Anticipation is building for Donald Trump's address at the Davos Forum, scheduled for later in the day, but market operators caution that it is risky to focus all attention on the daily statements of the US president.
Around 12:20 pm, the Ftse Mib was down 0.9% with trading volumes at around 1.15 billion euros. US futures were slightly positive, while other European stock exchanges posted modest declines.
Among the standout stocks:
** Banks were the hardest hit across the Old Continent. In Italy, where the sector carries significant weight on the main index, bank shares lost an average of 1.3%, with POP SONDRIO at the bottom of the Ftse Mib, dropping 2.65%. UNICREDIT, BPER, and MPS also saw sharp declines.
** Positive momentum in the energy sector: TENARIS gained 2.3% and ERG rose 2.4% after announcing yesterday a refocusing of their European operations, which, according to Intermonte, should strengthen EBITDA.
** DIASORIN was strong but below its highs, supported by rumors of possible bids for rival Qiagen.
** CUCINELLI and FERRAGAMO resisted broad-based selling, while MONCLER hovered around flat after an initial drop following an unexpected change in top management. The appointment of a new CEO with a strong track record in luxury, coming from Bottega Veneta, offset concerns over the departure of longtime executive Roberto Eggs. Meanwhile, the continued leadership of Remo Ruffini as executive chairman reassured investors about management continuity.
** FERRETTI performed well (+3.4%) after Kuwaiti entrepreneur Bader Nasser Al-Kharafi acquired a 3% stake, following the announcement of a partial takeover bid by Kkcg to raise its holding to 29.9%.
(Claudia Cristoferi, editing Andrea Mandalá)
