(Il Sole 24 Ore Radiocor) – A colorless week for European stock exchanges, with investors’ attention entirely focused on inflation, the flare-up of which in countries such as the United States, Germany, China and Spain appears as a factor of concern. In particular, some caution has emerged while awaiting any countermeasures by the Federal Reserve. In the eighth ended on 12 November, the Ftse Mib left 0.23% on the ground, with the Ibex35 in Madrid doing slightly worse (-0.55%). Plus signs – but without major variations – for the other European indices: the Stoxx 600 Europe gained 0.68%, the Cac40 in Paris 0.72%, the Ftse100 in London 0.6%, the Dax40 in Frankfurt 0.25%, when the Aex in Amsterdam remained almost unchanged (+ 0.07%). On Friday, however, the FTSE MIB remained positive. The CAC 40 in Paris and the DAX 40 in Frankfurt also increased, while London and the IBEX 35 in Madrid finished down.
Among the sectors, during the week the most rewarded by purchases were Raw Materials (+ 4%), Media (+ 2.18%) and Construction (+ 2.08%), when the Travel and Entertainment sector was the most penalized with a decrease of 3.66%. Oil did not move much during the week: compared to last Friday, Brent lost 0.1% and WTI 0.26%. Moving on to Piazza Affari, among the titles, the three best of the Ftse Mib were: Cnh Industrial (+ 5.57% in the 5 sessions) which celebrated the green light for the prospectus of Iveco Group, the company that will be spun off from the group and will land on the stock market on January 3, 2022, Azimut, + 4.13% in the week in which it published accounts above expectations and Buzzi Unicem (+ 3.46%). The opposite trend for Interpump Group, which in the eighth lost 8.88% hit by sales after the recent rally, Telecom Italia -5.10%, with the disappearance of the speculative appeal on the single network and after the void of made up of the extraordinary board requested by Vivendi, and Banco Bpm -3.86%.
Wall Street up, but consumer confidence is disappointing
A cautious trend on Wall Street, rising on Friday despite the decline in consumer confidence (66.8 points the preliminary data from the University of Michigan, 72.5 points below the estimates). The indices ended a week down slightly – S&P 500 -0.40%, Dow Jones -0.90%, Nasdaq -0.84% - despite intraday and closing records recorded on Monday and Tuesday. Inflation remains at the center of attention: consumer prices rose 6.2% in October compared to a year earlier, the biggest increase since 1990. Johnson & Johnson, who runs after the announcement that it will split into two distinct companies, both listed on the stock exchange. On the one hand, the pharmaceutical giant will bring together high-margin, but also higher-risk activities related to prescription drugs and healthcare devices. On the other hand, activities related to over-the-counter drugs and hygiene products will go.
On Friday in Milan Pirelli and Azimut the best
Pirelli is the protagonist in Milan, which reported quarterly results beyond forecasts (+ 10.7% revenues to 1.41 billion and an operating result of 221.4 million) and has slightly raised the estimates for the end of 2021: now it expects revenues between 5 , 1 and 5.15 billion. Brilliant Azimut thanks to a net profit for the nine months up 40% to 322 million euros, which reached the 2021 targets in advance. Telecom Italia’s decline was heavy: the board of directors requested by the first shareholder Vivendi and some directors to review the organization and strategies did not lead to decisions and the market has postponed any bet to the new industrial plan at the beginning of 2022 while the press rumors are divided between those who now see the experience of CEO Gubitosi as complete and those who are convinced that the manager will guide the reorganization of the group.