Bullish Futures and Quarterly Reports: Economic Data and Policy Trajectory Clues.

2023-05-12 06:42:10

(Alliance News) – Futures have signaled a bullish open for the final session of the week, featuring a number of quarterly reports as well as macro data from which it is hoped to gain some additional clues on the policy trajectory. currency of the main central banks.

In this regard, on Thursday, the Bank of England raised interest rates once more by 25 basis points, as it grapples with runaway inflation, and the central bank significantly upgraded its outlook. economic data for the UK, predicting that a recession will be avoided.

The quarter-point increase, in line with market expectations, takes the bank’s benchmark rate to 4.50% from 4.25% previously. This is the twelfth consecutive rate hike by the BoE. The official rate was 0.10% before the current round of hikes.

Thus, the FTSE Mib – on the IG futures platform – marked a bullish reading of 90.00 points, following closing down 0.6% at 27,098.89.

In Europe, the FTSE 100 in London rose by 24.70 points, the CAC 40 in Paris by 28.40 points and the DAX 40 in Frankfurt by 43.00 points.

On the smaller quotes last night, the Mid-Cap closed up 0.2 percent at 43,004.54, the Small-Cap fell 0.6 percent at 28,306.09, while the Italy Growth fell 0.1 percent to 9,097.90.

Yesterday on Eb, despite lower revenue, A2A rose 1.3%. The company said on Thursday that its board of directors had reviewed and approved its quarterly report as of March 31, 2023, reporting ordinary profit of 173 million euros, compared to 106 million euros for the same period of the year. last year. Third quarter revenues were down 7% to 5.13 billion euros from 5.53 billion euros in the first quarter of 2022.

Banca Generali – down 0.8% – reported profits of €83.1 million in the first quarter of 2023, up 22% from €68.3 million in the same period in 2022.

Campari rose 1.1% following announcing that it had successfully placed an unrated seven-year bond intended only for institutional investors. The offer relates to a bond with a nominal amount of 300 million euros, with a maturity on May 18, 2030 and a fixed annual coupon of 4.71%.

Recordati’s board of directors – up 2.1% – approved Recordati’s financial report as of March 31, 2023, which ends with a net profit of 124.0 million euros and a margin of 23% on the sales. This represents an increase of 28% compared to the same period last year. Consolidated net sales for the first quarter of 2023 amounted to 551.4 million euros, up 32% compared to the previous year.

Prysmian’s board of directors, down 3.8% at the close, approved the group’s consolidated results for the first quarter of 2023, which ended with a net profit of 182 million euros, once morest 126 million euros in the same period of 2022.

Snam fell 0.8% following announcing on Thursday that first-quarter net profit fell to 304 million euros, from 312 million euros for the same period a year earlier. Profits fell despite a 13% increase in revenues to 912 million euros, compared to 808 million euros in the first quarter of 2022. Revenues from the energy transition business increased sharply by 124 million euros, doubling from year on year, mainly due to the development of energy efficiency, particularly in the residential sector.

The Iveco Group took last place with 6.0%, following announcing that it had approved the results for the first quarter of 2023, which ended with a profit of 10 million euros, once morest a loss of 15 million euros. at the same time last year. Turnover amounted to 3.39 billion euros, compared to 3.04 billion euros last year.

In the cadet segment, BFF Bank – up 2.6 percent – reported on Thursday that it closed the first quarter with a net profit of 48.4 million euros, compared to 31.3 million euros during the same period last year.

Iren’s board, which lost 0.5%, said on Thursday it had approved results through March 31, 2023, reporting group net profit attributable to shareholders of 135 million. in the first quarter, up 15% compared to the 118 million euros recorded during the same period in 2022. The result for 2022 included the negative impact of the solidarity contribution of 24 million euros.

Tod’s confirmed the uptrend and closed in the green 2.0%. The stock benefited not only from strong accounts in the first quarter, but also from a higher price target from Goldman Sachs and JP Morgan.

On the other hand, Industrie de Nora fell 3.7% to 16.81 euros per share. The company announced on Thursday that first-quarter net profit fell to 25 million euros from 26.5 million euros in the same period a year earlier.

On the small cap side, Biesse – up 0.6% – approved the results for the first quarter of the year, in which it recorded a profit of 12.3 million euros, once morest 9.8 million euros over the same period of the previous year. Consolidated net sales amounted to €209.5 million, compared to €196.6 million at March 31, 2022.

Aeffe, for its part, lost 0.9% the day following the publication of its quarterly report. The results for the first quarter of the year show a net loss of 300,000 euros, compared to a profit of 8.9 million euros in the same period in 2022.

TXT e-solutions rose 1.6% following the board met Thursday to approve operating results for the year to March 31, reporting net profit of $2.9 million. euros, up 40% compared to the 2.1 million euros in the first quarter of 2022, net of 1.1 million euros in tax charges.

Among SMEs, Poligrafici Printing fell 4.0% following publishing consolidated revenue of 6.1 million euros for the year ended March 31 on Thursday, down from 6.9 million euros.

Eles Semiconductors lost 1.0%, following reporting net profit for 2022 was 653,000 euros, down from 854,000 euros a year earlier.

Revenue for the period, taking into account the recent acquisition of CBL Electronics Srl and its subsidiary from October 2022 and Campera ES Srl from January 2022, amounted to 26.1 million euros, compared to 19.0 million euros at December 31, 2021, i.e. an overall increase of 37%.

Frendy Energy fared best, leading with 12%.

In New York overnight in Europe, the Dow fell 0.7%, the S&P fell 0.2%, while the Nasdaq gained 0.2%.

Among Asian stock markets, the Nikkei fell 0.9%, the Hang Seng 0.5% and the Shanghai Composite 1.0%.

Among currencies, the euro traded at $1.0927 from $1.0911 at Thursday’s close. The pound, meanwhile, was worth 1.2521 USD once morest 1.2503 USD last night.

Among commodities, a barrel of Brent is worth 74.60 USD once morest 75.74 USD on Wednesday evening. Gold, meanwhile, is trading at $2,010.55 an ounce from $2,023.00 an ounce at Wednesday’s close.

On Friday’s macroeconomic calendar, in Europe, at 0845 CEST it’s the turn of inflation in France, at 0900 CEST comes the producer price index in Spain and at the same time the data on direct investment overseas and new mortgages in China.

At 1230 CEST, the Spanish consumer confidence index is expected.

Overseas, the US export and import price index is expected at 1430 CEST.

By Maurizio Carta, journalist at Alliance News

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