(Alliance News) – Europe’s major indexes are mixed early Thursday, with Piazza Affari down toward 39,600 points, Frankfurt without momentum and Paris falling below par. London marks the best performance after the unemployment data and while waiting for the Bank of England’s rate decision, due at 1300 CET.
On the monetary front, the People’s Bank of China kept benchmark rates unchanged for the fifth consecutive month in March, in line with market expectations.
Yesterday, the Federal Reserve left interest rates unchanged, expecting two cuts later this year amid slowing growth and persistent inflation.
President Donald Trump urged the Fed to cut interest rates to help offset the effects of his tariffs.
The Bank of Japan also announced yesterday morning that it was keeping its rate policy unchanged.
Thus, the FTSE Mib is down 0.2 percent to 39,643.56, the Mid-Cap is in the red 0.4 percent to 51,308.45, the Small-Cap is down 0.8 percent to 29,225.12, and Italy Growth is in the fractional red at 7,839.58.
London’s FTSE 100 is in the green by 0.3%, Paris’ CAC 40 gives up 0.1%, while Frankfurt’s DAX 40 is in the fractional red.
On the macroeconomic front, producer prices in Germany rose 0.7% year-on-year in February, accelerating from 0.5% in January but below the market consensus of 1.0%.
In the UK, the unemployment rate held steady at 4.4% from November to January, in line with expectations, and remained at the highest level since the three months ended in May last year.
Returning to Milan, on the highest-capitalization list in Piazza Affari, Nexi topped the opening day, ahead 5.7 percent with more than 4 million shares already traded.
The race to acquire Nexi’s national interbank network is intensifying, as Il Corriere della Sera writes Thursday.
Tpg, a U.S. fund, reportedly offered EUR850 million for Nexi’s Digital Banking Solutions division, which includes the Rni and other infrastructure, with revenues of EUR390 million, the newspaper recalls.
Good buying on Amplifon, in the green by 1.8% to EUR20.14. The stock updated a 52-week low yesterday at EUR19.56 per share.
Eni – up 0.6% – and Vitol strengthen collaboration in West Africa with a USD1.65 billion deal to acquire stakes in Eni’s upstream assets in Côte d’Ivoire and Republic of Congo. The total value of the transaction could reach USD2.7 billion, following contractual adjustments, Milano Finanza recalls Thursday.
Snam — up 0.4 percent — reported Wednesday that the board approved its 2024 annual financial report, closing with a net profit of EUR1.25 billion compared with EUR1.13 billion a year earlier.
The board proposed a final dividend of EUR0.1743 per share, while the total dividend will then be EUR0.2905.
UniCredit opens down 0.4 percent, on the heels of eve’s loss.
Regarding the OPS on Banco BPM–down 0.7%–Orcel does not rule out a raise, but does not guarantee it. In London, he said that UniCredit avoids value-destroying transactions and, if necessary, could increase the offer, but at the moment this option does not seem likely, writes La Repubblica on Thursday.
In relation to Banco BPM’s takeover bid for Anima Holding — in the red by 0.1 percent on the Mid-Cap, Orcel pointed out that with Danish, the investment would have a return of more than 15 percent, but without it, the return would drop to 11 percent, consuming much more capital, making the deal less worthwhile.
At the bottom of the main list sits Stellantis at the start, down 1.5 percent. Chairman Elkann told parliament yesterday that 2025 will be a tough year for the automaker.
On the Mid-Cap, leading the rises are Moltiply Group and El.En., ahead 3.3% and 2.7%, respectively.
Rai Way–flat at EUR5.87–reported on Wednesday that it closed fiscal year 2024 with a net profit of EUR89.9 million, up 3.7 percent from EUR86.7 million in 2023.
The board proposed a dividend of EUR0.3340, which is equivalent to a dividend yield of 5.7 percent.
At the bottom of the cadet list is Salvatore Ferragamo, down 2.4% after Wednesday’s loss.
On the Small-Cap, Il Sole 24 Ore – up 5.8 percent – did well after it reported that it ended 2024 with a net profit of EUR9.1 million, up nearly 18 percent from EUR7.7 million a year earlier.
The board of directors resolved to allocate the profit for the year to “retained earnings,” with no distribution of dividends.
On the other side of the list, Industrie De Nora’s decline continues after the publication of its 2024 accounts closed with profit falling by double digits. The stock gives up 7.9 percent.
B&C Speakers – flat at EUR15.50 – reported Wednesday that it closed 2024 with a net profit of EUR17.8 million, up 27 percent from EUR14.0 million in 2023.
The board proposed to shareholders the distribution of a dividend of EUR1.00 per share, up from last year.
Enervit’s fiscal year 2024 – flat at EUR3.28 – closes with a net profit of EUR4.1 million compared to EUR4.0 million at 2023. The board proposed a dividend of EUR0.16 per share.
Neodecortech rises 13 percent after it reported Wednesday that it closed 2024 with a net profit of EUR4.0 million from EUR2.8 million as of Dec. 31, 2023.
The board proposed a dividend of EUR0.15 per share.
Among SMEs, Omer – up 4.6 percent – did well after it reported closing 2024 with a net profit of EUR11.1 million from EUR8.4 million as of Dec. 31, 2023, an increase of 33 percent.
The board proposed a dividend of EUR0.7 per share, up from EUR0.60 in 2023.
GEL – flat at EUR2.02 – reported that it ended 2024 with revenues of EUR15.3 million, essentially unchanged from EUR15.2 million in the previous year.
Eprcommunication’s stock is suspended after a theoretical rise of 30 percent, while Impianti’s stock is suspended after opening in the red by 17 percent, following a double-digit decline on the eve of the meeting.
On Wednesday, the shareholders’ meeting of G Rent — in the red by 4.6 percent — voted to delist the company’s shares from trading.
In New York on Wednesday evening, the Dow closed in the green by 0.9 percent at 41,964.63, the Nasdaq finished up 1.4 percent at 17,750.79, and the S&P 500 advanced 1.1 percent to 5,675.29.
In Asia, the Shanghai Composite finished down 0.5 percent at 3,408.95, while the Hang Seng fell 2.2 percent to 24,219.95. Japanese markets are closed for the Spring Equinox.
Among currencies, the euro changed hands at USD1.0872 versus USD1.0882 in Wednesday’s European equities close. In contrast, the pound is worth USD1.2974 from USD1.2973 last night.
Among commodities, Brent crude is worth USD71.30 per barrel from USD70.97 per barrel at Wednesday’s European stock close. Gold trades at USD3,049.45 an ounce from USD3,030.29 an ounce last night.
Thursday’s macroeconomic calendar includes at 1100 CET data on production in Eurozone construction and the EU leaders’ summit.
In the afternoon, at 1330 CET, from the US will come data on jobless claims, current account and manufacturing from the Philadelphia Fed. At 2130 CET, eyes will be on the Federal Reserve’s balance sheet.
Among companies in Piazza Affari, the accounts of A2A, Unidata, Piovan and Aedes, among others, are expected.
By Antonio Di Giorgio, Alliance News reporter
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