MILAN (Reuters) – The launch in Piazza Affari confirms the weak trend seen yesterday while fears about inflation and increasingly ‘hawkish’ comments from central bankers on the subject of interest rates are intensifying on the market.
Investors are extremely cautious ahead of February’s preliminary euro-zone inflation data, which could surprise to the upside.
Expectations converge on a slowdown to 8.2% year-on-year from 8.6% in January, but the risks are on the upside after the latest readings from France, Spain and Germany exceed expectations.
In this context, and in a market climate that has changed compared to that of a month ago, the spotlight will also be on the reports of the last meeting of the ECB which on 2 February decided to raise interest rates by 50 basis points, promising a similar squeeze in March.
Around 10.20 the Milanese index marks a drop of 0.36%.
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In a weak context for the entire European tech sector, heavy STM (EPA:) at the bottom of the FTSE Mib with a drop of more than 5% affected by the announcement of Tesla (NASDAQ:) to be able to reduce consumption in the future of silicon carbide in vehicles.
Banks down, correcting for the second consecutive session with BANCO BPM (BIT:), BPER (BIT:), UNICREDIT (BIT:) and INTESA SANPAOLO (BIT:) down between 0.7% and 1 .4%.
Rises among the utilities where TERNA (BIT:), ITALGAS (BIT:) and SNAM (BIT:) gain around 1%.
MAIRE TECNIMONT, uncertain, is unable to lengthen decisively and rises by 1.1%. The 2022 results are “positive and in line with our estimates and targets”, comments Banca Akros, noting that the objectives announced by the company for the current year see a significant improvement in revenues and Ebitda compared to 2022. According to Equita, on the other hand, the fourth quarter results are slightly worse than expected, but the outlook offered by the company is very strong.
MONCLER (BIT:) down 2% on profit taking after yesterday’s gains on above-expected results
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(Andrea Mandalà, editing Sabina Suzzi)