(Alliance News) – Piazza Affari opens just above parity while the other European stock markets start Wednesday’s session slightly down, just hours before the release of U.S. inflation data this afternoon that will give clues on the Fed’s next decisions.
The FTSE Mib is up slightly to 34,557.36, the Mid-Cap gives up 0.1 percent to 48,201.40, the Small-Cap is in the green 0.2 percent to 28,484.48, and Italy Growth advances 0.4 percent to 7,816.02.
London’s FTSE 100 opens down 0.3 percent, Paris’ CAC 40 gives up 0.1 percent and Frankfurt’s DAX 40 is in the red by 0.2 percent.
From the US, meanwhile, Treasury Secretary Janet Yellen pointed out that President-elect Donald Trump’s proposals to impose broad tariffs on imports could counter previous efforts to cool inflation, warning that consumer prices could rise.
He also stressed the importance of an independent Federal Reserve, saying that countries perform better economically when central banks can exercise their best judgment without political influence. Trump said he would “at least” like to have a say in the Fed’s interest rate setting.
“I think it’s a mistake to be involved in comments about the Fed and certainly to take steps to undermine its independence,” Yellen said.
Returning to Milan, on the highest-capitalization list in Piazza Affari, AM Best reported that it had upgraded the financial strength rating of Assicurazioni Generali — in the green by 0.5 percent — to ‘A+ Superior’ from ‘A Excellent’ and the long-term credit rating to ‘aa- Superior’ from ‘a+ Excellent.’
The outlook remains Stable.
UniCredit opens up 0.4 percent. As La Repubblica reports Wednesday, Orcel attempts to reopen talks with Crédit Agricole, which is now taking a more cautious stance. Possible developments could include the extension of Amundi’s contract on UniCredit or the purchase of branches in the event of a BPM-UniCredit merger, consolidating Crédit Agricole’s position as the third banking hub in Italy. Banco BPM, meanwhile, is among the worst, giving up 0.9%.
Eni gives up 0.4 percent. The company said Tuesday that it is too early to speculate on the cause of the explosion at a company plant in Calenzano, in the province of Florence.
Snam, down 0.2 percent, announced Tuesday that it has signed a new Sustainability-linked revolving credit facility for a total amount of EUR4.00 billion, with an option to increase to EUR1.10 billion.
Mediobanca Private Banking, a division of the Mediobanca Group-flat at EUR14.21-has raised EUR484.0 million for an innovative real estate co-investment program, developed in collaboration with Mediobanca SGR and UBS Asset Management, Il Sole 24 Ore reported Tuesday.
The Antitrust Authority sanctioned Hera — down 0.1 percent — for nearly EUR2.0 million and ComoCalor for EUR286,600 “for charging excessively high prices in the district heating sector,” as specified in a press release issued by the authority.
Doing best of all is Leonardo, up 1.6 percent, followed by Saipem and Amplifon, up 1.5 percent and 1.1 percent.
On the Mid-Cap, Rai Way is at the top with a rise of 2.1 percent. According to rumors reported by Corriere della Sera on Wednesday, Rai is ready to bring to the board for signature the memorandum of understanding aimed at studying the aggregation between its subsidiary Rai Way and Ei Towers, the competitor owned 60% by the F2i fund and 40% by Mfe.
The topic could already be included in the agenda of the Dec. 19 board meeting or in the first board meeting in 2025.
MFE-MediaForEurope-with A and B shares up slightly-meets investors to take stock of the accounts and Prosiebensat.
As La Repubblica reported Wednesday, the company led by Pier Silvio Berlusconi is preparing to close a golden 2024, with the highest TV profits since 2010, and remains convinced that growth is necessary to have more clout and synergies, more on revenues than costs.
To this end, it has negotiated with a pool of banks EUR3.4 billion in credit lines on favorable terms – 120 points above Euribor – with which it will be able to finance the takeover bid on German TV, in which it already has a 29.9 percent stake.
But before venturing a bid, MFE is waiting for Prosiebensat to divest its non-strategic assets. In this regard, the Bert Habets-led group expects to divest Verivox to Multiply by the end of the year.
OVS — up 1.1 percent — submitted a bid to take over Conbipel, a historic clothing chain with 130 stores and about 800 employees.
Anima Holding gives up 0.1 percent after the Caltagirone group increased its stake from 3.2 percent to 5.3 percent, consolidating Italian control over the asset management company that administers EUR205.2 billion.
Fincantieri — in the green by 0.2% — announced the relaunch of its Foundation with new missions, including defense of cultural heritage, innovation and social inclusion, renewing its board of directors.
On the Small-Cap, Beghelli opens flat after closing up 42% at EUR0.3290 per share. Gewiss announced Tuesday that it had entered into a preliminary purchase and sale agreement with the Beghelli family, committing to buy a 75% stake in the company’s share capital.
Eems Italia and Conafi are doing well, opening up 12 percent. On the other side of the list, Landi Renzo gives up 4.8 percent while Zest is 2.6 percent in the red.
Among SMEs, Sicily by Car rises 4.0% after announcing Tuesday evening that it posted revenues of EUR101.7 million in the first nine months of the year, up 3.1% from EUR98.6 million in the same period of 2023.
Ebitda as of September 30 amounted to EUR33.3 million, down from EUR45.3 million a year earlier.
Duferco Solar Projects announced Wednesday that it has reached an agreement to launch a takeover bid for Comal, which opens with a theoretical rise of 11 percent.
The takeover bid — aimed at delisting — covers 12.8 million ordinary shares of Comal and the offer is EUR4.80 per share. Among the company’s shareholders, Virtuis Solaris Srl will join with its 3.1 million shares.
In Asia, the Nikkei closed just above par, the Shanghai Composite rose 0.3 percent and the Hang Seng gave up 0.8 percent.
In New York, the Dow closed Tuesday down 0.4 percent to 44,247.83, the Nasdaq lost 0.3 percent to 19,687.24 and the S&P 500 gave up 0.3 percent to 6,034.91.
Among currencies, the euro changed hands at USD1.0502 from USD1.0507 in Tuesday’s European stock close. The pound is worth USD1.2745 versus USD1.2744 on Tuesday evening.
Among commodities, Brent crude is worth USD72.44 per barrel from USD72.05 per barrel at Tuesday’s close. Gold trades at USD2,694.28 an ounce from USD2,687.65 an ounce last night.
Wednesday’s economic calendar calls for a European morning unloaded from a macro perspective, with only the UK 10-year Gilt auctions taking center stage, at 1100 CET.
After U.S. mortgage data, due out at 1300 CET, all eyes will be on U.S. inflation, coming in at 1430 CET, the main catalyst of the week along with the European Central Bank decision, however, coming on Thursday.
At 1630 CET, focus on U.S. crude oil stocks while, at 2000 CET, attention will shift to the last relevant data of the day, the Federal Reserve’s balance sheet.
Among the companies in Piazza Affari, the results of AbitareIn are expected.
By Chiara Bruschi, Alliance News senior reporter
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