(Alliance News) - Mid-session Wednesday, major European markets moved in a bullish area, except London, after Eurostat released its flash estimate of Eurozone consumer price inflation, which fell to 2.4 percent year-on-year in March from 2.6 percent in February, reaching a 28-month low in November and below market expectations of 2.6 percent.
The core rate, which excludes volatile food and energy prices, also fell to 2.9 percent, the lowest point since February 2022 and below forecasts of 3.0 percent.
Thus, the FTSE Mib in the green by 0.2 percent to 34,394.190, the Mid-Cap is in fractional green at 47,590.55, the Small-Cap rises 0.9 percent to 28,403.63, while Italy Growth gives up 0.2 percent to 8,074.46.
In Europe, Paris' CAC 40 advances 0.3 percent, London's FTSE 100 gives up 0.4 percent while Frankfurt's DAX 40 is in the green by 0.3 percent.
Among the day's macros, of note, the unemployment rate rose to 7.5 percent in February from 7.3 percent in January, while employment rose 0.2 percent, as reported by Istat.
In the euro area, February unemployment remained stable at 6.5 percent stable from January but fell slightly from 6.6 percent in February 2023.
On the Mib, Azimut Holding rises 0.8 percent after reporting Wednesday that through its subsidiary Azimut Alternative Capital Partners LLC, it has entered into binding agreements with Petershill of Goldman Sachs Asset Management to acquire Azimut's entire stake in Kennedy Lewis Investment Management for a total of USD225 million.
Azimut's initial investment in KLIM was USD60 million.
FinecoBank remains leading the list, as at the opening, and accelerates with a 5.5 percent rise.
Tenaris and Unipol follow, in the green by 1.4 percent and 1.3 percent respectively.
Banco BPM advances 0.9 percent after reporting Wednesday that rating agency Moody's Investors Service confirmed all of the bank's major ratings and assessments in the investment grade category.
Among them, the long-term deposit rating was confirmed at Baa1, the long-term senior unsecured debt rating at Baa2, and the Baseline Credit Assessment at Baa3.
Snam -- in the green by 0.6 percent -- announced Tuesday that Fabrizio Rutschmann is the company's new Chief People & Corporate Services Officer, an executive with strategic responsibilities reporting directly to the CEO, Stefano Venier.
On the other side of the list, in the bearish area Stellantis, Iveco Group and Hera lost 2.1 percent, 1.7 percent and 1.2 percent.
On the cadet segment, Fincantieri rises 4.5 percent and does best of all, followed by OVS, which now gains 3.3 percent. The company announced Tuesday that it has signed a binding investment agreement with the aim of achieving control and, thus, 100 percent of Goldenpoint in several stages.
The agreement provides for an initial investment of EUR3 million, intended to underwrite a convertible bond and the acquisition of 3 percent of Goldenpoint's share capital. By July 31, 2025, OVS will have the option to increase to 51 percent.
The remaining 49% of the share capital can be acquired by OVS through the exercise of put & call options, in a time window between August 1, 2026 and July 31, 2029.
Iren-which closes the listing down 3.8 percent-has announced that it has signed a binding investment agreement to acquire a 50 percent stake in the share capital of a NewCo, into which the operating branches of EGEA, EGEA Commercial and EGEA Production and District Heating will be transferred.
The NewCo will be 50 percent owned by Iren through a EUR85 million capital increase that it will underwrite and release at the closing of the transaction, and the other 50 percent by a MidCo, whose share capital will be wholly owned by EGEA.
Among smallcaps, Seri Industrial advanced 8.6 percent after reporting that it closed 2023 with a net loss of EUR6.3 million, which compares with a net loss of EUR3.4 million in 2022.
Revenues rose to EUR200.1 million from EUR199.6 million while Ebitda increased to EUR22.9 million from EUR17.4 million.
Fidia gives up 1.3 percent. The company announced Thursday that Monica Donzelli has resigned from the company's board, where she served as a nonexecutive and nonindependent member.
Exprivia retreats 1.2 percent. The company reported that the board of directors approved the plan to merge Exprivia into Abaco3.
Among SMEs, CY4Gate--up 12 percent before being halted--reported Wednesday that it had signed a contract worth a total of more than EUR6.5 million for the execution of a series of projects in the Defense sector with ELT Group, a leading European company in Electronic Defense for more than 70 years and a major shareholder of Cy4Gate Group.
SolidWorld Group rises 5.6 percent after announcing Wednesday that its subsidiary SolidFactory has entered into a new contract with a North American player for the complete supply of an innovative line for the production of advanced technology solar panels.
With this order, SolidFactory's backlog stands at EUR4.9 million at the end of March, according to unaudited company management figures.
TraWell Co gives up 0.3 percent after announcing Tuesday that it has signed a letter of intent that includes a three-month exclusive to take over a company active in traveler services in northern Europe.
The target company--whose name was not disclosed by TraWell--has revenues of EUR3 million to EUR3.5 million, an adjusted Ebitda margin of 13 percent, and a positive cash position.
Monnalisa is doing well, rising 6.0%. The company recently reported that it closed 2023 with a loss of EUR6.7 million from a negative EUR3.4 million in the previous year.
Revenues amounted to EUR43.0 million from EUR47.5 million in the previous year.
In Asia, the Nikkei gave up 1.0 percent, the Hang Seng closed 1.2 percent in the red, and the Shanghai Composite finished down 0.2 percent.
In New York, the Dow closed down 1.0 percent to 39,170.24, the Nasdaq gave up 1.0 percent to 16,240.45 and the S&P 500 finished down 0.7 percent to 5,205.81.
Among currencies, the euro changed hands at USD1.0772 from USD1.0765 in Tuesday's European stock close while the pound was worth USD1.2581 from USD1.2566 last night.
Among commodities, Brent crude is worth USD89.19 a barrel from USD89.05 last night while gold trades at USD2,273.78 from USD2,259.15 Tuesday night.
Wednesday's economic calendar includes mortgage data from the US at 1300 CET while nonfarm employment data will be released at 1415 CET. US PMI will be released at 1600 CET, half an hour before crude oil stocks. Also prominent among the various Federal Resserve members who will speak on Wednesday is the speech by U.S. central bank President Jerome Powell at 1810 CET.
By Chiara Bruschi, Alliance News reporter
Comments and questions to redazione@alliancenews.com
Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.
