Home » Saipem queen of the Milan Stock Exchange, +30% in one week. Oil over $80, highest since November

Saipem queen of the Milan Stock Exchange, +30% in one week. Oil over $80, highest since November

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Saipem queen of the Milan Stock Exchange, +30% in one week.  Oil over $80, highest since November

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(Il Sole 24 Ore Radiocor) – The records reached by Wall Street and Tokyo on Thursday 29 February did not give impetus to the European stock markets which ended the week in chiaroscuro. The Ftse Mib (which today was elected queen of Europe at +1.08%) managed to achieve a timid increase of 0.7% in the last five days of trading. The best performance was recorded by Frankfurt (+1.8), while Paris, Madrid and London closed below parity. In Europe, almost all sectors performed positively, with the exception of the food & beverage sector which recorded the worst performance (-2.3%). Coming to stocks, small caps did well, rising by 0.4%, as did the banking sector (+0.7%). Minus sign for utilities which leave 1.1% on the ground.

The undisputed queen of Piazza Affari is Saipem which achieved a 30% progress thanks to the return to profit in 2023 and the coupon in 2025. On the second step of the podium Poste (+9.6%) also dragged by the accounts of the 2023 and the innovations contained in the Prime Ministerial Decree regarding the privatization process which will take place in stages. In third place Iveco with +7.8%. Opposite front for Campari (-3%), Nexi and Banca Generali also performed badly, leaving 2.8% on the ground respectively in the last five days. On the exchange rate front, the euro/dollar rose by 0.1%. Oil is growing strongly with Brent (+3.2%) and WTI (+5.2%); just today WTI crude on the Nymex exceeded 80 dollars a barrel for the first time since November, awaiting OPEC+’s decision on production cuts. Gas splash that leaves 47.2% on the ground in five days.

European stock markets rise in the last session of the week

European stock markets inaugurate the month of March with a plus sign: they end a session driven by various macro data on a positive note and are already looking to the next ECB meeting. The data on inflation in the Eurozone gave us hope during the day: in February there was a slowdown in prices to 2.6% from 2.8% in January. Furthermore, according to Eurostat’s flash estimate, the “core” figure, which excludes energy, food, alcohol and tobacco, fell to 3.1% from 3.3% in the previous month.

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The Ftse Mib thus closes first in the class at +1.08%. Also positive were the Dax of Frankfurt (+0.32), the Aex of Amsterdam (+0.67), the Ftse 100 of London (+0.7%) and the Ibex of Madrid (+0.63). On parity the Paris Cac (+0.00%)

US PMI above estimates, ISM and confidence fall

Mixed signals are arriving in the US regarding the health of the economy. The manufacturing PMI in February rose to 52.2 points from 50.7 in January, therefore exceeding estimates. This is the best step since July 2022. The ISM manufacturing in February instead fell to 47.8 from 49.1 in January, below estimates. The index thus recorded the sixteenth consecutive month of contraction, the longest period since the Great Recession of 2008-2009. The consumer confidence index drawn up monthly by the University of Michigan was instead equal to 76.9 points, after 79 in January, the highest reading since July 2021. Finally, according to the Department of Commerce, construction spending they fell 0.2% from the previous month to $2,102.4 billion (annualized), against expectations for an increase of 0.3%.

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