Mib pushes to 30,300 mark; luxury sector advances

(Alliance News) - On Friday, the Mib rises--following the trend of other European exchanges--as trading rooms await the U.S. PCE inflation figure due later in the day to assess the outlook for U.S. interest rates.

While for next week's meeting rate confirmation is taken for granted, for the March 20 meeting, however, in the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, the 25 bps cut has a 48 percent probability, while yesterday the figure marked a 40 percent probability.

A weaker-than-expected figure on German consumer sentiment raised concerns about the health of Europe's largest economy, on the heels of the European Central Bank meeting that left interest rates unchanged and signaled it will refrain from cutting them until there is lasting evidence that inflation is slowing below its 2 percent target.

Thus, the FTSE Mib, is rising 0.5 percent to 30,302.01.

Among the smaller listings, the Mid-Cap is advancing 0.1 percent to 45,393.08, the Small-Cap is in the green 0.2 percent to 27,797.95, while Italy Growth is posting a red 0.1 percent to 8,292.24.

In Europe, London's FTSE 100 is advancing 1.1 percent, Paris' CAC 40 is rising with 2.0 percent, while Frankfurt's DAX 40 is the only bullish with 0.2 percent.

On the Mib, Moncler confirms the good start by climbing 5.8%, with new price at EUR54.86 per share, after falling 0.2% in the previous session.

Brunello Cucinelli, on the other hand, advances 4.7% to EUR89.70, in its third bullish session.

Campari, on the other hand, appreciates 4.5% to EUR9.38 per share, after two sessions closed among the bearish and confirming the bullish trend seen since the bell rang.

Snam's board of directors - just below par at EUR4.49 - approved the 2023-2027 strategic plan. The company aims to achieve an increase in adjusted Ebitda of 7.4 percent on average per year, from about 7 percent in the previous plan. It also expects adjusted net income with growth of about 4 percent on average per year, up from 3 percent in the previous plan, "despite more onerous interest rates," the released note said.

STMicroelectronics--in the red by 2.0 percent--reported Thursday that it had revenues of USD4.28 billion in the fourth quarter of the year, down 3.2 percent from USD4.42 billion in the same period of 2022. Gross profit amounted to USD1.95 billion down 7.3 percent from USD2.10 billion in the fourth quarter of 2022.

On the Mid-Cap, Salvatore Ferragamo -- up 6.3 percent -- reported Thursday that preliminary revenues for 2023 stand at EUR1.16 billion from EUR1.25 billion in the previous year and therefore down 7.6 percent. The retail distribution channel as of Dec. 31 reports net sales down 11 percent on 2022 and wholesale sales down 12 percent on the previous year.

GVS, on the other hand, appreciates 3.5 percent, in its fifth bullish session.

Juventus FC advances well, posting a plus 2.7% after two sessions among the bearish.

Good buying also on Sanlorenzo, which advances 1.9% to EUR44.85, after touching a new 52-week high at EUR44.55.

On a negative note, among the list's many, Tehcnoprobe takes a back seat, giving up 2.2 percent to EUR9.51 per share after four bullish sessions.

De' Longhi -- on the losing side with 4.4 percent -- reported preliminary revenues in the first twelve months 2023 of EUR3.1 billion, down slightly by 2.7 percent from the same period a year earlier. As for the fourth quarter, preliminary revenues stood at EUR1.02 billion, up 4.6 percent on the same period a year earlier.

On the Small-Cap side, Italian Exhbition Group is advancing 8.4 percent, following up on the vigialia closed with a plus 4 percent.

Antares, on the other hand, is rallying 7.3% to EUR1.93 per share, turning upward after two sessions closed among the bearish.

Good buying on SS Lazio, which moves ahead 2.0% to EUR0.8040 after a 1.5% decline on the eve of the day.

The board of directors of Aeffe -- up 0.6 percent -- on Thursday approved preliminary sales figures for fiscal year 2023, which closed with consolidated revenues of EUR319 million, down 9.0 percent at constant exchange rates and 9.5 percent at current exchange rates, compared with EUR352 million in 2022.

Bialetti is stepping back 2.7 percent, after a 2.3 percent gain in the previous session.

Also among the bearish, numerous on the list, is Fidia, which is giving up 3.0% to EUR0.5160.

Among the SMBs, boost on FOS, which is marking a plus 8.9% at EUR3.68 per share after two sessions closed among the bearish.

DHH, on the other hand, is advancing 7.3% to EUR14.70 per share after falling 2.8& on the eve.

Marzocchi Pompe -- up 0.5 percent -- reported Thursday that during fiscal year 2023, consolidated net revenues stood at EUR49.8 million, up 2.6 percent from the 2022 figure of EUR48.5 million. The figure represents an all-time high achieved by the group.

Impianti is giving up 5.8 percent to EUR0.4520 per share, after a 0.8 percent gain in the previous session.

Alfonsino, on the other hand, is giving up 3.6 percent, after 0.9 percent in the red on the eve.

In New York on European night, the Dow closed up 0.6 percent, the Nasdaq picked up 0.2 percent, and the S&P 500 gained 0.5 percent.

Among currencies, the euro changed hands at USD1.0824 against USD1.0835 recorded in Thursday's European stock close, while the pound is worth USD1.2686 from USD1.2697 last night.

Brent crude is worth USD81.87 per barrel versus USD81.33 per barrel at Thursday's close. Gold, meanwhile, trades at USD2,020.58 an ounce from USD2,016.20 an ounce last night.

On Friday's calendar, the PCE price index, personal income data and personal spending data are released at 1430 CET.

By Maurizio Carta, Alliance News reporter

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