(Alliance News) - Piazza Affari continued in moderately positive territory in Wednesday's trading session, driven once again by banks while Pirelli was the bottom of the main list.
On the macroeconomic front, Germany's economic output will shrink by 0.4 percent this year, according to the latest forecast by the ifo institute released Wednesday. In the spring, the economic research institute predicted a decline of only 0.1 percent. The researchers now forecast a 1.5 percent increase next year, revised from the previous estimate of 1.7 percent.
Inflation will brake slowly from 6.9 percent in 2022 to 5.8 percent this year and then to 2.1 percent in 2024.
In the UK, on the other hand, inflation was 8.7 percent in May, unchanged from April, despite expectations of a drop to 8.4 percent, putting pressure on the Bank of England, which will announce its monetary policy decisions tomorrow. The data were released this morning by the ONS.
The FTSE Mib is up 0.5 percent to 27,703.20, the Mid-Cap falls 0.5 percent to 42,756.90, the Small-Cap flexes 0.4 percent to 27,223.37, and Italy Growth is down 0.1 percent to 9,071.43.
In Europe, London's FTSE 100 declines 0.1 percent to 7,563.09, Paris' CAC 40 gives up 0.1 percent to 7,287.61 while Frankfurt's DAX 40 is up 0.1 percent to 16,131.75.
Driving the main Piazza Affari index higher are banks, almost all of which were up at mid-session Wednesday. UniCredit leads the basket with a gain of 2.8 percent, followed by Monte dei Paschi with 2.3 percent and Banco BPM with 2.2 percent. Only Fineco stands out, down 0.7 percent.
Pirelli & C gives up 1.0 percent and ends up on the bottom in the aftermath of the announcement of the resignation of Giorgio Bruno, who has surprisingly left the post of deputy CEO and will therefore not be the company's next CEO. This was announced Tuesday evening by Camfin-which holds 14 percent of the company-in a note.
Camfin then specified that it would "nominate Marco Tronchetti Provera and Andrea Casaluci for the roles of executive vice chairman and CEO of Pirelli, respectively."
Saipem - up 0.2 percent - announced Wednesday that the two new credit lines totaling EUR860 million, which had been announced in February and whose effectiveness was subject to the issuance of a special decree by the Ministry of Economy and Finance and the subsequent stamping by the Court of Auditors, which took place in recent days, have come into effect.
In particular, yesterday, the EUR390 million senior unsecured term loan granted by a pool of domestic and international banks and 70% guaranteed by SACE under the "SupportItalia Guarantee" facility was disbursed.
Stellantis gains 1.5 percent despite the release by ACEA on Wednesday morning of May sales that fell slightly, in contrast to the positive trend in the performance of the European market, where registrations grew 19 percent.
As shown Wednesday by data from the European Automobile Manufacturers' Association, the merged giant of PSA Groupe and Fiat Chrysler Automobiles posted a 0.2 percent drop in sales in May, having registered 170,296 cars compared to 170,630 in May 2022, with market share falling to 18 percent from 22 percent in 2022.
On the Mid-Cap, Brembo -- in the red by 7.2 percent and the worst performer -- said Tuesday the board of directors resolved to submit to the shareholders' meeting called for July 27 a proposal to transfer the company's registered office to the Netherlands, adopting the legal form of an NV governed by Dutch law.
Brembo's fiscal headquarters will remain in Italy and shares will continue to be listed on the Euronext Milan market of Borsa Italiana.
Maire Tecnimont gains 0.2 percent after announcing Tuesday that its subsidiaries part of the Integrated E&C Solutions and Sustainable Technology Solutions business units have been awarded new contracts worth a total of about USD260 million from international clients mainly in Europe, Asia and South America.
Piaggio & C. -- up 1.4 percent -- announced Wednesday that it has entered into a collaboration with Walt Disney Co that produced the Disney Mickey Mouse Edition by Vespa.
For this collaboration, the 50cc, 125cc and 150cc Vespa Primavera is tinged with black, red, white and yellow: the colors of the World's most famous mouse born of Disney's genius.
Salcef Group falls 0.3 percent despite reporting earlier that subsidiaries Salcef and Euroferroviaria won three tenders called by Rete Ferroviaria Italiana worth a total of EUR100 million.
Among small-capitalization companies, Seri Industrial rises 11 percent after announcing the signing of a development agreement by the Ministry of Enterprise and Made in Italy and Invitalia Spa to support the industrial project proposed by Packaging to Polymers, a company co-participated by subsidiary Seri Plast and Unilever Ventures Holdings.
The project envisages total investments of about EUR109 million, facilitated with MIMIT resources of about EUR82 million, of which EUR30 million in non-repayable contribution and EUR52 million in subsidized financing.
Pierrel--up 0.1 percent--reported Tuesday that it has obtained marketing authorization in Saudi Arabia for Pierrel's flagship Articaine-based dental anesthetic, Orabloc, which will thus join the Xylocaine and Citanest brands already marketed by Pierrel in the Saudi Kingdom.
Among SMEs, Alfonsino rises 1.6 percent after announcing on Monday that it has reached a collaboration agreement with SIDI Piccolo, a historic family-owned business associated with the VéGé group and active in the large-scale retail sector under the Supermercati Piccolo banner, for fast home grocery delivery, further extending the scope of operations of the Groceries business unit.
The board of GO internet -- up 0.6 percent -- on Friday approved the new business plan 2023-2027 drafted in line and continuity with the previous plan approved on June 8, 2020. The plan forecasts revenues between EUR15.5 million and EUR16.5 million, Ebitda between EUR2.5 million and EUR3.0 million, an Ebitda margin between 17 percent and 18 percent, and a negative Net Financial Position between EUR2.8 million and EUR2.0 million.
Pasquarelli Auto is up 0.9 percent after reporting Tuesday that it is not aware of any news that would justify the current share price performance, "which, moreover, occurred in the absence of negative events."
Marco Pasquarelli, chief executive officer of Pasquarelli Auto, commented, "We do not understand the anomalous and unmotivated volatility that is characterizing the recent performance of the stock, which in our opinion does not reflect the company's performance and therefore remains without a valid financial rationale. The current fiscal year is proceeding as planned by management, and we are confident that we can continue on the path of corporate growth and development that has set us apart for decades."
In Asia, the Nikkei closed up 0.6 percent at 33,575.14, the Shanghai Composite fell 1.3 percent to 3,197.90 and the Hang Seng lost 2.0 percent to 19,218.35.
Among U.S. exchanges on Tuesday, the Dow Jones closed 0.7 percent in the red at 34,053.87, the Nasdaq lost 0.2 percent to 13,667.29 while the S&P left 0.5 percent on the sidelines at 4,388.71.
Among currencies, the euro changed hands at USD1.0922 against USD1.0901 at Tuesday's European equities close. In contrast, the pound is worth USD1.2707 from USD1.2740 last night.
Among commodities, Brent crude is worth USD75.86 per barrel versus USD75.38 per barrel at Tuesday's close. Gold, meanwhile, trades at USD1,934.59 an ounce from USD1,934.87 an ounce last night.
On Wednesday's macroeconomic calendar, at 1300 CEST, from the US will come the mortgage market report.
At 1600 CEST, a speech by Federal Reserve number one Jerome Powell is scheduled, as well as Governors Cook and Jefferson. At 2200 CEST, it will be Mester's turn.
At 2230 CEST, focus on the U.S. weekly oil stocks data.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter.
Comments and questions to redazione@alliancenews.com
Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.
