Euphoric Thursday for Piazza Affari which extends the streak of increases of the last sessions by updating the highs to over 5 months. The Ftse Mib index closed a + 2.58% at 24,394.28 points. US inflation is in the spotlight today, which slowed further in October. The US consumer price index slowed in October to + 7.7% yoy from 8.2% (consensus was 7.9%), while core inflation slows from 6.6% to 6.3% (consensus was 6.5%). These findings fuel hopes of an early end to the Fed’s current round of interest rate hikes.
Positive reaction to the drop in inflationary pressures especially for tech stocks (+ 9.6% Nexi and + 7.9% Stm) and utilities (+ 4% Enel, + 3.1% Terna and + 4.7% A2A) . In the Piazza Affari parterre, Poste Italiane rose (+ 4.3%) which in the first 9 months of the year saw net profit jump by 21.4% to 1.4 billion.
Exploit today also for TIM (+ 5.2%) in the wake of the accounts of the third quarter of 2022. The group led by Pietro Labriola in the quarter saw service revenues amounting to € 3.7 billion, an increase of 3% compared to to what was achieved in the same period of 2021 and beating the estimates of analysts who for the third quarter estimated a value of € 3.67 billion. Organic Ebitda for the group amounted to 4.5 billion euros in the first nine months, while the trend improves on a quarterly basis. The company reports that it has reached 90% of the cost containment targets for the whole of 2022. The estimates for 2022 presented in the half-year results have been confirmed.
Snam was also positive (+ 2%) which reported an adjusted net profit of the group of 932 million euros (-0.6%) in the first 9 months of 2022 and confirmed the guidance on net profit for 2022 at at least 1.13 billion euros. EUR.
Among the minus signs are oil stocks such as Saipem (-3.4%) and Tenaris (-4.1%).