(Alliance News) - Piazza Affari meets forecasts and opens Wednesday's session down, in line with trends seen in other European stock markets.
According to analysts, still weighing on sentiment among investors is the uncertainty over reaching an agreement between Republicans and the White House on raising the U.S. debt ceiling. The president, Joe Biden, was forced to reschedule his institutional trip to Asia to try to find common ground on government spending.
The FTSE Mib is down 0.4 percent to 27,103.93, the Mid-Cap gives up 0.5 percent to 42,977.06, the Small-Cap flexes 0.1 percent to 27,856.34, and Italy Growth is just below par at 9,103.21.
In Europe, London's FTSE 100 is down 0.2 percent to 7,733.23, Paris' CAC 40 gives up 0.3 percent to 7,383.80 and Frankfurt's DAX 40 drops 0.1 percent to 15,885.69.
On the main list, except for Interpump Group and Telecom Italia, the rest of the blue chips are in the red as the bell rings.
The former rises again thanks to the boost of quarterly accounts while the former monopolist benefits from the news given by Dario Scannapieco, CEO of Cassa Depositi e Prestiti, who denied CDP's withdrawal from the race for TIM's network.
"We are working with Macquarie to answer the questions posed by the TIM board of directors and to review the bid for the network," Scannapieco said in an interview with Bloomberg TV, but he did not comment on the news that Macquarie would not be willing to submit a joint bid with KKR.
On this point, the CDP CEO explained that it is unclear how the bid for TIM's network will be revised but he did not rule out the possibility of working together with KKR, which would also be a welcome possibility for the Italian government.
Banks do poorly at the start, with Banca Generali the worst performer, complicit with a 2.3 percent drop, while BPM, Monte dei Paschi, and Fineco follow with declines between 1.7 percent and 2.2 percent.
Stellantis gives up 0.4 percent after yesterday with Faurecia, a Forvia Group company, and Michelin announced Tuesday the signing of a binding agreement for Stellantis to acquire 33.3 percent of the shares of Symbio, a leader in zero-emission hydrogen mobility.
Faurecia and Michelin will each retain 33.3 percent stakes.
On the Mid-Cap, industrials do well, with Carel and Cementir up 1.4 percent and 1.3 percent, respectively, while fashion pays duty: Salvatore Ferragamo gives up 1.7 percent, Tod's drops 1.6 percent, and Brunello Cucinelli is down 1.5 percent.
Fincantieri gives up 1.1 percent after the delivery of "Semaisma," the fourth and final unit of the "Al Zubarah" class of corvettes, commissioned from Fincantieri by Qatar's Ministry of Defense as part of the national naval acquisition program, took place at the Muggiano - La Spezia shipyard.
The units, designed in accordance with Rinamil regulations, will be highly flexible with capacity to perform multiple tasks, ranging from patrolling with sea rescue capabilities to the role of a combatant ship, a company note said.
Among the lower-capitalization companies, Compagnia Immobiliare Azionaria continues to rise, up 6.9 percent, on par with Conafi.
Itway--up 0.8 percent--reported Tuesday that the shareholders' meeting appointed a new board of directors. The board consists of Giovanni Andrea Farina, Cesare Valenti, Piera Magnatti, Valentino Bravi, and Viola Ferretti. The meeting also confirmed Farina as chairman of the board.
On the alternative capital market of Borsa Italiana, GEL and Italia Independent are flying with 15 percent gains each, doing better than Imvest, up 13 percent.
Gambero Rosso's good momentum continues, up 8.7 percent at the start, while best of all is Powersoft, up 23 percent.
In Asia, the Nikkei closed up 0.8% at 30,093.59, the Shanghai Composite fell 0.2% to 3,284.23, and the Hang Seng flexed 1.3% to 19,706.33.
In New York, the Dow closed Tuesday down 1.0 percent to 33,012.14, the Nasdaq gave up 0.2 percent to 12,343.05 and the S&P 500 fell 0.6 percent to 12,343.05.
Among currencies, the euro changed hands at USD1.0861 versus USD1.0864 at Tuesday's close. In contrast, the pound is worth USD1.2463 from USD1.2492 last night.
Among commodities, Brent crude is worth USD74.48 per barrel versus USD75.06 per barrel Tuesday evening. Gold, on the other hand, trades at USD1,988.74 an ounce from USD1,998.29 an ounce at Tuesday's European stock closing
On Wednesday's macroeconomic calendar, at 1000 CEST will come the Italian trade balance. At 1100 CEST, eyes will be on Eurozone inflation.
At 1300 CEST, room for the U.S. mortgage market data, at 1430 CEST for building permits, and at 1630 CEST for the EIA report on refineries. At the same time, will come the Cushing inventory numbers.
At 1900 CEST, an auction of 20-year US Treasury bonds is scheduled.
Among the companies in the Square of Business, no results are expected.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
Comments and questions to redazione@alliancenews.com
Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.
