Stock exchanges retrace; in Milan, oils do well

(Alliance News) - The Mib index is down around 25,300 mid-day Tuesday, down from the previous session's 10-month highs, in line with other European exchanges, amid caution ahead of a speech by Federal Reserve Chairman Jerome Powell later in the day, and following hawkish comments by two U.S. Federal Reserve officials overnight.

In Europe, weaker inflation is raising hopes among investors that the European Central Bank may be able to raise interest rates less aggressively this year, after raising the cost of money four times in a row since last July.

Thus, the FTSE Mib retreats 0.2 percent to 25,344.21.

Among the smaller listings, the Mid-Cap gives up 0.8 percent to 41,310.15, the Small-Cap drops 0.4 percent to 28,767.47, and Italy Growth is in fractional green at 9,458.73.

The FTSE 100 is down 0.2 percent, the CAC 40 in Paris is giving up 0.5 percent, and the DAX 40 in Frankfurt is giving up 0.5 percent.

On the main list in Piazza Affari, Moncler gives up 1.4 percent. UBS raised its target price to EUR63.00 from EUR57.00.

Interpump, on the other hand, gives up 1.3 percent, reversing course after six sessions ended in surplus.

FinecoBank - down 0.4 percent - reported Tuesday that net inflows hit an all-time high of EUR1.59 billion in December, up 13 percent from EUR1.4 billion in the same period a year ago.

Oil stocks did well, with Eni picking up 1.0 percent, while Tenaris was up 1.1 percent.

On the MidCap, Juventus FC gives up 3.6%, following its 1.4% loss on the eve.

GVS, on the other hand, retreats 3.5%, reversing course after two sessions in a 'buy' trend.

Raised target price for Brunello Cucinelli by Societe Generale, which raises it to EUR61.00 from EUR49.00. The stock marks a decline of 2.3 percent.

Sesa - down 1.9 percent - on Tuesday announced that it has signed an industrial partnership agreement, through its subsidiary Var Group Spa, to acquire a majority stake in Amaeco Srl, thus consolidating its digitalization and sustainability expertise to support the digital evolution needs of Made in Italy.

Amaeco, based in Fiorano Modenese and employing about 15 human resources, operates in the development and design of energy monitoring systems and eco-sustainability performance through proprietary software solutions with a focus on the enterprise market and expected revenues in the year 2023 of about EUR1.5 million, with an Ebitda margin of about 20 percent and important growth prospects.

SOL, on the other hand, rises 3.9 percent to EUR19.14, standing as the best in the list. It is worth mentioning that on the stock Berenberg started hedging with fair value at EUR24.40.

On the SmallCap, bullish note for Bioera, which appreciates 3.5% to EUR0.41 after hitting a 52-week low at EUR0.392.

Gequity, on the other hand, rises 3.3 percent, also positioning itself on the list's highs.

Piquadro - up 0.8 percent - on Tuesday reported consolidated sales figures for the first nine months ended Dec. 31, 2022, amounting to EUR126.8 million and up 16 percent from the same period last year, when they were EUR109.4 million.

Among SMEs, Health Italia moves ahead by 4.5 percent, after stepping back, with 3.0 percent, on the eve.

Comal, on the other hand, advances 4.4%, with an unusually high trading volume marking 118,000 against a three-month daily average of 25,000.

Omer -- up 3.5 percent to EUR2.80 per share -- on Tuesday reported that it has signed a contract with the Alstom group to supply various interiors components for the "Line B Réseau Express Régional" project in Paris.

Among currencies, the euro changed hands at USD1.0734 against USD1.0748 at Monday's close. In contrast, the pound is worth USD1.2169 from USD1.2198 on Monday evening.

Among commodities, Brent crude is worth USD80.24 per barrel from USD80.03 per barrel last night. Gold, meanwhile, trades at USD1,874.84 an ounce from USD1,880.45 an ounce last night.

On Tuesday's economic calendar, at 0900 CET, Spain will release the country's industrial production.

Overseas, at 1200 CET, it is the turn of the U.S. small business optimism report.

At 1400 CET, again in Spain, the consumer confidence index will be released.

At 1500 CET, in the United States, Fed Chairman Powell's speech is expected.

Among companies listed on the Stock Exchange, no particular announcements are expected.

By Maurizio Carta, Alliance News reporter

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