(Alliance News) - On Monday, European stock markets closed in a bearish trend -- with the Mib being no exception, dropping to the 30,300 area -- as trading rooms carefully assess the potential outlook for global monetary policy on the day Wall Street was closed for a national holiday.
In economic news, the German economy -- Europe's leading economic force and fourth on a global scale -- contracted by 0.3 percent in 2023, after a revised 1.8 percent expansion in 2022, due to stubbornly high inflation throughout the year, along with rising interest rates, which dampened both domestic and foreign activity and demand. These are preliminary estimates released Monday by the Federal Statistical Office.
For most markets, the ECB will initiate rate cuts in April, although chief economist Lane suggested a more plausible timetable for a cut that could take place in June. Joachim Nagel - number one at the Bundesbank - stressed Monday that it is premature for the ECB to consider an interest rate cut because of persistently high inflation. In contrast, Robert Holzmann - head of the Austrian Central Bank - expressed skepticism about the likelihood of rate cuts in 2024.
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Thus, the FTSE Mib closed in the red 0.5 percent to 30,327.72, the Mid-Cap gave up 0.2 percent to 44,273.18, the Small-Cap is traveling down 1.2 percent to 27,694.31, while Italy Growth is giving up 0.2 percent to 8,238.05.
In Europe, Paris' CAC 40 finished 0.7 percent in the red, while London's FTSE 100 gave up 0.5 percent as did Frankfurt's DAX 40.
On the Mib, bullish performers included Banca Mediolanum, which brought home a green of 2.3 percent. The bank reported Monday that it reported total net inflows of EUR1.22 billion in December. Net inflows in assets under management stood at EUR655 million in December.
Banca Generali, on the other hand, closed up 0.8 percent. The company reported Thursday that it recorded inflows of EUR834 million in December, bringing the full-year figure to EUR5.86 billion, up 3 percent year-on-year. December also saw a consolidated recovery in managed and insurance solutions compared to previous months, with EUR256 million in new flows. At the product level, financial containers collected EUR131 million in the month - and EUR699 million in the year -, confirming themselves as the solution that best meets the needs of private clients in terms of diversification and personalization offered.
Good buys also on Azimut, which closed with a bullish candle ofO 0.8 percent, following up on the previous session's 2.0 percent gain.
On the bearish side, A2A in the rear gave up 1.9% after the previous session's 1.5% green. Of note, there was a high trading volume on the stock, amounting to more than 23 million pieces traded compared to a three-month daily average of about 8.7 million.
Saipem closed 2.1 percent in the red,after reporting that the Algerian Supreme Court ruled in the criminal case initiated in December 2022 against the company in connection with its participation in a 2008 tender for competitive FEED studies related to the Rhourde Nouss QH project, confirming the company's acquittal.
Stellantis--in the red by 1.6 percent--reported Friday that its venture capital fund, Stellantis Ventures, announced its participation as a strategic investor in Tiamat, a French company that develops and commercializes sodium-ion battery technology.
On the Mid-Cap, PharmaNutra's board of directors -- down 1.8 percent -- on Thursday approved the group's preliminary sales figures for fiscal year 2023, reporting consolidated net revenues of EUR100.2 million, up 21 percent from full-year 2022, when they were EUR82.7 million. Revenues in the Italian market increased 15 percent to EUR68 million from EUR59.2 million in 2022, while overseas revenues grew 37 percent to EUR32.2 million from EUR23.5 million in 2022.
Ariston Holding, on the other hand, left 3.0 percent on the parterre after 0.6 percent green in the previous session.
Credem -- down 0.2 percent -- announced Thursday evening that it had issued a new bond issue, aimed at institutional and professional investors, in the amount of EUR500 million. The issue, in the "Social Covered Bond" format, will go to support social sustainability activities and highlights the group's commitment to ESG.
Reply - up 0.3 percent to EUR122.00 - reported Friday that its subsidiary Storm Reply, a company specializing in cloud computing services, has built a cloud IoT solution for Eurogate, a renowned container terminal company, to collect and analyze operational data from machinery and systems in the cloud.
Among others on a positive note was Webuild's 3.2 percent gain, following Friday night's 0.8 percent green. Of note, Mirabella Financial Services on Friday raised its short on the stock to 0.50% from 0.46%.
Piaggio did even better, with the stock taking home a 3.8% gain after Friday night's 1.9% rise, closing as the best in the segment.
On the Small-Cap, Banca Sistema closed flat at EUR1.20, after reporting Friday that it had consolidated its Factoring business and ended 2023 with volumes up 26 percent year-on-year, for an amount of loans purchased that exceeded EUR5.5 billion.
Fidia, on the other hand, gave up 6.2 percent, closing for the ninth consecutive session with a bearish candle.
doValue -- in the red by more than 21 percent before going into the volatility auction -- announced that it has approved a new consolidated interim report as of Sept. 30, prepared in accordance with international accounting standards applicable to interim financial reporting in IAS 34. In detail, net revenues of EUR304.6 million were reported for the first nine months of the year from EUR380.0 million in the same period last year. The period ended with a loss of EUR25.7 million from a profit of EUR39.2 million. Ebitda including nonrecurring items amounted to EUR115.3 million from EUR151.9 million in the first nine months of 2022.
Unieuro--up 3.4 percent--reported Friday that it had approved results for the first nine months of 2023-2024 ended Nov. 30, which reported revenues of EUR1.92 billion from EUR2.04 billion in the same period a year earlier.
Among SMEs, boost on CleanBnB, which closed in the green by 8.5 percent with new price at EUR1.32 per share, on the heels of Friday night's more than 10 percent rise.
Gambero Rosso, on the other hand, advanced 5.0%, rebounding after four sessions closed with a bearish candle.
Omer rallied 6.7 percent after announcing Monday that it has signed a contract with Hitachi Rail to supply furniture components and fairings for 40 Frecciarossa ETR 1000 trains commissioned by Trenitalia. The value of the contract, the amount of which was not disclosed, "will contribute to the backlog in a percentage within a range of 15 to 20 percent," the company specified in a note.
Circle -- in the red by 1.5 percent -- on Monday disclosed that it has been awarded a new project financed by FILSE under the 2021-2027 ERDF regional program. The 18-month project will receive a total grant of about EUR770,000, of which about EUR190,000 will accrue to the company.
Iervolino & Lady Bacardi stepped back 6.7 percent, positioning itself for the ninth session in a row on the bearish side.
H-Farm, meanwhile, gave up 3.5 percent to EUR0.13, at 52-week lows.
Among currencies, the euro changed hands at USD1.0947 against USD1.0962 recorded in Friday's European stock close, while the pound is worth USD1.2728 from USD1.2747 last night.
Brent crude is worth USD78.35 per barrel versus USD78.66 per barrel at Friday's close. Gold, on the other hand, trades at USD2,054.59 an ounce from USD2,052.10 an ounce Friday night.
Tuesday's economic calendar includes, at 0800 CET, the release of Germany's inflation, followed at 1000 CET by Italian data and Eurozone consumer expectations.
At 1100 CET, the ZEW confidence sentiment for Germany and the Eurozone will be forthcoming while, at 1210 CET, there will be a speech by Bundesbank number one Nagel.
At 1430 CET, the inflation figure will come from Canada, at 1700 CET Waller from the Federal Reserve will leave, and finally, at 1430 CET, there will be an auction of Treasury bonds with three- and six-month maturities.
Among the companies in the Piazza Affari, no special events are planned.
By Maurizio Carta, Alliance News reporter
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