Home Business Modest declines in Europe, Piazza Affari limits the decline and closes at -0.1%

Modest declines in Europe, Piazza Affari limits the decline and closes at -0.1%

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Modest declines in Europe, Piazza Affari limits the decline and closes at -0.1%

Piazza Affari closed with little movement, despite the weakness of the other European lists and of Wall Street. The Ftse Mib closed down by 0.1% to 24,241 points, with purchases on Hera (+2.4%) and Amplifon (+2%). Oil companies Saipem (-3.7%) and Tenaris (-2.2%) are losing ground in the wake of the drop in crude oil, with Wti (-2% to 72.9 dollars) after the increase in distillate inventories and gasoline in the United States.

Among the other companies, Eni (-1.5%) concluded the buyback plan 4 months early, reaching 6.33% of the share capital.

Leonardo (-0.15%) announced that Bristow Group has signed a contract for the purchase of six AW139 helicopters to support the UK Coastguard’s “UKSAR2G” search and rescue programme.

ESG rating agency MSCI upgraded Generali’s rating (+0.6%) from “AA” to “AAA”, the highest rating possible, while Campari (-0.1%) completed the acquisition of 70% of the US Wilderness Trail Distillery, specialized in the production of bourbon and rye whiskey, for 424.7 million dollars.

Markets remain nervous on fears of recession, as evidenced by the inversion of the 2-10-year Treasury curve at a four-decade high ahead of next week’s Fed and ECB meetings, when the data will also be released updated on inflation. Worsening sentiment were Putin’s statements on the growing threat of nuclear war and weak Chinese export data for November (-8.7%).

As regards the Eurozone, the final GDP of the third quarter of 2022 marks +0.3%, from +0.2% in the second estimate. In Italy, in October, retail sales recorded an economic decline of 0.4% in value and 1.2% in volume. Finally, German industrial production in October recorded a decline on a monthly basis of 0.1%, (consensus -0.6%) after +0.6% in September.

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