(Alliance News) - Major European indexes opened higher as expected on Monday as investors await preliminary German inflation data for April, looking for further insights into potential rate cuts by the European Central Bank.
Attention is also on the Federal Reserve's upcoming two-day policy meeting, as Chairman Powell's recent hawkish comments, along with solid economic indicators, have dampened expectations for interest rate cuts this year.
The FTSE Mib opens up 0.4 percent to 34,380.84, Mid-Cap advances 0.2 percent to 47,226.54, Small-Cap gains 0.4 percent to 28,807.62, and Italy Growth dale 0.2 percent to 8,191.38.
In Europe, London's FTSE 100 opens in the green by 0.5 percent, Paris' CAC 40 is up 0.3 percent while Frankfurt's DAX 40 rises 0.2 percent.
On the Mib, A2A and Banca Popolare di Sondrio lead the list and advance 2.7 percent and 1.6 percent.
Amplifon opens up 0.2 percent after announcing Monday that it has completed the acquisition of Hearing Instruments, Inc. and Precision Hearing Aid, LLC, two companies owned by one of Miracle-Ear's leading franchisees to which some 35 stores in the U.S., the world's largest hearing care market, belong.
The acquired stores are located in Pennsylvania, generate annual sales of about USD20 million and employ about 80 people.
Tenaris advances 1.1 percent after closing down 7.9 percent. On Thursday the company reported results for the first quarter of the year, which closed with a profit of USD750 million, down from USD1.13 billion in the first quarter of 2023. Revenues increased to USD3.44 billion from USD4.14 billion in the same period.
STMicroelectonics opens up 0.3 percent after reporting Thursday that revenues and profits fell double digits in the first quarter and that it expects revenues to decline further in the second quarter.
Revenues for the first three months fell to USD3.47 billion from EUR4.25 billion in 1Q2023, an annual decline of 18%, and from USD4.28 billion in 4Q2023, a quarterly decline of 19%.
Among the few bearish performers are Moncler and Ferrari, which are losing 0.5 percent and 0.2 percent. Also falling were Unipol and Brunello Cucinelli, both in the red by 0.2 percent.
On the cadet segment, d'Amico International Shipping takes the top spot with a 4.5 percent rise after announcing Friday that its Irish operating subsidiary d'Amico Tankers DAC has entered into a construction contract with Jiangsu New Yangzi Shipbuilding Co. of China for the purchase of two additional new 'Long Range' LR1 tankers - 75,000 deadweight tons - at a contract price of USD56.2 million each.
Ariston Holding opens in the red by 1.7 percent. The company made it known over the weekend that it had viewed the Russian presidential decree signed by President Vladimir Putin On April 26, 2024 - by which subsidiary Ariston Thermo Rus LLC was placed under the temporary management of JSC Gazprom Household systems, a subsidiary of the Gazprom group - only after the news was published by Reuters.
"Following the publication of the news by Reuters," the statement reads, "the company retrieved Presidential Decree No. 294 signed by President Putin and published on the same date in the Russian Official Gazette.
"The Ariston Group," the note continues, "which has been industrially active in the Russian Federation for almost 20 years with very proper relations with local institutions, was not informed in advance of the Decree and is extremely surprised by this initiative.
Saras, trading at EUR1.77, announced Friday that, in connection with the prospective acquisition by Vitol BV of a stake representing approximately 35 percent of the share capital of Saras, the Presidency of the Council of Ministers issued a decree regarding the exercise of special powers - golden power - "containing prescriptions that do not impede the completion of the transaction."
Therefore, the statement says, one of the related conditions precedent for the completion of the transaction is fulfilled.
Webuild - up 1.1 percent - reported Wednesday that it had acquired EUR5.5 billion in new orders since the beginning of the year at the end of March.
As the former Salini Impregilo explained, almost all of the new orders came from abroad, in markets such as Canada, the US, and Saudi Arabia. The significant order intake represents about 50 percent of the expected orders for the year 2024.
Added to this is a near-term commercial pipeline of more than EUR70 billion, fueled by the major investment plans launched in key markets monitored by the group, such as Central and Northern Europe, Australia, the U.S. and the Middle East.
Among smallcaps, Itway - flat at EUR1.28 - ended 2023 with a pretax loss of EUR481,000 from one of EUR362,000 as of Dec. 31, 2022, while net loss was EUR330,000 from one of EUR348,000.
Revenues for the period stood at EUR49.1 million from EUR46.7 million in 2022.
Elica - in the red by 1.1 percent - on Wednesday let it be known that from April 26 it will start a new buyback plan for a maximum number of purchasable shares of 1 million.
Among SMEs, ESI rises 8.1% followed by Alfio Bardolla, which advances 7.7%, and Monnalisa, in the green by 6.0%.
Company of the Caribbean advances 5.4 percent. The company reported Thursday that revenues for the first three months rose 4.2% year-on-year to EUR11.7 million from EUR11.2 million in the same period last year.
Poligrafici Printing -- up 0.5 percent -- reported Wednesday that it ended 2023 with consolidated revenues of EUR24.1 million from EUR28.0 million as of Dec. 31, 2022.
Ebitda stood at EUR4.9 million in 2023 from EUR6.1 million in the previous year.
Consolidated profit for the year was EUR1.5 million from EUR2.4 million in 2022. The company proposed distributing a dividend of EUR0.03 per share from EUR0.0295 in 2022.
In Asia, the Nikkei closed up 0.8 percent, the Hang Seng advanced 0.6 percent, and the Shanghai Composite closed up 0.8 percent.
In New York, the Dow closed in the green 0.4 percent to 38,239.66, the Nasdaq finished up 2.0 percent to 15,927.90 and the S&P ended the session up 1.0 percent to 5,099.96.
Among currencies, the euro changed hands at USD1.0718 from USD1.0677 on Friday in closing European equities while the pound was worth USD1.2523 from USD1.2452 on Friday evening.
Among commodities, Brent crude is worth USD88.48 a barrel from USD89.37 a barrel Friday night and gold trades at USD2,332.31 an ounce from USD2,339.86 an ounce Friday night.
Monday's macroeconomic calendar features Italy's trade balance with non-EU countries and German inflation at 1000 CEST.
Eurozone consumer and business confidence data will arrive at 1100 CEST, 10 minutes before the five- and 10-year BTP auctions and an hour before the Eurogroup meeting. At 1300 CEST, space will be given to Spanish business confidence.
Later in the day, French BTF and US T-Note auctions will also be held.
Among the companies in Piazza Affari, Digital Value, Lottomatica Group, Monrif, Softlab, TraWell Co., Xenia and Zignago Vetro will release results.
By Chiara Bruschi, Alliance News reporter
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