(Alliance News) - Piazza Affari turns back up mid-session Friday after Istat showed Italian inflation accelerating but still remaining below the Eurozone target.

On the macro front, Italian inflation returned to accelerate year-on-year in July, although it remains well below the European Central Bank's 2 percent target, Istat disclosed Friday.

Consumer prices rose 1.3 percent year-on-year in July after rising 0.8 percent in June, confirming the preliminary estimate.

In June, loans to the Italian private sector fell 1.6 percent over the 12 months after falling 2.0 percent in the previous month, the Bank of Italy reported Friday.

In China, however, consumer price inflation was stronger than expected in July, reaching a five-month high, data showed Friday. The July reading-which beat market forecasts in a Bloomberg survey-represents the fastest increase in consumer prices since February, when the index rose 0.7 percent year-on-year.

The FTSE Mib is up 0.7 percent to 31,954.52, the Mid-Cap is up 0.9 percent to 45,159.27, the Small-Cap is up 0.8 percent to 28,031.46 and Italy Growth is up 0.3 percent to 7,802.66.

In Europe, London's FTSE 100 is up 0.5 percent to 8,188.30, Paris' CAC 40 is up 0.7 percent to 7,299.39 while Frankfurt's DAX 40 is up 0.4 percent to 17,748.83.

On the Mib, Assicurazioni Generali gives up 1.7 percent and ends up at the bottom. The company announced Friday that it ended the first half of the year with a normalized net income of EUR2.02 billion from EUR2.33 billion as of June 30, 2023, mainly as a result of realized nonrecurring gains and other one-offs related to the first half of 2023. Excluding these effects, normalized net income would be stable, the company notes.

Group net income stands at EUR2.05 billion from EUR2.24 billion as of June 30, 2023.

Total gross premiums amounted to EUR50.14 billion from EUR42.24 billion in the first half of 2023, thanks to the strong development of both segments, life and non-life.

In addition, Assicurazioni Generali announced on Friday the start of share buyback operations for a maximum of EUR500.0 million, for a number of shares not exceeding 3 percent of the company's share capital, no later than 18 months after the April 24 shareholders' meeting resolution.

Unipol is up 0.5 percent after announcing Friday that it closed the first half of the year with a profit of EUR555.0 million, up from EUR517.0 million as of June 30, 2023.

Direct insurance inflows amounted to EUR8.17 billion, up 10 percent from EUR7.93 billion in the same period of 2023.

Azimut Holding--up 0.8 percent--reported Thursday that through its Australian subsidiary AZ Next Generation Advisory, it has entered into a strategic partnership with financial institution AMP Limited and advisory services group Entireti to create a unique and attractive offering for AMP's financial advisors.

Banca Mediolanum does best of all and gains 2.9 percent, followed by Leonardo, up 2.7 percent.

On the Mid-Cap, the board of GVS--down 0.6 percent after closing up 7.7 percent--on Thursday approved preliminary results for the first half of 2024. Normalized net income stood at EUR22.5 million, up 12 percent from the previous year. During the first half of 2024, GVS achieved consolidated revenues of EUR214.8 million, up 1.6 percent year-on-year at constant exchange rates and 0.7 percent at current exchange rates.

Technoprobe gives up 1.6 percent to EUR7.2250 after losing 9.2 percent Thursday. The company reported Thursday that it closed the first half with revenues up to EUR241.1 million from EUR196.3 million in the same period a year earlier. However, net income contracted to EUR28.1 million from EUR31.1 million.

Salcef Group drops 0.4 percent. The company reported Thursday that it ended the first half of the year with adjusted net income up 22 percent to EUR37.9 million from EUR31.0 million in the same period of 2023. Net income increased 13 percent to EUR35.1 million from EUR31.1 million in the first half of 2023.

Revenues as of June 30 were EUR486.6 million, up 35 percent from EUR125.0 million a year earlier.

On the Small-Cap side, Servizi Italia -- up 0.3 percent -- reported Thursday that it closed the first half with a consolidated profit of EUR4.2 million from EUR2.9 million as of June 30, 2023. During the period, consolidated revenues stood at EUR147.2 million from EUR143.8 million in the first half of 2023.

Trevi Finanziaria Industriale -- down 3.4 percent after closing in the red by 8.8 percent yesterday -- said Thursday that its board of directors reviewed and approved the group's interim report, half-year closed with a net profit for the year of EUR551,000 down from EUR27.6 million as of June 30, 2023. Group loss, meanwhile, amounted to EUR2.6 million from a profit of EUR23.6 million in the same period of 2023.

Bialetti Industrie still does not trade. The company reported Thursday that it closed the first half with consolidated revenues at EUR67.3 million from EUR63.3 million in the first half of 2023.

Normalized Ebitda is EUR8.6 million from EUR7.7 million as of June 30, 2023 .

Among SMEs, Riba Mundo Tecnología is not yet trading. The company reported Thursday that it closed the first half of the year with revenues at EUR228.6 million, up 25 percent from EUR183.6 million in the first half of 2023.

Circle rises 2.1 percent while Finance.tech follows with 1.8 percent.

In Asia, the Nikkei closed up 0.6 percent at 35,025.00, the Hang Seng rose 1.2 percent to 17,090.23 and the Shanghai Composite gave up 0.3 percent to 2,862.19.

In New York on European night, the Dow closed up 1.8 percent to 39,446.49, the Nasdaq gained 2.9 percent to 16,660.02 while the S&P 500 finished up 2.3 percent to 5,319.31.

Among currencies, the euro changed hands at USD1.0921 against USD1.0906 on Thursday in closing European equities while the pound was worth USD1.2760 from USD1.2727 on Thursday evening.

Among commodities, Brent crude is trading at USD79.17 per barrel versus USD78.89 per barrel at Thursday's close. Gold, on the other hand, trades at USD2,423.40 an ounce from USD2,416.00 an ounce on Thursday evening.

Friday's macroeconomic calendar includes, in the evening, starting at 1900 CEST, from the U.S. the Baker Hughes plants report, while at 2130 CEST it will be the turn, as usual, for the release of the COT Report.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.