2024-01-11 16:58:11
(Alliance News) – Major European stock markets closed in negative territory on Thursday following US inflation data beat forecasts, although the overall picture of weakening price growth remained intact.
“It took a sharp decline in inflation for stocks to rally following the big gains in the fourth quarter of 2023. Unsurprisingly, the figure was slightly higher than expected and as investors are already questioning their earlier optimism regarding the rate cut in March, further selling was almost inevitable. It looks like this January will continue to be a profit-taking month, but the medium-term outlook continues to suggest that inflation will continue to fall, which maintains hope for a rate cut, commented Chris Beauchamp, chief market analyst at IG Platform.
However, “oil prices continue to look like they have reached their lowest level yet. Today’s 3% jump follows a volatile week, but following ignoring the decline in Saudi prices at the start of the week, it looks like we at least have the makings of a decent short-term rally.”
Thus, the FTSE Mib closed in the red by 0.7% at 30,249.16, as did the Mid-Cap at 43,951.06, the Small-Cap fell by 0.5% to 27,737.17, and Italy Growth finished 0.3% in the red at 8,238.86.
In Europe, the FTSE 100 in London ended down 1.0%, as did the CAC 40 in Paris, while the DAX 40 in Frankfurt lost 0.9%.
In macroeconomic news, the annual inflation rate in the United States increased to 3.4 percent in December, following a five-month low of 3.1 percent in November, which was higher than market expectations. 3.2 percent. The data was released Thursday by the U.S. Bureau of Labor Statistics.
Compared to November, consumer prices increased by 0.3%, the largest increase in three months and a better-than-expected increase of 0.2%. Meanwhile, annual core inflation fell to 3.9%, lower than the 4% in the previous period, but higher than the forecast of 3.8%.
On the Mib, oils were down, with Saipem losing 2.6% and Tenaris losing 0.4%.
Banca Generali – in the red by 1.3% – reported on Thursday that it recorded inflows of 834 million euros in December, bringing the annual figure to 5.86 billion euros, up 3% per year. compared to the previous year.
In December, management and insurance solutions also consolidated their recovery compared to previous months, with a collection of 256 million euros. In terms of products, financial containers collected 131 million euros over the month – and 699 million euros over the year -, confirming themselves as the solution best meeting the needs of private clients in terms of diversification and customization offered.
Azimut Holding – down 2.9% – estimates having closed the year 2023 with an adjusted net profit of between 445 and 455 million euros, in line with its annual target of 450 million euros.
As the management company reported on Thursday, net inflows for the full year amounted to EUR 6.9 billion, which is also in line with the internal target, while the total assets reached a record level of EUR 90.8 billion. Around 46% of the collection, or EUR 3.2 billion, was channeled into managed products.
Total assets therefore increased significantly, reaching a record level of EUR 90.8 billion as of December 31, up from EUR 79.0 billion, representing a solid growth of 15% year-on-year.
Banco BPM – in the red by 1.7% – announced on Wednesday that it had carried out a new issue of 750 million euros of a senior green bond with a maturity of six years and the possibility of repayment anticipated in January 2029.
In the cadet segment, Reply rose 1.5% following announcing on Wednesday the launch of Accelerator 365, a new solution offering innovative applications for the intranet and digital workplace.
Accelerator 365 leverages the skills and experience of WM Reply and Valorem Reply, two of Reply’s Microsoft technology-focused companies, to create and market a suite of applications that improve functionality, usability and design intranets and digital workplaces. These applications are designed to help organizations improve communication, collaboration, productivity and engagement of employees, customers and partners.
Maire Tecnimont lost 0.8 percent following announcing on Wednesday that its subsidiary Nextchem had launched a new “electronic factory model for carbon-neutral chemistry”.
The initiative is supported by the signing of a cooperation agreement with newcleo to develop, on an exclusive basis, a conceptual study for the production of carbon-neutral hydrogen using innovative, clean and safe nuclear technology.
Among small caps, Esprinet – down 1.6% – announced on Thursday that it would distribute the solutions of Tech Style, an agency that develops cutting-edge web projects, with a strong emphasis on sustainability, in order to to ensure an effective and sustainable online presence.
FNM – down 1.6% – announced on Wednesday that work on railway installations in the area of the old Cesano Maderno station began between January 8 and 9.
ePrice stock has not been trading. The company announced that the shareholders’ resolution to change the company name has been registered in the Milan-Monza Brianza-Lodi Commercial Register.
The new name of the company will be EPH Spa.
Among SMEs, Portobello lost 6.8 percent following announcing on Thursday that the board of directors had set the conditions for the €8 million capital increase which will be offered as an option to shareholders.
1.1 million new ordinary shares will be issued, with a subscription price of EUR 7.00 per share. For each ordinary share held, one option right will be allocated upon issue, i.e. a total of 3.4 million option rights, taking into account the 8,550 own shares in the company’s portfolio and subject to the waiver by the shareholder Expandi Srl of 74,602 option rights necessary to balance the operation. For each tranche of three rights, a new share will be subscribed.
Option rights may be exercised from January 15 to February 1.
EdiliziAcrobatica – in the green by 1.5 percent – said on Thursday that the number of contracts signed in 2023 increased by 48 percent, from 17,925 contracts in 2022 to 26,550. This result reflects the strong growth in the number of customers, with an increase of 100 percent year-on-year.
Eprcomunicazione rose 3.0% following announcing on Thursday that the board of directors had co-opted Mauro Isidori as executive director, subject to the approval of the board of auditors, replacing Valerio Gianni, who resigned .
In New York, the Dow Jones lost 0.7% to 37,437.92, the Nasdaq 1.1% to 14,811.86 and the S&P 500 0.9% to 4,741.53.
Among currencies, the euro traded at $1.0943 from $1.0954 at the close of European markets, while the pound was worth $1.2704 from $1.2722 last night.
A barrel of Brent was worth 78.74 USD once morest 77.48 USD at Wednesday’s close. Gold, meanwhile, is trading at $2,019.55 per ounce compared to $2,030.25 per ounce last night.
Friday’s economic calendar opens at 0230 CET with Chinese inflation data, while trade balance data is due at 0400 CET.
In the United Kingdom, GDP and manufacturing data are published at 0800 CET. At 0845 CET, French inflation is published and at 0900 CET, Spanish inflation.
Overseas, the main US producer price index is expected at 1430 CET.
Among the companies listed on Piazza Affari, Unieuro’s results are awaited.
By Claudia Cavaliere, journalist at Alliance News
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