Definitely a bad day for Piazza Affari, dragged down by Enel (the most important title of the Ftse Mib) and by Moncler. After an uncertain start, with contained declines, the situation worsened in the afternoon with the launch of Wall Street: in Milan the Ftse Mib index thus sent the midweek session to archive, down by 1.02% to 25,762, 10 points. On global markets, sentiment appears weak after disappointing indications from China, which suggest that the return of the delta variant is impacting more than expected with the risk of a pronounced slowdown in the economy.
Among the big names of the Ftse Mib under the Generali lens (+ 0.4%) whose board of directors met yesterday took note of Donnet’s reappointment for a third term at the helm of the company. The majority non-executive directors expressed their appreciation for the work done and the results achieved by the current CEO. The next key step will be on September 27, when the board will decide whether or not to present its own list of candidates. Positive session for Tenaris, the best on the list with a rise of XXX, was supported by oil prices. The larger-than-expected decline in US crude oil inventories has indeed set the crude in motion with the WTI traveling towards $ 73. Tenaris and Stellantis are among the best on the list, with growth of 2.9% and 2.3% respectively.
Enel and Moncler collapse with reductions of over 5%. The stock of the big energy company has reached its lows since November 2020. The move of the Spanish government which intends to calm the bills by recovering 2.6 billion euros from energy companies until next March is driving sales on the Italian electricity giant. forcing them to repay the “extraordinary profits they have made” by virtue of the increase in gas prices on the wholesale market. Enel is very exposed to the Spanish market. The subsidiary Endesa represents approximately 30% of the group’s EBITDA.