Handbags in the red; oil department gets off to a bad start

(Alliance News) - European stocks traded in the red Monday as investors expressed caution ahead of a busy week of corporate reports and central bank meetings, highlighted by expected rate hikes by the Federal Reserve, European Central Bank and Bank of England.

On the data front, Spain's inflation rate rose in January from a 13-month low in December, while trading rooms also await a range of European data that could drive the outlook, including German GDP and euro area economic sentiment.

Thus, the FTSE Mib marks a 0.4 percent red at 26,339.14.

In Europe, London's FTSE 100 is in the red by 0.5 percent, while Paris' CAC 40 is giving up 0.7 percent as is Frankfurt's DAX 40.

Among the smaller lists, the Mid-Cap is down 0.4 percent to 43,277.02, the Small-Cap is giving up 0.3 percent to 29,602.23 and Italy Growth is giving up 0.3 percent to 9,616.91.

On the main list in Piazza Affari, the oil sector is off to a bad start, with Tenaris giving up 2.3 percent to EUR16.09 per share.

Eni -- down 0.7 percent -- and TotalEnergies have completed the transfer to QatarEnergy of a 30 percent stake in exploration blocks 4 and 9, off the Lebanese coast. The transfer agreement was signed Sunday in Beirut, in the presence of Lebanon's Prime Minister Najib Mikati, Lebanon's Minister of Energy and Water Walid Fayad, QatarEnergy's chairman and CEO and Minister of State for Energy Affairs of Qatar Saad Sherida Al-Kaabi, Eni CEO Claudio Descalzi, and TotalEnergies CEO Patrick Pouyanné.

Deutsche Bank raised its target price on STMicroelectronics to EUR52.00 from EUR45.00. The stock opened down 0.5 percent.

On the bullish side, A2A -- in the money by 0.2% -- reported that it had successfully placed a new EUR500 million "Green Bond" with an 11-year term. The issue attracted great interest by receiving orders for about EUR2.2 billion, about 4 times the amount offered.

On the MidCap, Safilo Group ranks on the bottom by giving up 5.7 percent after an 8.7 percent loss on Friday evening.

Barclays raised its target price for Credito Emiliano to EUR8.50 from EUR7.10. The stock opened trading in the red by 0.7 percent.

Brunello Cucinelli, on the other hand, is giving up 1.5 percent. The company announced Friday that it bought 15,883 of its own ordinary shares between January 23 and 26, 2023. The shares were purchased at an average price of EUR73.4120 for a total consideration of about EUR1.2 million.

On the SmallCap, Netweek moves ahead 5.4 percent to EUR0.0430.

Also active for PLC, which moves ahead 4.8% to EUR1.52 per share after a 1.4% gain in the previous session.

Caleffi - down 0.9% - reported on Friday that its board of directors has resolved to purchase from Giuliana Caleffi Srl the remaining 30% of the share capital of its subsidiary Mirabello Carrara Spa, a company specializing in the production, purchase and sale of home textiles under its own brands and under license from authoritative fashion brands, and to sign the related purchase and sale agreement. The transaction involves the transfer of 30 percent of Mirabello's share capital from Giuliana Caleffi to Caleffi in the amount of EUR1.5 million, of which EUR897,340 in cash and EUR635,000 in Caleffi ordinary shares at a price of EUR1.27 per share, immediately liquid and thus for a total of 500,000 ordinary shares.

Among SMEs, Askoll Eva moves ahead 2.0 percent with price at EUR0.72, following Friday's flat close.

Casta Diva Group on Monday reported that the board of directors reviewed the preliminary consolidated revenue figure for fiscal year 2022, not yet audited, which closed at EUR82 million, up 175 percent from EUR29.7 million in 2021.

Tecma Solutions-which still does not price-announced that it has signed a EUR2.5 million loan agreement with Intesa Sanpaolo Spa, with a term of six years and an initial grace period of 18 months.

In New York on Friday evening, the Dow closed in the green by 0.1 percent, the Nasdaq up 1.0 percent, and the S&P 500 in the green by 0.3 percent.

Among Asian exchanges, the Shanghai Composite closed up 0.1 percent, the Hang Seng in the red 2.7 percent, while the Nikkei closed up 0.2 percent.

Among currencies, the euro changed hands at USD1.0883 versus USD1.0857 at Friday's close. In contrast, the pound is worth USD1.2377 from USD1.2374 on Friday evening.

Among commodities, Brent crude is worth USD86.02 per barrel from USD86.78 per barrel Friday night. Gold, meanwhile, trades at USD1,922.08 an ounce from USD1,931.10 an ounce last session.

On Monday's economic calendar, at 1000 CET it is time for the non-EU trade balance for Italy.

At the same time comes Germany's GDP, while at 1100 CET it is the turn of Italy's producer price index.

Also at 1100 CET, it is the turn of the Eurozone Business and Consumer Survey, consumer confidence, consumer inflation expectations, and sentiment for the services and industrial sectors.

Among the companies listed in Piazza Affari, results from Clabo, Fervi, Rocket Sharing Company and UniCredit are expected.

By Maurizio Carta, Alliance News reporter

Comments and questions to [e-mail]

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.