(Alliance News) - On Wednesday, the Mib--according to the futures market--unlike other European exchanges is expected to open slightly down, restarting from the 34,300-point level, with the trading floor's headlights pointing to corporate reports and the markets' growing "belief" toward the possibility of interest rate cuts.
Among the rumors from the European Central Bank, according to Governing Council member Pablo Hernandez de Cos, Frankfurt may start cutting interest rates at next month's meeting if there is no further "jolt" to consumer prices.
"If this inflation outlook were to be maintained, from my point of view it would be advisable to start reducing the current level of monetary tightening in June," the Spanish central bank chief told the Madrid parliament on Tuesday. "In any case, given the still very high level of uncertainty, we will continue to apply a data-dependent approach and decisions will be taken on a meeting-by-meeting basis, without committing to a specific path for rates," the Bank of Spain's number one specified.
Thus, the FTSE Mib, after closing up 0.8 percent at 34,242.49 last night, is given down 42.50 points.
In Europe, Paris' CAC 40 is given just above par, London's FTSE 100 is indicated up 18.20 points while Frankfurt's DAX 40 is expected to rise slightly.
Among the smaller listings on Tuesday, the Mid-Cap rose 1.1 percent to 48,162, the Small-Cap advanced 1.1 percent to 29,311.40 while Italy Growth closed fractionally in the red at 8,248.32.
On the Mib last night, Campari took the top spot with a 6.8 percent rise after the accounts. The company reported Tuesday that it closed the first quarter with a pre-tax profit of EUR145.0 million from EUR133.6 million as of March 31, 2023. Net sales amounted to EUR663.5 million from EUR667.9 million in Q1 2023.
Good buying also on STMicroelectronics, up 2.9% and on its third consecutive bullish candle.
UniCredit advanced 3.6 percent after announcing Tuesday that it ended the first quarter with net income of EUR2.6 billion, up about 24 percent from EUR2.1 billion as of March 31, 2023. Net revenues stood at EUR6.4 billion, up 7.0 percent from the first quarter of 2023, when they were EUR5.9 billion. This performance was supported by an interest margin of EUR3.6 billion from one of EUR3.3 billion and fees of EUR2.1 billion from EUR2.0 billion.
Amplifon positioned itself in the upper quarters -- gaining 2.6 percent -- after the board of directors on Monday approved its interim report for the year ended March 31, which closed with a net profit on a recurring basis of EUR35.7 million, up 2.2 percent from EUR34.9 million reported in the first quarter of 2023.
Ferrari - down 4.7 percent despite good accounts - reported Tuesday that it ended the first quarter with revenues of EUR1.59 billion, up sharply - by 11 percent - from EUR1.43 billion in the same period a year earlier. Units delivered in the first three months of the year remained almost stable year-on-year at 3,560 from 3,567 a year earlier.
Leonardo, on the other hand, gave up 4.4 percent after two bullish sessions. After the close, compoany released its accounts for the first quarter of 2024, which closed with a net income of EUR459 million from EUR40 million in the comparable period, which includes, in addition to the ordinary net income, the gain recognized as a result of the fair value measurement of the Telespazio Group, carried out for the purpose of fully consolidating it. In contrast, net ordinary income is EUR93 million.
On the Mid-Cap, Iren ended on the bottom by giving up 2.7 percent following the news this morning of the arrest of CEO Paolo Emilio Signorini, who was involved in the investigation that brought the governor of Liguria Giovanni Toti under house arrest. Nine in all, writes Il Sole 24 Ore, are the people subject to precautionary measures.
Zignago Vetro, on the other hand, left 0.8 percent on the parterre after a flat session on eve.
Anima Holding -- in the green by 2.7 percent -- reported Monday that its board of directors approved the consolidated interim report as of March 31 and a new EUR40 million buyback program. Thus, in the first quarter, the group posted a profit of EUR52.9 million, up 75% from EUR30.2 million in the first quarter of 2023. The consolidated results, the company says, include the contribution of Castello SGR, acquired in July 2023.
Technogym closed up 4.5 percent to EUR9.33. It is reported that UBS has initiated a 'buy' recommendation on the stock with a target price of EUR11.00.
Strength also on Industrie De Nora, which rallied 7.5 percent, ahead of the quarterly report expected on Wednesday.
On the Small-Cap, boost on Sogefi, which closed bullish over 13%. The stock has more than doubled its market cap in the past six months.
Digital Bros, on the other hand, advanced 7.8 percent to EUR10.60 per share. GSA Capital Partners on Monday cut its short on the stock to 0.78 percent from 0.81 percent previously.
Gas Plus rose 1.3% after reporting Monday that US. Fin, a company owned by CEO Davide Usberti, bought 960,664 shares of the company's common stock. The shares were taken over at an average unit price of EUR2.40, for a total value of EUR2.3 million.
Greenthesis, down 0.5 percent, on Monday reported that Cerved Rating Agency -- an Italian rating agency that specializes in assessing the creditworthiness of non-financial companies and evaluating the degree of sustainability of economic operators -- raised the company's public credit rating, which was already in the "Investment Grade" range, from B1.2 to B1.1.
Conafi left 2.8 percent on the parterre. The stock-which paid its final dividend in May 2022-gives ground after four bullish sessions.
Among SMEs, Eprcommunication advanced 9.1 percent with price at EUR1.20. The stock traded at a high volume, at 19,900 pieces changed hands compared to the three-month daily average of about 4,700.
Eles, on the other hand, rallied 4.3 percent, with price at EUR2.43, pending results expected on Friday.
SolidWorld Group--green by 3.3 percent--announced Tuesday that it has signed a binding agreement to fully acquire Due Pi Greco Srl, a company based in Resana, Treviso, specializing in product design, engineering, additive manufacturing and 3D printing of high-performance industrial components. The price, set at EUR700,000, will be paid to the selling shareholders partly in cash and partly through the allocation of SolidWorld Group shares resulting from a reserved capital increase or, alternatively, through the transfer of treasury shares already held in the company's portfolio. The transaction is expected to be finalized by 2024.
Arterra Bioscience sold 2.9 percent. The company on Monday reported that in the first quarter of the year it increased turnover by 26 percent to EUR1.1 million from EUR862,870 as of March 31, 2023.
Implants, on the other hand, gave up 8.7 percent, following up on the previous session's 3.9 percent red.
In New York, the Dow closed ahead 0.1 percent, the Nasdaq gave up 0.1 percent, while the S&P 500 marked a 0.1 percent rise.
In Asia, the Hang Seng is giving up 0.8 percent, marking minus 0.4 percent, while the Nikkei gave up 1.6 percent.
Among currencies, the euro changes hands at USD1.0743 from USD1.0778 in Tuesday's European stock close while the pound is worth USD1.2486 from USD1.2573 on Monday evening.
Among commodities, Brent crude is worth USD82.62 a barrel from USD83.47 a barrel Monday evening and gold trades at USD2,317.57 an ounce from USD2,322.79 an ounce Monday evening.
Wednesday's macroeconomic calendar includes the retail sales data at 1000 CEST.
From the U.S., at 1300 CEST, coming up the mortgage market data, while at 1630 CEST it will be the turn of the EIA report, crude oil stocks and Cushing's inventory.
In the evening, at 1900 CEST and 1930 CEST, a speech by Fed governors Collins and Cook is scheduled.
Among companies, coming up are the accounts of BPER Bank, Comer, Terna, Nexi and Prysmian, among others.
By Maurizio Carta, Alliance News reporter
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