First session of the week without polish for Piazza Affari, fresh from the substantial increases last week that caused the balance from the beginning of the year for the Milan Stock Exchange to rise to + 25%. The Ftse Mib today closed trading at 27,711 points (-0.31%).
Today spotlight on the speeches of various Fed officials, including President Jerome Powell, who will give the inaugural speech at the Fed Diversity Conference at 16:30 Italian time. In the coming days, however, the focus will be on US inflation in October, due out on Wednesday and which will allow us to test whether the pressure on prices is still increasing or not.
Among the main securities of Piazza Affari today we note the + 3.36% of Buzzi which benefits from the green light of the US Congress to the Biden infrastructure maxi-plan worth over one trillion dollars. The plan provides for the renewal of the current federal investments in infrastructures to which are added new investments of 579 billion dollars over 5 years mainly for bridges and roads, public transport, railways and broadband and energy networks. Equita SIM believes that the first significant impacts from the US infrastructure plan will occur starting from 2023. According to analysts of the Milanese SIM, the securities most exposed to the infrastructure plan in the US are in the building materials sector, Buzzi Unicem which in the US generates 57% of the 2020 EBITDA and Cementir which achieves 8% of the EBITDA. Among the other Piazza Affari stocks on display in the US are Webuild (which generates 28% of turnover in North America), Prysmian (about 40% of EBITDA in North America), CNH Industrial (whose construction equipment division generates in North America America less than 5% of group turnover) and finally Interpump (accounts for 30% of revenues in North America) and Enel (about 5% of EBITDA).
Sprint to + 2.68% for Tenaris. STM is also doing well (+ 1.38%), which updates the ultra-twenty-year highs.
Good today with + 0.55% the Leonardo stock in the wake of the indications coming from India with the government that would have decided to revoke the ban on dealing with the former Finmeccanica (which had been banned in 2014 following the episode of corruption concerning the supply of Agusta Westland helicopters). However, the Indian Defense Ministry’s decision would be subject to certain conditions, including the company’s inability to file a civil suit against the Indian government for previous operations.
On the other hand, Telecom Italia stands out among the minus signs (-2.23% to € 0.336), recovering from the overwhelming rally of the last two sessions of last week in the wake of rumors on the single network.
Among the worst also Nexi (-2.95%), Banco BPM (-2.21%) and Enel (-1.36%).