The Ftse Mib closed up 0.65% at 27,277 points, after four consecutive sessions with losses, on a mostly positive day for European stock exchanges.
Among the companies in the main Milanese list, Saipem (+3.9%) and Stellantis (+3.6%) advance, still supported by the results published yesterday. Pirelli also did well (+3.1%) after the results exceeded the targets. On the other hand, Telecom Italia (-2.4%) decreased, awaiting developments on the network front and Eni (-5.4%), which doubled its adjusted Ebit in 2022 but showed a net profit below expectations in fourth quarter.
The company led by Descalzi has also published the financial and operational objectives for 2023 and the strategic plan. 2023 Ebit is expected at €13 billion, while 2023 operating cash flow before working capital is estimated at over €17 billion (over €69 billion over the Plan period). The proposed dividend for 2023 is increased by 7% to €0.94 per share and the buyback is set at €2.2 billion.
Meanwhile, Wall Street is slow to move in the aftermath of the Fed’s minutes and after some conflicting macroeconomic data. The minutes of the central bank confirm the intention to raise rates again, with some members of the FOMC who would have liked a 50 bp adjustment as early as the last meeting.
Annualized GDP for the fourth quarter was revised downwards to 2.7% (from 2.9%), thanks to more contained growth in consumption (+1.4% compared to 2.1%). The Personal Consumption Spending Price Index rose 3.7%, higher than the 3.2% initially reported, with the core figure revised up from 3.9% to 4.3%. Meanwhile, claims for unemployment benefits are at their lowest for four weeks (192,000), further evidence of a solidity of the labor market which risks fueling pressure on prices.
In the eurozone, inflation in January fell to 8.6% from 9.2% in December, compared to 8.5% in the preliminary reading, with the core reading however rising from 5.2% to 5 .3%.
On bonds, the Btp-Bund spread falls below 190 basis points with the Italian ten-year yield down to 4.35%. On Forex, the euro/dollar exchange rate fell to 1.06 while among raw materials, oil partially recovered ground, with Brent at 81.6 dollars a barrel.