Piazza Affari uncertain; oils struggle on Mb

A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk

On Monday, Piazza Affari opened just above parity as expected, while other European stock exchanges managed to gain momentum in opening trade on a busy morning on the macroeconomic front with the release of some of the leading PMIs of the world’s largest economies and the morning after Joe Biden signed the anti-shutdown bill to keep federal agencies operating for another 45 days.

Thus, the FTSE Mib is in the green by 0.1 percent at 28,273.24, the Mid-Cap is gaining 0.4 percent at 39,827.52, the Small-Cap is in the red by 0.1 percent. cent to 25,779.22, while Italy Growth was down 0.2 percent at 8,307.68.

In Europe, the CAC 40 in Paris is in the green by 0.3%, the DAX 40 in Frankfurt is gaining 0.4%, while the FTSE 100 in London is in the green by 0.1%.

Over the weekend, Republicans and Democrats reached an agreement, postponing discussions until 45 days before November 17, when we will likely have to witness the same political circus of a possible “shitdown.” “However, the fact that US lawmakers have bought time is a relief for European markets, which will open higher this morning,” commented Michael Hewson, chief analyst at CMC Markets.

“It also means that markets can refocus on economic data and last Friday’s PCE deflator core inflation figures, which showed a further easing of inflationary pressure in August, from 4.3 % to 3.9%. This is good news for those who fear that inflation in the United States will hold up, as personal spending has slowed from 0.9% to 0.4%.

On the main Piazza Affari list, Prysmian did better than everyone and increased by 1.5%. The company announced that it had secured new orders worth a total of around €1.1 billion from 50Hertz, a transmission network operator in Germany.

Assicurazioni Generali – up 0.6% – announced on Monday that Giulio Terzariol would join the group as CEO of Insurance, a newly created role with responsibility for all insurance business units, starting from January 2024.

Mr. Terzariol will report directly to the group’s CEO, Philippe Donnet, and will join the management committee of the Assicurazioni Generali group.

Eni fell 0.1% despite announcing a major gas discovery from the Geng North-1 well drilled in the North Ganal license, about 85km off the east coast of Kalimantan, Indonesia.

Preliminary estimates indicate total volumes of 5 trillion cubic feet of gas – equivalent to around 140 billion cubic meters – with condensate content of up to around 400 million barrels. The data acquired will make it possible to study options for accelerated development.

Oil stocks were battered, with Tenaris hitting rock bottom, losing 0.3% and Saipem losing 0.2%.

On the mid-cap side, in the fashion sector, Brunello Cucinelli lost 0.4%. Goldman Sachs gives the stock a ‘buy’ rating with a price target of 87.00 euros.

On the other hand, Salvatore Ferragamo increased by 0.4%. Société Générale reduced its price target from EUR 10.00 to EUR 9.00 per share.

Maire Tecnimont – in the red by 0.1% – indicated that the public offering of “Senior Unsecured Sustainability-Linked Notes Due 5 October 2028” launched on September 26 was closed early, thanks to strong investor demand institutional and individual investors which made it possible to reach the maximum amount of 200 million euros on the third day.

As part of the offering, bonds totaling 200 million euros were subscribed at an issue price of 100% of their nominal value, represented by 200,000 bonds with a nominal value of 1 000 euros each.

On the small cap side, the Safilo group climbed 2.2% after announcing on Friday the signing of contracts for the sale of the Longarone factory activity to the companies Thélios and Innovatek.

Closing of the transactions, subject to the satisfaction of conditions precedent, is expected at the end of October.

Cairo Communication – in the green by 1.0% – announced that Stefania Bedogni, given the end of her employment with RCS MediaGroup Spa and her departure from the group, resigned from her position as director of the company.

Bioera fell 1.2% after reporting revenue of 0.0 million euros in the first half, compared to 400,000 euros in the first half of 2022.

group in Splendor Investments SA, put into liquidation after June 30 following the sale of the only asset it held.

Fidia – up 3.3% – said on Friday it closed the first half of the year with net revenues of 9.0 million euros, down from 9.4 million euros in the first half 2022, and a loss of 2.1 million euros, compared to a profit of 8.5 million euros during the same period of 2022.

Among SMEs, Prismi fell 7.7% after reporting first-half revenue of €9.4 million, compared to €10.3 million in the same period of the year former.

The pre-tax loss increased from 2.7 million euros to 3.5 million euros, while the net loss increased from 2.6 million euros to 3.6 million euros.

Askoll EVA is stable at 0.42 EUR per share, after announcing on Monday that it had reached an agreement with “Emissione Zero Procida” for the supply of electric scooters which will be deployed in sharing mode on the island of Procida, where Askoll EVA lands for the first time.

The models deployed on the island will be the Askoll eS2 sharing 2.8, with the addition of equipment and accessories, for an order value of around 65,000 euros.

Riba Mundo Tecnologia rose 1.7%, after announcing on Friday that it closed the first half of the year with revenue up to 183.6 million euros, compared to 121.4 million euros in during the same period of the previous year.

Net profit, however, fell to 900,000 euros, compared to 2.3 million euros in the first half of 2022.

In Asia, the Nikkei fell 0.3% to 31,759.88 as Shanghai and Hong Kong did not open due to a public holiday.

In New York, the Dow closed 0.5% lower at 33,507.50 on Friday, the Nasdaq gained 0.1% to 13,219.32 and the S&P 500 lost 0.3% to 4,288. 05.

Among currencies, the euro changed hands at $1.0584 from $1.0589 as European stocks closed, while the pound was trading at $1.2218 from $1.2207 late Friday.

Among commodities, Brent was worth $92.48 per barrel compared to $95.24 per barrel at Friday’s close. Gold, meanwhile, was trading at USD 1,858.70 per ounce compared to USD 1,860.56 per ounce on Friday evening.

Monday’s macroeconomic calendar – devoid of events in China and Hong Kong as markets are closed for national holidays – includes manufacturing PMIs from Italy, France, Germany, the Eurozone and of the United Kingdom, between 0945 CEST and 1030 CEST. In the afternoon, a space will also be dedicated to US PMIs, at 4 p.m. CEST.

In Spain, unemployment data will also be released at 9:00 a.m. CEST, while the same indicator will be released for the Eurozone two hours later.

This article is originally published on zonebourse.com

Beth Malcolm

Beth Malcolm is Scottish based Journalist at Heriot-Watt University studying French and British Sign Language. She is originally from the north west of England but is living in Edinburgh to complete her studies.