(Alliance News) - The Mib continued bullish on Friday, holding the point bar in the 34,400 area, after the inflation figure in the euro area accelerated more than expected, making the outlook for the European Central Bank's interest rates even more uncertain, with next week's planned cut already discounted by trading floors.

Consumer prices rose 2.6 percent in May from a year ago, up from 2.4 percent in April, Eurostat said Friday. This is higher than analysts' median estimate of 2.5 percent.

It should be recalled that ECB officials have warned of an uneven path as price growth moves back toward the 2 percent target after its historic peak.

Thus, the FTSE Mib is marking a 0.1 percent green at 34,478.93.

In Europe, London's FTSE 100 is advancing 0.2 percent, Frankfurt's DAX 40 is down 0.1 percent, and Paris' CAC 40 is moving 0.2 percent in the red.

Among the smaller listings last night, the Mid-Cap is giving up 0.5 percent to 47,565.19, the Small-Cap is in the red 0.4 percent to 29,281.31, while Italy Growth is advancing 0.1 percent to 8,217.02.

On the Mib, Pirelli is advancing well, with the stock moving ahead 1.5 percent and price at EUR6.00, after yesterday's session that saw a 4.5 percent decline. The Chinese of Silk Road Fund exit Pirelli, with the fund holding its stake, about 9 percent. Tronchetti Provera, on the other hand, takes over 2.2 percent to just under 23 percent, a year after the government applied Golden Power on the group that works for, among other things, Defense.

Banca Monte dei Paschi, on the other hand, advances 1.6 percent, on the heels of the eve's profit closed with a plus 2.2 percent.

BPER Banca -- up 0.8 percent -- on Thursday announced the early closure to Dec. 31, 2024 of its 2022-2025 business plan in light of the early achievement of key economic and financial targets. Thus, the board of directors instructed the CEO to prepare a new 2024-2027 plan.

Italgas - flat at EUR4.85 - reported Thursday that the board of directors analyzed the group's expected operating and financial performance in 2024 and approved the guidance for the year. In detail, the guidance calls for adjusted revenues of around EUR1.8 billion, adjusted Ebitda of between EUR1.32-1.35 billion, and adjusted Ebit of around EUR800 million.

At the tail end, Telecom Italia is giving up 1.9 percent, after the green on eve closed with a plus 1.6 percent.

Rear-ends also for Saipem, which is backtracking 1.3 percent. The stock, since the start of 2024, has increased its market cap by more than 56 percent.

In the cadet segment, Piovan takes the top spot after 0.7 percent to EUR12.20, echoing Thursday's green close of 0.8 percent. In Teleborsa's analysis, "Piovan's current scenario shows a loosening of the trendline at the test of the 11.77 support. In the presence of positive elements, one inclines toward an upward evolution of the curve to test the 12.22 level. Technical implications lean toward a continuation of the bearish phase toward new lows seen at 11.58.

BFF, on the other hand, advances 1.6 percent, with price at EUR9.02 following up on the eve's green closed with a plus 0.8 percent.

Banca Ifis - in the red by 0.2% - disclosed that Katia Mariotti, current head of the NPL department, has completed the three-year business plan of the same department, and will undertake a new professional position at AMCO - Asset Management Company as of August 3.

Industrie de Nora, on the other hand, is giving up 1.9 percent to EUR12.95 per share, after a 1.7 percent green light on the eve.

Reply, on the other hand, is stepping back 2.0 percent to EUR130.70 per share, following the previous three sessions that closed with a bearish candle.

On the SmallCap segment, SIT is advancing 2.9 percent to EUR1.95 after two sessions closed in the red.

Alkemy, on the other hand, is appreciating 2.5 percent, after 2.6 percent in the red on the eve.

Among the negative notes, Gabetti is leaving 2.2% on the parterre, heading for the third session on the bearish side.

For Newlat, on the other hand, the decline is 3.5 percent, subject to profit taking after five bullish sessions.

Among the SMBs, red and back for Eprcommunication, which contracts 5.2 percent, in its sixth session on the bullish side and with the market cap up nearly 49 percent in the past month.

Caribbean Company, on the other hand, gives up 4.1% to EUR1.06 per share, heading for its fourth session to end on a bearish trend.

DBA Group, on the other hand, gives up 3.3% to EUR2.92, on the heels of eve's 4.1% loss.

In New York last night, the Dow gave up 0.9 percent, the Nasdaq closed down 1.1 percent, and the S&P 500 was 0.6 percent red.

Among currencies, the euro changed hands to USD1.0846 from USD1.0844 in Thursday's European stock close while the pound was worth USD1.2724 from USD1.2745 last night.

Among commodities, Brent crude trades at USD82.04 per barrel from USD83.14 per barrel on Thursday. Gold, on the other hand, trades at USD2,341.67 an ounce from USD2,344.44 an ounce on Thursday evening.

Friday's macroeconomic calendar from the U.S. at 1430 CEST includes the PCE data and the core personal expenditure price index while from Canada, GDP is expected at the same time.

By Maurizio Carta, Alliance News reporter

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