First session of the week up for Piazza Affari. The Ftse Mib index closed with + 0.16% at 25,757 points. The leading index of Piazza Affari has returned from six consecutive weeks of increases that have projected it to the top since October 2008. The overheating of US inflation does not worry investors at the moment even if today Paul Tudor Jones, billionaire hedge manager fund, said the Fed risks losing credibility if it doesn’t respond to the surge in inflation and believes the Fed meeting tomorrow is the most important since Powell has led the institution.
On the Piazza Affari parterre, convinced purchases on oil stocks in the wake of the new rises in the price of oil. Saipem (+ 1.44%) and Tenaris (+ 1.46%) stood out positively; good also and ENI (+ 1.38% to 10.728 euros).
Other stocks include Hera (+ 1.09%) and Enel (+ 1% to € 8.102) which lead the positive day of utilities in the wake of data on electricity demand, which jumped by 9.4% in May with renewables at be the driving force (+ 15.1% wind power and + 5.9% photovoltaics).
Atlantia increased marginally (+ 0.09%) following the signing of the agreement with the consortium consisting of CDP, Blackstone and Macquarie for the sale of the entire stake held in Autostrade per l’Italia.
On the other hand, Ferrari is bad and today scores over -3.3% in the 168 euro area. The rejection by Goldman Sachs analysts who cut Ferrari from buy to sell, reducing the target price from 192 to 170 euros, weighs heavily. With the company postponing its 2022 target to 2023, and with the consensus already around 12% above its 2023 EBIT target, Goldman Sachs sees limited room for positive earnings revisions. Furthermore, the potential surge in investments to finance the tech breakthrough and the goal of launching the first electric car by 2025 are weighing on the Red. This accelerated transition to the technologies of the future will lead to greater exposure and Goldman has thus raised the estimates on investments required for the decade 2021-2030 by 5.6%.