold recently. Brunello Cucinelli is also doing well, advancing 3%. In addition, Banca Akros initiated coverage on Cucinelli with a 'buy' recommendation and target price of 130 euros. Beginning coverage also for Moncler with 'accumulate' and target price of 55 euros, while on Salvatore Ferragamo the broker is 'neutral' with target price at 6.5 euros.
Leonardo rises 1.6 percent supported by Morgan Stanley's promotion to 'overweight' with a target price of 35 euros. Analysts at the U.S. bank expect, in particular, positive developments related to management's efforts to restructure the Aerostructures business, including options on the table to spin it off in cooperation with partners.
Well Campari (+1.9%) after the company's extraordinary shareholders' meeting yesterday, as indicated last December 4, appointed Simon Hunt as new CEO.
Well in tune were banking and automotive. Among the former, Mps, Intesa Sanpaolo, Unicredit, and Pop Sondrio mark gains of around 1 percent. In automotive, Ferrari, Iveco and Stellantis advance 1% and 1.5%.
After several negative sessions, mini-rally by Nexi (+1.4%), which moves to all-time lows.
Among utilities cues on Iren, which outperforms the market with a 2.2% jump thanks to Kepler Chevreux's 'buy' promotion.
Sluggish other utilities such as Snam -0.8%, Italgas -0.6%.
Finally, among the minors, De Longhi jumps 6.2% after the announcement that from today the share buyback on about 1.4% of the capital, amounting to an amount of 60 million euros, aimed at compensation plans starts.
(Andrea Mandalà, editing Sabina Suzzi)