Home Business Piazza Affari ends weak: Tenaris the best, Enel and Mediobanca bad

Piazza Affari ends weak: Tenaris the best, Enel and Mediobanca bad

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Beginning of the week without polish for Piazza Affari. The nervousness on the markets was mainly dictated by the new rise in oil prices (WTI to $ 81 on the new peaks since 2014) which feeds fears of stagflation. Concerns are growing that major central banks will tighten monetary policy sooner than expected.

The week just started sees the spotlight on the US inflation report on Wednesday. Also on Wednesday, the minutes of the last Fed meeting are expected, as well as the first quarterly on Wall Street, with the banking giants opening the dance as usual.
The Ftse Mib index thus closed at 25,930 points (-0.46%) with significant drops for big names such as Enel (-2.47% to 6.745 euros) in decided difficulty also thanks to the rise in government bond yields. Banco BPM (-1.59%) was also bad for banks. Negative session for Telecom Italia too, which fell by almost 2 percent.
On the other hand, one of the few plus signs is ENI (+ 1.25%) which has gone beyond the 12 euro wall by benefiting from the new multi-year highs reached by oil. Meanwhile, analysts continue to look at the possible implications of the IPO of the business that integrates the retail gas & power and those relating to renewables (Eni R&R), announced next week and expected in 2022. Barclays estimates an enterprise valuation of Eni R&R between 8.1-10.3 billion euros.
The best of the day was Tenaris with + 2.38%.

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