Seated dancer for Piazza Affari who in the end squandered all the increases thanks to the sales that have returned to prevail on Wall Street. Markets struggle to leave Jerome Powell’s hawkish words behind fueling concerns about the Federal Reserve’s next moves.
The data reported by the Department of Labor with the Job Openings and Labor Turnover Survey (JOLTS) show how the number of job offers increased to 11.2 million in July from 11 million in the previous month. Strong indications supporting the possibility of a still aggressive Fed in raising rates.
In Europe, new signs of alert on the inflation front with the German one that jumped to 8.8% in August, a record growth rate and which could further accentuate in the coming months. Strong expectations for euro area inflation data tomorrow with the ECB hawks pressing for a more consistent rate hike in September.
The Ftse Mib index closed -0.08% at 21,825 points. On the parterre of Piazza Affari, rises between the banks with Bper (+ 1.69%) and Banco BPM (+ 1.72%) in the front row. Poste also very well with + 2.32%. Thud instead for Tenaris at over -5.5% in the wake of the sharp drop in the price of oil; ENI was also bad (-2.11%).
Closing little move for TIM (+ 0.21% to 0.2126 euros) with the market looking to the first returns of Iliad on the fixed. From the data of the first half of 2022 it emerges that since January the customers acquired in the fixed sector are only 68 thousand. “A decidedly more prudent figure than our projection for the whole year (500 thousand) and for 2023 (1 million)”, comments Equita which underlines how the difficulty in acquiring fixed customers, despite a very aggressive pricing, seems to indicate a stickiness on the fixed much higher than what happened in furniture, where Iliad had immediately shown a strong commercial success.
Finally focus on General (+ 1.19%) which completed the acquisition of the majority stakes in the joint ventures of AXA and Affin in Malaysia, becoming one of the leading Non-Life insurers in the country. The Leone group of Trieste also increased its stake in MPI Generali Insurans Berhad from 49% to 100%, by acquiring the shares held by Multi-Purpose Capital Holdings Berhad (MPHB Capital), a joint venture partner in Malaysia. Generali plans to integrate the activities of MPI Generali and AXA Affin Generali Insurance to eventually hold 70% of the company resulting from the merger. Affin Bank will hold 30% of both Life and Non-Life companies.