Home » Piazza Affari closes at -0.06%, in light of Iveco and Leonardo

Piazza Affari closes at -0.06%, in light of Iveco and Leonardo

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Piazza Affari closes at -0.06%, in light of Iveco and Leonardo

Weak session for the European stock exchanges, partly weighed down also by the declines in Wall Street. In Piazza Affari, the Ftse Mib closes trades just below parity, down by 0.06% to 25,867 points.

Among the most capitalized companies, purchases in particular on Iveco (+3.2%) after the signing of an agreement to supply 500 electric buses in Belgium. Equita estimates that the value of the contract could be around 40-50 million euros per year, equal to 3% of the division’s turnover and less than 1% of the group’s revenues.

Leonardo was also highlighted (+2.6%), with the markets intent on evaluating the prospects for the defense sector after the shipment of tanks to Kiev, which raises fears of a new escalation in the war between Russia and Ukraine.

Weak instead Interpump (-2.65%), Nexi (-1.8%) and Saipem (-1.7%). Crude oil prices rose slightly (Brent at 86.75 dollars a barrel) after the weekly data on oil inventories which showed an increase above expectations.

On bonds, the Btp-Bund spread stands at 178 basis points, with the Italian ten-year yield in the 3.94% area, while the euro/dollar is little moved in the 1.089 area.

Wall Street was in the red, with the Nasdaq at -1.4% after Microsoft’s accounts (-1.7%). The tech giant provided little cause for optimism, reporting slowing revenue growth to the weakest pace in more than five years and providing decidedly cautious forecasts. The results of Tesla and IBM are scheduled tonight, after those already released by Boeing, ASML, AT&T and Texas Instruments, which reported the first drop in sales since 2020.

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From the macro agenda came the German Ifo index for January, improving to 90.2 points, reflecting the improvement in business confidence to a seven-month high.

As regards monetary policy, the Bank of Canada met today and raised rates by 25 basis points to 4.5%, declaring that the increases made are sufficient and the cost of money will be maintained at these levels. The Fed, which should opt for an adjustment of the same amount, and the ECB, from which an increase of 50 basis points is expected, will also meet next week.

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