(Alliance News) – Piazza Affari opened Tuesday’s session higher, outperforming other European stock markets, as France released September inflation data.
France’s annual inflation rate fell to 1.1% in September, revised down from the initial estimate of 1.2% and down from 1.8% in August, according to the data published by INSEE on Tuesday.
In the UK, however, the Office for National Statistics reported that the unemployment rate fell to 4.0% in the three months to August, compared to 4.1% in the three months to August. ‘to July, in line with the consensus cited by FXStreet.
Thus, the FTSE Mib was up 0.3% at 34,778.75, Mid-Cap was up 0.3% at 47,259.77, Small-Cap was up 0.1% at 28,323.48 and Italy Growth was up 0.2% at 8,179.11.
In Europe, London’s FTSE 100 fell 0.1%, Paris’ CAC 40 was fractionally red and Frankfurt’s DAX 40 rose 0.3%.
On the Mib, almost entirely in the green, Leonardo opened up 0.5 percent, after closing up 3.2 percent. The company will sign the joint venture with German company Rheinmetall today, Corriere della Sera reported in its Tuesday edition.
Stellantis rose 0.7%. It is worth noting that CEO Carlos Tavares on Monday reiterated his intention not to sell any brands, emphasizing the importance of focusing on profitable brands. During a meeting with the Italian press, he declared, in response to a question asked by Il Sole 24 Ore: “We don’t sell any brand and we have a problem with Maserati, but we have to relaunch it.”
Mr. Tavares then admitted the difficulties associated with its position in the market, but expressed confidence in the technology and expertise available to revive it, shortly after the departure of the brand’s CEO, replaced by Santo Ficili.
Poste Italiane opened up 0.6%. Barclays raised its price target to 12.20 euros from 11.90 euros, with an equal weighting on the title.
Mediobanca is up 0.7%. As the analysis of Evaluation.it reveals, the bank’s stock “presents a level of risk higher than the market average – with a beta greater than 1 – due to its presence in the banking sector and dependence revenues and profits with regard to the performance of financial markets.
Unipol – up 0.4% – announced on Monday that it would launch a share buyback program for a maximum period of 18 months and a spending limit of 300 million euros. The program provides for the purchase of a maximum of 450,000 shares.
Saipem, Eni and Tenaris closed the year with declines of between 2.4% and 1.5%. OPEC’s decision to lower its global oil demand forecasts for 2024 and 2025 for the third month in a row pushed oil inventories lower.
Brent oil futures fell below USD 75 a barrel on Tuesday, extending the decline for the third consecutive session, weighed down by the weakening outlook for global demand. Data showed that crude oil imports from China, the world’s largest importer, fell almost 3 percent year-on-year from January to September, due to a growing shift to electric vehicles and a sluggish economic growth.
On the mid-cap side, Buzzi lost 0.5 percent. The company announced on Monday that it had completed the sale of its assets in Ukraine to CRH, signed on June 20, 2023.
The sale price amounts to 100 million euros.
The best performances were achieved by Carel Industries and Sanlorenzo, which increased by 1.8% and 1.2% respectively.
In the small-cap segment, Caleffi took the lead with a rise of 7.1%, followed by Beewize, up 4.9%.
RCS MediaGroup rose 0.5%. Milano Finanza said on Tuesday that the 5 million euro fine imposed on Stefano Ricucci and his company, Magiste, for market manipulation during the attempted takeover of RCS, had been definitively confirmed. In 2005, the Roman real estate developer tried to establish himself in the world of Italian finance, but his adventure ended with investigations and arrests.
SIT rose 0.6% after announcing on Tuesday that its subsidiary Janz, which specializes in the production of residential water meters, had won a public tender for the supply abroad of 99,600 water meters intelligent. The total value of the tender is 13 million euros and Janz’s share is around 6.1 million euros.
Mondo TV – which is not yet involved in the business – announced on Friday that it had reached an agreement with Monster Studio to renew its partnership for the distribution of the new season of the animated series Barbiere pasticciere in the Italian market.
Among SMEs, Casta Diva Group grew by 0.8 percent. The company said on Tuesday that it closed the first nine months with a production value of 82 million euros, an increase of 15% compared to 71 million euros in the same period the previous year.
In the third quarter alone, production value increased by 19%, from €21 million to €25 million, “due to the continued strong demand for events that CDG is able to capture “, explained the company.
In addition, according to Value Track’s analysis of the group, the target price is estimated at 2.55 euros per share. It is currently 1.44 EUR.
High Quality Food – in the green by 2.3% – reported on Monday that ISMEA had subscribed to the company’s convertible bond for an amount of 2.0 million euros following the fulfillment of the final conditions precedent.
ISMEA will be able to appoint a member of the HQF board of directors and an auditor, without management or veto rights over company resolutions.
Vimi Fasteners is still not listed on the stock exchange. The company reported third-quarter revenue of €43.1 million on Monday, down 3.6% from €44.66 million recorded in the third quarter of 2023.
Fervi – which is not yet listed – announced on Monday the establishment of Fervi International Trading, a Qingdao-based company with registered capital of USD 10,000, wholly owned by parent company Fervi, and the appointment of Guido Greco as as sole administrator.
The board of directors of 4AIM Sicaf – which is not yet listed after closing up 3.8% – has decided to increase its share capital, against payment and in divisible form, by a maximum amount of 4 .3 million euros, share premium included, through the issue of a maximum of 27,028 ordinary shares, to be carried out by December 31, 2025.
In addition, the board of directors approved the final conditions of the capital increase and in particular set the subscription price of the newly issued shares at 160.00 EUR, of which 10.00 EUR will be allocated to the share capital and 150,00 EUR will be allocated to the share capital. 00 EUR to the share premium reserve.
In Asia, the Nikkei closed 0.8% green at 39,910.55, the Hang Seng fell 4.4% to 20,168.31 and the Shanghai Composite lost 2.5% to 3,201. 29.
In New York, the Dow Jones closed 0.5% higher at 43,065.22, the Nasdaq rose 0.9% to 18,502.69 and the S&P 500 rose 0.6% to 500.
Among currencies, the euro changed hands at $1.0891 from $1.0915 as European stocks closed Monday, while the pound was worth $1.3058 from $1.3057 late Monday.
Among raw materials, a barrel of Brent traded at 74.52 USD against 77.53 USD at the close of European markets on Monday. Gold, meanwhile, is trading at USD 2,649.89 per ounce compared to USD 2,650.04 per ounce on Monday evening.
Tuesday’s macroeconomic calendar includes at 1100 CEST the ZEW index of economic conditions in Germany and the Eurozone and Eurozone industrial production.
In the afternoon, at 1700 CEST, data on US consumer inflation expectations will arrive, half an hour before the three- and six-month T-Note auctions. The day will end at 2000 CEST with the Federal Reserve’s balance sheet.
Among the companies present in Piazza Affari, the accounts of Salvatore Ferragamo are expected.
By Chiara Bruschi, journalist at Alliance News
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