Mib on the upswing; Eurozone inflation slows down

(Alliance News) - The major European stock exchanges turn positive mid-day Tuesday after opening slightly lower, with the Mib doing best of all and approaching 28,800 points.

Meanwhile, Eurozone inflation slowed more than initially expected in August, according to the Eurostat report released Tuesday.

In August, the Eurozone's consumer price index rose 5.2 percent, slowing from July's 5.3 percent increase and coming in line with the flash estimate.

A year earlier, the inflation rate was 9.1 percent.

Thus, the FTSE Mib is in the green by 0.7 percent to 28,780.89, the Mid-Cap rises with 0.3 percent to 40,731.04 as does the Small-Cap to 26,391.70, and Italy Growth is in fractional green at 8,633.40.

In Europe, London's FTSE 100 is up 0.2 percent to 7,673.29, Paris' CAC 40 is up 0.3 percent to 7,294.38 and Frankfurt's DAX 40 is in fractional red at 15,726.05.

In Milan, on the main list of Piazza Affari, Banca Monte dei Paschi di Siena remains on top with 5.5 percent followed by Telecom Italia and Nexi, which advance with 2.8 percent and 2.2 percent respectively.

Also at the highs are Eni and Hera, which gather 1.9 percent and 1.6 percent.

Banca Mediolanum - in the green by 0.7 percent - announced Tuesday that Gianluca Bosisio, current general manager of the Italian parent company, will serve as managing director of its Spanish subsidiary Banco Mediolanum SA and Igor Garzesi, current managing director of Banco Mediolanum SA, will assume the position of general manager of the Italian parent company - Banca Mediolanum, reporting directly to CEO Massimo Doris.

Assicurazioni Generali--up 1.6 percent--reported Monday that rating agency Fitch announced it had raised its rating on Generali's Insurance Financial Strength to "A+" from "A," with a stable outlook.

The agency also raised its Issuer Default Rating to "A" from "A-."

Saipem advances 0.3 percent on the opening day of trading in Vienna of the EUR500 million senior unsecured equity-linked bond maturing in 2029 issued last Sept. 11.

At the other end of the list, CNH Industrial retreats 1.0% and remains at the bottom.

DiaSorin and Moncler also hurt, down 1.0% and 0.6%. Of note, on Moncler's stock, RBC cut its target price to EUR62.00 from EUR64.00.

On the Mid-Cap, Mutuionline advances 2.8% followed by Buzzi - in the green by 2.0% - and Seco, which advances 1.8%.

Credito Emiliano - in the green by 1.3 percent - placed a new bond on Monday, aimed at institutional and professional investors, in the amount of 500 million. The issue, in the Senior Preferred format will go to support social sustainability activities and highlights the group's commitment to ESG, the company points out in a note. The transaction has garnered market interest with orders of around EUR1 billion, which is substantially twice the offering.

Webuild -- in the green by 0.3 percent -- announced Monday that it is planning a roadshow to present a possible fixed-rate senior bond to investors.

Proceeds from the new bonds will be used to refinance part of the EUR500.0 million bonds due in October 2024 and EUR750.0 million due in December 2025.

Maire Tecnimont -- in the red by 0.1 percent -- on Monday disclosed that it is known that the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg has approved the prospectus for the public offering of Maire bonds to 2028. Specifically, this is a non-convertible bond for up to EUR200 million, with a maturity of five years and a minimum fixed interest rate of 6 percent pa. The minimum denomination that can be subscribed is EUR1,000 and the issue price is 100 percent of par value.

On the Small-Cap, KME Group -- in the red by 0.6 percent -- reported Monday in the evening that the board of directors approved the half-year report as of June 30 reporting a consolidated profit of EUR21.2 million from EUR6.7 million in the same period last year.

Revenues amounted to EUR1.07 billion from EUR1.03 billion in the same period a year earlier. Net of raw materials, revenues rose 52 percent to EUR348.2 million from EUR229.0 million.

The board of directors of Aeffe -- in the red by 0.6 percent -- on Monday announced that the deed of merger by incorporation of its wholly owned subsidiary Moschino Spa was signed today to take effect Oct. 1, 2023.

At the highs are Olidata with a 5.4 percent rise and Il Sole 24 Ore picking up 4.9 percent.

Itway gives up 0.5 percent. The company reported Monday that its subsidiary 4Science Spa, which is consolidated in Itway's financial statements and specializes in the Big Data, Digital Repositories and Data Management Systems market, reported first-half revenues at EUR1.7 million, up 37 percent from the same period in 2022 when they were EUR1.2 million, and Ebitda at EUR121,708 from EUR201,182 in the first half of 2022. However,the company posted a loss of EUR49,880, from a profit of EUR30,607 in the same period last year, pushed down by a 40 percent increase in personnel costs.

Among SMEs, Askoll EVA advances with 3.5 percent after announcing Monday that it has finalized a EUR100,000 deal with Città di Leonia cooperativa sociale to supply 35 electric scooters that will be deployed in the Neapolitan municipalities of San Giorgio a Cremano, Portici and Ercolano, in sharing mode, where Askoll EVA is landing for the first time.

Almawave rises with 0.9 percent after knowing Tuesday that, together with subsidiaries Almaviva Digitaltec and Digital Hub, it has signed the "OncologIA" program contract with the Region of Puglia.

This is, the company explained in a note, an industrial research and experimental development project, co-financed by the Puglia Region through the European Regional Development Fund, that applies innovative IT technologies in the medical oncology field.

Growens gives up 0.6 percent. Growens reported Monday that it had reviewed and approved its consolidated half-year situation as of June 30, which closed with a decrease in revenues of just under 5 percent in the first half, to EUR35.6 million compared to the first half of 2022, when it was EUR37.4 million, "due to the contraction of revenues in the CPaaS division, in deference to the strategic line of focusing on margins," the company wrote in the released note.

In Asia, the Nikkei closed in the red by 0.8 percent to 33,264.00, the Hang Seng finished in the green by 0.3 percent to 17,975.00, and the Shanghai Composite closed in the fractional red at 3,124.96.

In New York on European night, the Dow closed fractionally in the green at 34,624.30, as did the Nasdaq at 13,710.24 and the S&P 500 at 4,453.53.

Among currencies, the euro changed hands at USD1.0683 versus USD1.0689 in Monday's European equities close, while the pound was worth USD1.2379 from USD1.2394 on Monday evening.

Among commodities, Brent crude is worth USD95.13 per barrel versus USD94.73 per barrel at Monday's close. Gold, meanwhile, trades at USD1,934.77 an ounce from USD1,927.49 an ounce on Monday evening.

On Tuesday's economic calendar, various reports on the construction industry are released from the US at 1430 CEST, while at 2230 CEST the weekly oil stocks figure will be coming in.

By Chiara Bruschi, Alliance News reporter

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