(Alliance News) - On Wednesday, major European stock markets closed mixed, on a day when a tone of strong caution prevailed ahead of the U.S. inflation data due tomorrow that has dominated sentiment for all previous sessions.
"The countdown to the latest U.S. inflation reading has begun and investors are hunkering down ahead of a potentially volatile period for markets. So far the month has been relatively quiet, and the last few days have seen a resumption of the equity rally, particularly for the Nikkei 225, but overall gains have been cautious," commented Chris Beauchamp, chief market analyst at IG Platform.
Thus, the FTSE Mib closes in the green 0.1 percent to 30,450.78, the Mid-Cap gives up 0.4 percent to 44,244.28, the Small-Cap drops 0.5 percent to 27,879.26, and Italy Growth ends in the red 0.2 percent to 8,266.98.
In Europe, London's FTSE 100 ends down 0.4 percent, Paris' CAC 40 ends on the parity line, as does Frankfurt's DAX 40.
On the Mib, FinecoBank does well, rising 2.4 percent. The company reported Wednesday that it recorded net inflows of EUR1.23 billion in December, the best of the entire year.
With this result, the bank ended the year with inflows of EUR8.8 billion, with the managed component at EUR2.7 billion and the administered component at EUR8.3 billion.
Eni - in the red by 0.3 percent - announced Wednesday that Plenitude, through its subsidiary Eni New Energy US Inc. has signed an agreement with the leading global energy company EDP Renováveis SA to acquire 80 percent of three already operational photovoltaic plants located in the US.
The parks Cattlemen in Texas, Timber Road and Blue Harvest in Ohio have a total installed capacity of about 478 MW, including 382 MW in Plenitude share, are spread over an area of more than 1,500 hectares of land, and will generate more than 800 MWh of renewable energy annually.
Assicurazioni Generali rises 0.3 percent after announcing Wednesday that it has signed an agreement to acquire 51 percent of Generali China Insurance Company Limited, for a consideration of about EUR99 million. Upon closing, Generali will become a 100 percent shareholder in GCI.
The agreement follows the public tender process initiated by CNPC Capital, as announced on the China Beijing Equity Exchange on November 2. Completion of the transaction is subject to regulatory approvals.
The estimated impact on Generali's Solvency Ratio is negative by about 1 percent.
Campari sits on the bottom, leaving 6.5% at EUR9.28 per share. The stock slipped in today's session after closing a double financing deal in recent days to service the acquisition of Courvoisier, while in France, stocks in the sector rebounded after losing ground in recent days due to the opening of a dumping investigation by Chinese authorities.
"The magnitude of Campari's decline suggests that traders did not fully appreciate some details of the deal concluded in recent hours, with the stock trading at a 6 percent discount to its eve values. Campari, which is capitalized EUR10.8 billion on the Milan Stock Exchange, announced yesterday that it had refinanced itself for EUR1.2 billion with a EUR650 million reserved capital increase at a price of EUR9.33 per share. The new shares represent 6 percent of the capital," as Alliance News columnist Francesco Bonazzi wrote.
"The positive side of the deal, according to most traders, is that Campari keeps its debt leverage under control and carves out financial maneuvering room to conclude possible new acquisitions."
"Equita SIM, which promoted the double maneuver, explains that the purchase of Courvoisier would have pushed the ratio of debt to Ebitda to around 3.4 times, which is very close to that 3.5 limit indicated as an absolute ceiling by Campari's management. Now, with the double operation, the debt-to-Ebitda ratio should drop to 2 times at the end of 2025."
On the cadet segment, Maire Tecnimont -- in the red by 0.5 percent -- reported Wednesday that its subsidiary Nextchem has launched a new "e-Factory model for carbon-neutral chemicals."
The initiative is supported by the signing of a cooperation agreement with newcleo to develop, on an exclusive basis, a conceptual study for the production of carbon-neutral hydrogen using an innovative clean and safe nuclear technology.
Fashion goes down, with Salvatore Ferragamo ending at the bottom giving up 2.0 percent and Tod's leaving 0.6 percent on the parterre.
Among the smallcaps, ePrice gave up 25 percent after reporting that a shareholders' resolution to change the company's name has been filed with the Milan-Monza Brianza-Lodi business registry.
The company's new name will be EPH Spa.
Piquadro--in the red by 1.8 percent--reported on Monday consolidated sales figures for the first nine months ended Dec. 31, which amounted to EUR131.5 million, up 3.7 percent from consolidated sales as of Dec. 31, when they were EUR126.8 million.
Among SMEs, Edil San Felice--up 5.5 percent--reported Wednesday that it had won a contract from Autostrade per l'Italia Spa, worth a total of EUR4.1 million, for routine and recurring maintenance in the DT3 - Bologna Direction Section freeway section.
The agreement, with a two-year duration and with an option to renew for a maximum of 24 months, was signed following the participation and awarding of a European open tender promoted by Autostrade per l'Italia. Work is scheduled to start in the first four months of this year.
Energy - up 2.7 percent - announced Wednesday the start of the testing phase of the first lithium battery production line, of the LFP type and Made in Italy, at the gigafactory that Energy is building at its headquarters in Veneto.
Saccheria F.lli Franceschetti rises 0.4 percent after reporting Tuesday that the EUR400,000 buyback program approved by shareholders in December has begun.
In New York, the Dow is up 0.1% to 37,572.71, the Nasdaq gains 0.3% to 14,908.64, and the S&P 500 rises 0.2% to 4,766.48.
Among currencies, the euro changes hands at USD1.0954 against USD1.0926 recorded at Tuesday's European stock close while the pound is worth USD1.2722 from USD1.2710 last night.
Brent crude is worth USD77.48 per barrel versus USD77.65 per barrel at Tuesday's close. Gold, meanwhile, trades at USD2,030.25 an ounce from USD2,029.24 an ounce last night.
Thursday's macroeconomic calendar opens at 0050 CET in Japan with the release of foreign reserves, while at 0101 CET it moves to the UK where there is the release of the RICS balance of housing prices.
Back in Japan, at 0600 CET, it is the turn of the release of the predictive index and the coincident econonomy index.
At 0900 CET in Spain, data on industrial production are released. An hour later the same data are published for Italy, along with Italian industrial sales. Also at 1000 CET, it is the turn of the publication of the monthly ECB report.
On the bond front, at 1110 CET Italy publishes data on 3-, 7-, 15- and 30-year BTP auctions.
Overseas, at 1430 CET, US continuing unemployment claims and inflation data are published.
Among companies listed on the Stock Exchange, no particular announcements are expected.
By Claudia Cavaliere, Alliance News reporter
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