Sitting with two faces for Piazza Affari. After a sharply declining start, the Ftse Mib index progressively recovered and closed at 25,990 points (+ 0.23%). Today the IMF World Economic Outlook, which highlights a cut in global estimates and in particular those on Europe, rewarded Italy with the 2021 growth now expected at + 5.8% from the + 4.9% previously indicated.
Growing inflation concerns remain in the background, with oil prices updating yesterday’s multi-year highs. The Evergrande case is also back in the spotlight. The Chinese real estate giant missed its third round of bond coupon payments in three weeks, intensifying market fears of a possible contagion involving other real estate developers.
On the parterre of Piazza Affari today a bullish cue for Diasorin who marks + 2.71% recovering after a prolonged period of negative intonation. Prysmian did better (+ 3.55% at € 30.60), the best performer of the entire Fte Mib following the announcement of the extension of the partnership with Openreach.
Closing above par for Enel (+ 0.25%) which at the start had slipped close to the annual lows. A moderate plus also for Stellantis (+ 0.18%) which announced the move in the coming months from Grugliasco to Mirafiori of the assembly and painting departments of Maserati. This will involve the progressive transfer of people to Turin from the Grugliasco site, which will remain operational with various support activities for the current production of Ghibli and Quattroporte – which will be added to Levante – will not have any impact on employment levels. overall in the area.
Finally, ENI fell slightly (-0.27% to 11.974 euros) which thus retraces the top 20 months reached in the 12 euro area on the eve. Eni ended up under the lens of Morgan Stanley who confirmed the overweight recommendation and raised the target price to € 14.7 (in the company of Shell it is among the favorites of Morgan Stanley’s oil sector which sees the European oil majors destined to generate high levels of free cash flow, reduce balance sheet gearing and increase the share of profits to be distributed to shareholders.