Mib active above 28,100; oil stocks good

(Alliance News) - European marketplaces showed a bullish path Friday, with trading rooms assessing a range of economic data and their impact on the trajectory of global monetary policy.

While waiting for the Core PCE inflation figure from the U.S.-the Fed's preferred indicator to be released in the early afternoon-in the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate, or EFFR, there is a 13 percent probability for rate confirmation at the July 26 meeting in the 500/525 bps range. In contrast, the 25 bps hike in the 525/550 bps target is priced at 87 percent.

Investors are now waiting for the Eurozone CPI report due today. Meanwhile, European Central Bank President Christine Lagarde said earlier this week that inflation remains too high and it is still too early to declare victory on consumer price increases.

In addition, worse data on Chinese industrial activity raised hopes for more policy stimulus in the world's second-largest economy.

Thus, the FTSE Mib is up 0.7 percent to 28,124.39, with put/call ratio at 1.03.

In Europe, London's FTSE 100 advances 22.00 points, Paris's CAC 40 is up 22.50 points, and Frankfurt's DAX 40 marks an uptick of 50.50 points.

Among the smaller listings, the Mid-Cap is up 0.3 percent to 42,503.81, the Small-Cap is in the green 0.1 percent to 26,849.67, while Italy Growth is tied at 9,076.07.

On the main index in Piazza Affari, Tenaris advances 1.7 percent to EUR13.57, in its sixth session on the bullish side.

CNH Industrial -- up 1.0% -- reported that it bought back 1.3 million of its own ordinary shares between June 20 and June 27. The shares were taken over at an average unit price of EUR12.90 or so, for a total value of EUR17.9 million.

In contrast, Eni advances 1.3 percent, with new price at EUR13.06 per share. On the stock it is mentioned that Goldman Sachs saw downward to the target price to EUR17.00 from EUR18.00. The stock

ERG--best on the list up 3.6 percent--signed Thursday, through its subsidiary ERG Power Generation Spa, an agreement with Achernar Assets AG, a Swiss investment holding company, to sell the entire capital of ERG Power Srl, owner of the environmentally friendly and highly efficient natural gas-fired Combined Cycle Gas Turbine cogeneration power plant in Priolo Gargallo (Syracuse).

Among the few bearish, narrow minority on the list, Moncler is stepping back 0.7 percent to EUR62.44. During the week Goldman Sachs cut its target price to EUR71.10 from EUR72.00.

On the cadet segment, boost on Webuild, which is advancing 3.1% to EUR1.7410, with the company continuing its buyback program.

Good buys also on Italmobiliare, which appreciates by 1.4%, bringing the price to EUR25.40.On the MarketScreener platform, the stock shows a target price - expressed by a single analyst - of EUR39.00, thus showing that it is underpriced by more than 55%.

On the SmallCap segment, Triboo is giving up 5.8 percent to EUR0.8720, after the previous two bullish sessions.

Borgosesia drops 0.6 percent despite reporting on Friday that it has finalized the EUR17.5 million purchase of Hybrid Tower Mestre, a skyscraper built on the areas of the former depot of public transport company ACTV.

Netweek advances 6.8 percent to EUR0.3780, following up on its double-digit rise on the eve of the day and which recently proceeded with a share grouping transaction.

Alkemy, on the other hand, advances 2.5 percent, following a 0.5 percent decline on eve.

I Grandi Viaggi -- in the red by 1.6 percent -- reported Thursday that its board of directors approved results for the first half of the year, which runs from November 1, 2022 to April 30, 2023, reporting revenues at EUR12.7 million from EUR7.1 million recorded as of April 30, 2022. Net loss amounted to EUR3.8 million down from EUR5.4 million on April 30, 2022.

Backwardation also for Olidata, which posted a minus 2.4 percent. The company announced Wednesday that board members have resigned following the change of control that took place with the entry of the Rufini family.

Among SMEs, ISCC Fintech advances 2.2 percent to EUR3.778 per share, positioning the snout toward the seventh session to end on the upside.

FAE Technology, meanwhile, marks a plus 1.7 percent with price at EUR2.35, pointing to the sixth session to close higher.

In New York on European night, the Dow closed in the green by 0.8 percent, the Nasdaq in perfect parity, while the S&P 500 closed up 0.5 percent.

Among Asian exchanges, the Hang Seng is proceeding in the red by 0.3 percent, the Nikkei marks minus 0.1 percent, while the Shanghai Composite is advancing 0.6 percent.

Among currencies, the euro changes hands at USD1.0857 versus USD1.0883 at Thursday's European equities close. In contrast, the pound is worth USD1.2604 from USD1.2611 last night.

Among commodities, Brent crude is worth USD74.53 per barrel versus USD73.78 per barrel at Thursday's close. Gold, meanwhile, trades at USD1,903.90 an ounce from USD1,918.85 an ounce on Wednesday evening.

On Friday's economic calendar, at 0955 CEST we get the release of unemployment rate data from Germany.

At 1100 CEST, the non-EU trade balance for Italy is released.

At the same time comes inflation for the Eurozone.

At 1300 CEST from Spain comes data on the level of confidence in the business sector.

Overseas, at 1430 CEST, comes personal income data, personal spending data and the PCE index from the United States.

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

By Maurizio Carta, Alliance News reporter

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