Listings down; Japan inflation stable

(Alliance News) - Piazza Affari--according to the futures market--is marking a bearish path for the last session of the week, as are other European stock markets. Macro data include that the annual inflation rate in Japan stood at 2.8 percent in June, holding steady for the second consecutive month and remaining at its highest level since February. The data were released Friday by Japan's Ministry of the Interior.

The core inflation rate hit a three-month high of 2.6 percent in June, accelerating for the second month and maintaining market expectations that the central bank may raise interest rates soon.

On a monthly basis, the CPI rose 0.3 percent, slowing from its strongest pace in seven months of 0.5 percent in May.

Thus the FTSE Mib-after closing Thursday up 0.4 percent to 34,529.13-is giving up 65.00 points.

Among the smaller listings last night, the Mid-Cap rose 0.5 percent to 48,738.17, the Small-Cap was up 0.2 percent to 29,433.27, and Italy Growth gave up 0.3 percent to 8,100.04.

In Europe, London's FTSE 100 is surrendering 36.60 points, Paris' CAC 40 is giving up 11.30 points, and Frankfurt's DAX 40 is stepping back 16.10 points.

On the Mib last night, good session for Eni, which went up 1.1 percent to EUR14.29 per share. Of note, the company and Kazakhstan's state-owned KazMunayGas - KMG announced Tuesday the start of construction of a 250 MW renewable sources and gas hybrid power plant in Zhanaozen, in Kazakhstan's Mangystau region.

Strength also on Iveco, which rose 5.8 percent to EUR11.9250 per share, rearing its head after two bearish sessions and positioning itself at the top of the blue chip list.

Stellantis sales -- up 1.9% -- in June rose slightly in Europe, underperforming the European market, where registrations grew 4.3% year-on-year to nearly 1.1 million units. As shown Thursday by data from ACEA, the European Automobile Manufacturers' Association, the merged PSA Groupe and Fiat Chrysler Automobiles giant posted a 0.4 percent increase over June 2023, but market share fell to 17.3 percent in June from 18.0 percent a year earlier.

Banco BPM -- up 0.6 percent -- announced Wednesday the final results of the offer to repurchase its EUR400.0 million perpetual bond. At the maturity of the offer, the total nominal amount of existing securities was EUR179.5 million, and Banco BPM carried out the repurchase at the same time as issuing a new EUR400.0 million Additional Tier 1 fixed-rate reset perpetual bond denominated in euros.

Nexi rises 0.1 percent to EUR5.88 per share. Deutsche Bank raised its target price to EUR6.50 from EUR5.80, with a "hold" recommendation.

BPER Banca rose 0.5 percent after reporting that the board of directors appointed Simone Marcucci as the bank's chief financial officer, effective July 19. Marcucci takes over from Gian Luca Santi, current chief financial officer and deputy general manager.

Intesa Sanpaolo is up 0.5 percent and Acea is up 1.8 percent after signing the first national agreement for the safeguarding and sustainable management of water in companies' production processes also in relation to the measures of the National Recovery and Resilience Plan, which provides for the allocation of about EUR4.4 billion to protect the water resource.

In contrast, Prysmian, among the few bearers, gives up 1.6 percent to EUR60.70 per share. Of note, Beremberg raised its target price on the stock to EUR75.00 from EUR63.00 per share.

On the Mid-Cap, strength on Webuild, which moves up 6.5 percent to EUR2.30 per share, after eve's 1.5 percent decline.

For Fincantieri, on the other hand, the rise is 4.3 percent, in its third bullish session in a row, bringing the increase since the beginning of the year to over 21 percent. Fincantieri and Hera -- up 1.6 percent on the Mib -- announced Thursday that they have signed a memorandum of understanding to launch a partnership aimed at optimizing waste cycle management and creating value at Fincantieri's shipyards throughout the country, in accordance with circular economy principles and objectives.

The agreement provides for the establishment of a newco - owned by Fincantieri and the Hera Group, through its subsidiaries Herambiente Servizi Industriali and ACR di Reggiani Albertino, part of the Herambiente Group - in charge of implementing an integrated and efficient waste management system at Fincantieri's shipyards, starting with the Monfalcone site, identified as the first area of intervention for the implementation of the project. In addition, the new company will be responsible for the operational management of the plant, the management of disposals and the valorization of residues and recoverable waste.

At the back end, Moltiply Group lost 2.1 percent to EUR36.60 but almost in line with its 30-day VWAP at EUR35.85.

On the Small-Cap, Giglio Group--up 23%--on Wednesday announced the launch of OMNIA. The new advanced technology platform, based on artificial intelligence, represents the innovative merger and evolution of Giglio Group's two proprietary platforms Flex and Nimbus, and offers an integrated end-to-end approach to managing both the physical and online purchasing process, from the initial order stage to final delivery.

Good buys also on Fiera Milano, up 1.7 percent, in its third consecutive bullish session. The stock, since the beginning of 2024, has increased its market cap by nearly 49 percent.

On Italy Growth, EdiliziAcrobatica -- up 10 percent -- reported Thursday that the number of contracts signed in the first half of the year grew 40 percent to 16,107 from 11,500 in the same period of 2023. The number of customers also increased by nearly 59 percent from June 30, 2023.

Askoll Eva closed up 4.1 percent after two sessions closed in the red. The stock, on the MarketScreener platform, has a target price of EUR0.28, thus being underpriced by about 28 percent.

Circle--flat at EUR7.82--reported Thursday that Magellan Circle Italia, a company part of the Circle group and a leader in transport, mobility, logistics, environmental and circular economy consulting, has signed a two-year contract worth about EUR140,000 with a client in the port sector for the technical and financial management of six European projects.

Prisms, also unchanged at EUR0.0702, reported-between July 9 and July 15-it received payments on account of future capital increase of more than EUR300,000, including EUR150,000 from Tender Capital and the remainder from other qualified investors.

In New York overnight Europe, the Dow gave up 0.3 percent, the Nasdaq Composite gave up 0.7 percent, and the S&P 500 left 0.8 percent on the parterre.

Among Asian exchanges, the Nikkei gave up 0.2 percent, the Hang Seng is giving up 2.1 percent, and the Shanghai Composite is in the red by 0.1 percent.

Among currencies, the euro changed hands to USD1.0886 from USD1.0912 in Thursday's European stock close while the pound is worth USD1.2930 against USD1.2978 last night.

Among commodities, Brent crude is trading at USD84.62 per barrel from USD84.62 per barrel at Thursday's close. Gold, on the other hand, trades at USD2,417.32 an ounce from USD2,464.02 an ounce Thursday evening.

Friday's macroeconomic calendar, at 1000 CEST, focus on the Eurozone current account and the Spanish trade balance. Also from Spain, at 1200 CEST, will come consumer confidence.

From the U.S., at 1900 CEST, space for Baker Hughes data on mining plants.

Among the companies in the business square, no particular events are scheduled.

By Maurizio Carta, Alliance News reporter

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