Tuesday off for Piazza Affari. The Ftse Mib, back from + 0.71% on the eve, closed at 25,315 (-0.32%) on a day in which Wall Street remains in the waterline after the rebound on the eve dictated by more cautious tones. of various Fed exponents. There is expectation for the words of Jerome Powell who will speak shortly. In his prepared remarks released late Monday afternoon, Powell said that inflation has “increased dramatically in recent months” but reiterated the thought that this is a transitory jump.
Among the blue chips of Piazza Affari, banks are especially struggling. Declines in the order of 1.69% for Banco BPM, 1.31% for Bper and just over 1% for Intesa Sanpaolo and Unicredit. On the other hand, STM’s + 1.2% was reported, followed by Medibanca with + 0.83%.
CNH also dropped to -0.69% with analysts remarking that the $ 2.1 billion acquisition of the US Raven took place at high prices, but justified by the prospects of precision farming. Equita SIM, which confirms the buy on CNH, believes that CNH’s global presence and dealer network will allow it to export Raven’s products that are now mainly sold in North America. Commercial synergies should begin to manifest themselves from 2023 (with over 40 million to reach 400 million in 2025). CNH CEO Suzanne Heywood said in a conference call yesterday afternoon that the group will consider other strategic acquisitions if they are needed for growth.
The Telecom Italia stock is also down today, losing 1.35% in the 0.43 euro area. Sky Italia has announced the appeal to the Antitrust regarding the exclusive agreement between Dazn and Tim for the distribution of Serie A 2021-24 matches which according to the pay TV is illegitimate and damages the competition.
Oil stocks contrasted with Tenaris (+ 1%) in the front row on the Ftse Mib, while Saipem fell by approximately 1.86%. Today, Brent pushed above $ 75 for the first time in over two years and then retraced slightly.