Milan maglia rosa at start; on Mib down only oil

(Alliance News) - Tuesday, as the Italian market awaits industrial production data for August, major European stock markets open mixed, with Milan, Paris and London moving in positive territory while Frankfurt veers downward.

Thus, the FTSE Mib is in the green by 1.2 percent to 28,021.60, the Mid-Cap rises 1.0 percent to 39,095.02, the Small-Cap is in the green by 0.7 percent to 25,207.37, while Italy Growth is up 0.2 percent to 8,068.99.

In Europe, Paris' CAC 40 is in the green by 1.0 percent, London's FTSE 100 is up 0.8 percent, while Frankfurt's DAX 40 gives up 0.7 percent.

"Oil prices surged more than 5 percent Monday on rising geopolitical tensions in the Middle East. Rumors that Iran helped Hamas plan the attack fueled the fire. The rumors have been debunked, but an escalation of tensions between Iran, Israel and the U.S. could have serious consequences for global oil production since, despite restrictions, the former increased its exports and took on some of the global production after the war in Ukraine as Russian oil was banned and the West had little choice to allow anyone to sell its oil," commented Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

"In August, Iran's crude oil exports exceeded 1.4 mbpd. This is not much compared to demand of about 100 million barrels per day, but it offsets some of OPEC's production cuts, for example, and has export potential of up to 3-4mbpd. Therefore, excluding Iran from the picture could be a nightmare. And that is precisely why the U.S. is turning to other sanctioned countries to see if anything can be done. According to Reuters, the U.S. has made progress in talks with Venezuela to ease sanctions and allow at least one other foreign oil company to buy Venezuelan oil under certain conditions."

"Oil's reaction rally is softening, with the barrel of crude settling around $86bp this morning. Brent remains on offer near the 50-DMA, near the $88bpb level. Upside risks prevail."

On the main list of the Italian Stock Exchange, bearish performers include Saipem and Tenaris, down 0.8 percent and 0.7 percent, respectively.

All other stocks are traveling in positive territory, with Telecom Italia leading the way, up 3.6 percent. Press reports have reported on the meeting between Treasury Minister Giancarlo Giorgetti and Meloni government chief of staff Gaetano Caputi, who, at the request of Vivendi, which is TIM's largest shareholder, received Chairman Yannick Bollorè and CEO Arnaud de Puyfontaine. For Vivendi, KKR's offer does not do justice to the strategic value of the infrastructure, without solving the debt problem at its root, putting the remaining company and its employees at risk. That is why the French shareholder is ready to protect its rights in the most appropriate legal venues.

KKR has been working since June 26 together with TIM management to formulate a binding offer by Oct. 15 for Netco, the company that encompasses the primary and secondary network, and Sparkle's submarine cables-which the MEF intends to take over at a later date.

Also going up is CNH Industrial, up 2.3%, dragging the entire Agnelli Galaxy, with Ferrari up 1.9%, Iveco up 1.9%, and Stellantis up 2.2%.

Banca Generali rises 1.2% after announcing Monday that it achieved net inflows of EUR373 million in September, up 42% from September 2022, bringing the total since the beginning of the year above EUR4.3 billion, up 7% from the same period last year albeit against a backdrop of high volatility in global financial markets.

On the Mid-Cap, Juventus also did well, in the green by 0.4 percent dragged by the other House stocks and despite the results of the 2022-2023 budget. In fact, the company reported that it closed the year with a loss of EUR123.7 million from EUR239.3 million in the same period last year, partly affected by negative revenue and cost effects related to the outcomes of Italian and international sports proceedings.

As of June 30, revenues and income stood at EUR507.7 million from EUR443.4 million in 2022.

Brembo rises 1.7 percent after announcing Friday that the acceptance period for the option and pre-emption offer addressed to shareholders to purchase 4.4 million shares subject to the company's withdrawal has ended.

Anima Holding rises 1.0 percent. The company reported that the group's net inflows of assets under management in September were negative EUR271 million. At the end of September, total assets under management of the Anima group stood at approximately EUR184 billion. The company also informed that it has taken over treasury shares for EUR2 million during the past week.

EuroGroup Laminations - up 2.5 percent - announced that it has completed the closing of the acquisition of 100 percent of the share capital of DS4 Spa, active in the design and construction of custom-made software and hardware with applications in the field of industrial automation.

The transaction has an enterprise value of approximately EUR16.5 million. The payment of the consideration was made entirely in cash, through the buyer's own means.

On the small-cap side, Exprivia -- in the red by 0.5 percent -- announced Monday that it was kicking off a buyback program of up to 5.2 million of its own ordinary shares.

The company may invest a maximum of EUR8.7 million for the plan. As of today, Exprivia holds 5.2 million of its own shares.

Pierrel-which does not yet trade-announced Monday that it has obtained marketing authorization in Uzbekistan for the Articaine-based dental anesthetic, Orabloc in both formulations. With this new authorization, the company explained in a note, Pierrel strengthens its commercial presence in Central Asia.

Among SMEs, Growens--not yet affected by the trade--on Tuesday announced figures for the third quarter of the year, for which consolidated sales of the SaaS--Software as a Service--business line amounted to EUR12.7 million, up 4.4 percent from EUR12.2 million in the same period last year.

In this business line, the unit expressing the highest growth is Beefree, with annual recurring revenue of EUR10.9 million.

In addition, the company announced that it has signed a binding agreement to sell 100 percent of the share capital of its Dutch subsidiary Datatrics to Squeezely, a company in the Spotler Group, a leading player in marketing automation in the Netherlands and the United Kingdom, for a total consideration of EUR1.7 million.

EdiliziAcrobatica - up 2.3 percent - on Monday reported that the board of directors confirmed and extended to new CEO Anna Marras all operational and management powers in order to ensure total continuity in the group's path of growth and nternationalization, following the death of founder Riccardo Iovino.

In addition, the board appointed Tino Seminara as a new nonexecutive director.

In Asia, the Nikkei closed up 2.4 percent to 31,746.23, the Shanghai Composite is down 0.7 percent to 3,075.24, and the Hang Seng is up 1.0 percent to 17,684.63.

In New York last night, the Dow closed up 0.6 percent to 33,604.65, the Nasdaq was up 0.4 percent to 13,484.24 and the S&P 500 was up 0.6 percent to 4,335.66.

Among currencies, the euro changed hands at USD1.0562 against USD1.0544 recorded in Monday's European stock close while the pound was worth USD1.2219 from USD1.2210 on Monday evening.

Among commodities, Brent crude is worth USD87.72 per barrel from USD88.09 per barrel at Monday's close. Gold, meanwhile, trades at USD1,870.15 an ounce from USD1,852.67 an ounce on Monday evening.

The macroeconomic calendar includes, at 1000 CEST, Italian industrial production. At 1400 CEST, there will instead be a speech by the European Central Bank's number one, Christine Lagarde.

At 1530 CEST, from the U.S., focus on Fed member Bostic's speech while it will be followed, at 1900 CEST, by Waller's and, at 2100 CEST, Kashkari's.

On the corporate calendar in the Piazza Affari, no special appointments are scheduled.

By Claudia Cavaliere, Alliance News reporter

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