(Alliance News) - The Mib moves bearish on Thursday, on the day when the European Central Bank is expected to keep interest rates at current levels for the fourth consecutive meeting, amid concerns about an impending recession and the persistent slowdown in inflation, although underlying price pressures remain high.
It is widely expected, therefore, that the rate on main refinancing operations will remain at 4.5 percent, while the rate on deposit operations is expected to remain firm at an all-time high of 4 percent.
Investors' attention will shift to the Eurotower's new economic projections, which are expected to indicate lower economic growth and inflation for the year ahead, as well as the highly anticipated press conference of President Christine Lagarde, looking for any indications on the timing of potential interest rate cuts.
Frankfurt's number one is expected to reaffirm the need for further evidence that inflation is under control and the pace of wage increases is slowing before considering monetary policy adjustments.
The FTSE Mib, after closing Wednesday up 0.7 percent, is giving up 0.3 percent to 33,278.05.
The Mid-Cap is advancing fractionally to 46,360.72, the Small-Cap is giving up 0.1 percent to 27,663.41, and Italy Growth is giving up 0.1 percent to 8,183.92.
In Europe, London's FTSE 100 is giving up 0.3 percent as are Paris' CAC 40 and Frankfurt's DAX 40.
On the main list in Piazza Affari, boost on Saipem, which moves ahead 2.8 percent with new price at EUR1.98, after the 2.2 percent red in the previous session. The stock--benefiting from recent good numbers bullish for 2023--had been coming from four closed sessions with bullish candles.
Purchases also on Iveco, which advances with a more measured 0.5 percent, pointing to a third session to close among the bullish.
Nexi's board of directors -- down 0.2% -- approved consolidated financial results as of Dec. 31, 2023, closing with normalized group attributable profit of EUR711.8 million with normalized earnings per share of EUR0.54, up 4.9% year-on-year. The reported group attributable loss is EUR1.01 billion, reflecting the EUR1.26 billion non-cash technical write-down of the carrying value of goodwill and intangible assets as a result of share price movements and current market conditions.
Telecom Italia -- in the red by 5 percent -- reported Wednesday that its board of directors reviewed 2023 figures, confirming preliminaries, which saw revenues of EUR16.30 billion from EUR15.79 billion in 2022. Ebitda amounted to EUR5.71 billion from EUR5.35 billion in 2022, with a margin of 35.0% from 33.9% a year earlier. Operating income rises 38% to EUR836 million from EUR606 million, with marigne of 5.1% from 3.8%, while net loss narrows to EUR1.44 billion from EUR2.93 billion a year earlier.
On the MidCap, strength on Maire Tecnimont, which is advancing 4.0% to EUR6.73 and touched its new 52-week high at EUR6.76 during the session.
Buzzi Unicem, on the other hand, is leading the price ahead by 2.6 percent, on the heels of the eve's gain that closed with a plus 0.6 percent.
Salvatore Ferragamo -- in the letter with 0.9 percent -- reported Wednesday that it ended 2023 with a net profit of EUR26 million, down 60 percent from EUR65 million in 2022. Revenues fell 7.6 percent to EUR1.16 billion from EUR1.25 billion, "at a time when the company is proceeding with the transition of its product offering, while continuing to optimize its distribution network amid greater demand uncertainty in the luxury sector," the company said- Gross margin increased to 72.6 percent from 72.0 percent a year earlier, with Ebitda falling 16 percent to EUR252 million from EUR299 million a year earlier.
Anima Holding--down 0.8 percent--reported Wednesday that the group's net assets under management in February--excluding class I insurance proxies--was negative EUR286 million. Total assets under management stood at more than EUR191.2 billion.
Carel Industries, on the other hand, is closing down 3.7 percent after a 1.4 percent green on Wednesday night following the release of its accounts. Net income, on the other hand, is EUR70.9 million, up 14 percent from EUR62.1 million a year earlier. The board proposed a dividend of EUR0.19 per share, up from EUR0.18 paid last year.
On the SmallCap, algoWatt is advancing 8.4 percent to EUR0.1550 per share, rearing its head again after five bearish sessions. The company disclosed Wednesday that it was not aware of any events or news that may have triggered the stock's recent movements on the Milan Stock Exchange.
"In relation to the performance of the stock on the Stock Exchange in recent sessions and in order to properly inform the market, algoWatt communicates that it is still waiting for the pronouncement of the Court of Milan regarding the request for an extension of the deadline granted for the filing of a final proposal for a group arrangement with creditors or an application for homologation of group debt restructuring agreements," the company explained.
In contrast, Fidia rises 8.1 percent, in the green after two bearish sessions.
Among SMEs, High Quality Food sets the bar up 7.9 percent. The stock - which has an annual volatility of 62 - places the price at EUR0.82, following six flat sessions.
Porto Aviation Group - up 2.1 percent - on Wednesday reported a net profit of EUR210,000 in 2023 from a loss of EUR446,000 as of Dec. 31, 2022. Revenues in the period stood at EUR2.9 million from EUR2.4 million in the previous year and up 20%, while production value stood at EUR3.5 million from EUR2.4 million and up 48% on 2022.
At the tail end, Fope is giving up 3.3 percent, raising its oars after four sessions in the black.
In New York, the Dow has rallied 0.2 percent, the Nasdaq is advancing 0.6 percent, and the S&P 500 is advancing 0.5 percent.
Among Asian exchanges, the Nikkei left 1.2 percent on the sidelines, the Shanghai Composite gave up 0.4 percent, while the Hang Seng marks a 1.3 percent red.
Among currencies, the euro changed hands at USD1.0896 against USD1.0885 recorded at last night's European stock close, while the pound is worth USD1.2739 from USD1.2726 on Wednesday night.
Brent crude is worth USD82.41 per barrel versus USD83.17 per barrel at Wednesday's close. Gold, meanwhile, trades at USD2,156.45 an ounce from USD2,147.20 an ounce last night.
On Thursday's macroeconomic calendar, at 1415 CET, focus on the ECB decision, followed 30 minutes later by the lecture by Eurotower number one Christine Lagarde.
Overseas, at 1430 CET, it will be the turn of the US jobless claims and trade balance while, at 1600 CET, Federal Reserve Chairman Jerome Powell will address the US Congress. The day closes with the Fed's budget, due at 2230 CET, and will be interspersed with speeches by other central bankers, in Europe and the US.
Among the companies in Piazza Affari, the accounts of Amplifon, Azimut Holding, Danieli and Fincantieri, among others, are expected.
By Maurizio Carta, Alliance News senior reporter
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