(Alliance News) - On Friday, major European indexes ended the week in positive territory, with selling prevailing in Piazza Affari, which touched 36,300, and the Frankfurt and London stock exchanges at all-time highs.
"Asset allocation from overvalued U.S. tech stocks to European stocks with lower P/E ratios, coupled with weakness in the euro and pound, pushed the DAX 40 and FTSE 100 to new all-time highs," said Axel Rudolph, senior technical analyst at online trading platform IG.
"The German index posted three records this week, with the FTSE 100 following it by surpassing its May peak. The Euro STOXX 50 and the 600 are also close to all-time highs and could reach them soon, while the IMF revises its global growth forecasts upward ahead of President-elect Trump's inauguration on Monday," concluded the IG analyst.
The FTSE Mib closed Friday up 1.3 percent to 38,267.63, the Mid-Cap gained 1.5 percent to 48,634.37, the Small-Cap finished in the green 0.6 percent to 28,113.96, and Italy Growth advanced 0.1 percent to 7,858.74.
In Europe, London's FTSE 100 closed in the green by 1.3 percent, Paris' CAC 40 finished up 1.0 percent and Frankfurt's DAX 40 gained 1.2 percent.
On the macroeconomic front, Italy posted a current account deficit of EUR332 million in November, down from a gap of EUR848 million in the corresponding period a year earlier, according to data published Friday by the Bank of Italy.
In the US, industrial production in the US increased by 0.9 percent in December, marking the strongest increase since February and far exceeding market expectations.
Also in the US, housing starts in December surged 16 percent from the previous month, reaching a seasonally adjusted annualized rate of 1.5 million units, the strongest monthly increase since March 2021.
Back in Milan, on the highest-capitalization list of the Milan Stock Exchange, Iveco Group did best of all by moving ahead 5.7 percent.
Buzzi, in the green by 4.3 percent, and Stellantis, up 2.9 percent, did well.
Azimut--up 3.0%--reported Thursday that, based on early summary data and estimated results, it expects to close fiscal 2024 with a net profit of about EUR600 million, placing it at the higher end of the target revised in November.
Total net inflows for 2024 amount to EUR18.3 billion and far exceed the annual target of EUR14 billion set in the last revision last July.
Banco BPM - in the green by 1.6 percent - disclosed Friday that the Supreme Court's ruling has been filed, putting an end to the litigation to obtain the annulment of assessment notices issued in 2011.
The ruling will allow the bank to obtain full restitution of the provisional amount paid during the pendency of the case, totaling EUR201.9 million, plus interest thereon.
Generali -- up 1.2 percent -- on Friday reported that Generali Investments, a global asset management company part of the Generali Group, and MGG Investment Group announced the signing of a definitive agreement under which Conning & Company, the wholly owned subsidiary of Generali Investments, will acquire a majority stake in MGG and its affiliates.
Telecom Italia closed ahead 1.1 percent, with more than 130 million changed hands.
Leonardo - in the green by 1.0 percent - let it be known Friday that it, along with BF - flat at EUR4.52 per share, will take part in the Mattei Plan for Africa, with the signing of an agreement that strengthens the existing collaboration between the two companies for agricultural and technological development on the continent.
There were only three bearish stocks on the main list at the close of the last weekly session: Banca Monte dei Paschi di Siena closed down 0.4 percent, Saipem finished 0.6 percent in the red, and Amplifon fell 1.5 percent.
On the Mid-Cap, Maire led the gains in the last session, touching double digits and closing in the green by 9.6 percent, with more than 1.5 million shares traded.
Iren -- up 3.1 percent -- announced Thursday that it had placed its first hybrid subordinated perpetual bond issue with a nominal value of EUR500 million.
The issue received applications for subscription nearly eight times the amount offered, totaling orders of EUR4 billion. The settlement date is scheduled for January 23.
On the bottom, Technogym, down 1.1 percent, and D'Amico, down 2.2 percent
On the Small-Cap, SIT closed on top, soaring 17 percent, after it announced Friday that its subsidiary MeteRSit had signed a EUR20 million-plus contract with a major European energy company.
TXT e-solutions--green by 3.6 percent--reported that it has appointed Nicola Cordone as a new executive and non-independent board member.
I Grandi Viaggi -- up 0.9 percent -- reported Thursday that it had closed its annual accounts as of Oct. 31 with a profit of EUR3.3 million, up from EUR2.8 million in 2023.
Revenue from the group's core operations was EUR62.6 million, up from EUR57.0 million in the previous year. Total revenues increased to EUR67.2 million from EUR61.2 million in 2023.
On the other side of the list, Bestbe Holding finished 21 percent in the red, in its third bearish session.
Among SMEs, Alfonsino finished at the top of the alternative list, up 10 percent.
Next Geosolutions Europe -- in the green by 2.8 percent -- reported Thursday the award of two contracts worth about EUR41 million with Prysmian Group -- up 2.6 percent on the Mib.
Adventure - in the green by 1.0 percent - reported that the board approved a EUR2.8 million capital increase reserved for Primo Network shareholders, resulting from the sale of their stake in Primo Network.
SolidWorld Group - down 1.1 percent - reported Thursday that Redfish Listing Partners - unchanged at EUR1.20 per share - sold 424,462 ordinary shares in the company.
The negative momentum continues for Vivenda Group, which left 5.2% on the parterre, bringing its performance for the past month into the red by 31%.
Altea Green Power--up 5.9 percent--reported on Friday that the Ministry of Environment and Energy Security has approved the 200 MW Battery Energy Storage System project located in Genzano di Lucania, Basilicata.
In New York, the Dow is up 1.1 percent to 43,614.14, the Nasdaq rises 1.6 percent to 19,641.18, and the S&P 500 marks a 1.2 percent increase to 6,006.63.
Among currencies, the euro changes hands at USD1.0297 versus USD1.0306 on Thursday in closing European equities. In contrast, the pound is worth USD1.2189 from USD1.2242 last night.
Among commodities, Brent crude is worth USD77.56 per barrel from USD80.50 per barrel at Thursday's European stock close. Gold trades at USD2,758.16 an ounce from USD2,680.37 an ounce Thursday evening.
Monday's macroeconomic calendar opens at 0100 CET with data on UK residential housing prices, followed at 0215 CET by the PBoC's preferred interest rate decision in China.
At 0530 CET, the focus shifts to Japan, with the release of industrial production data and the index of industry activity in the tertiary sector.
The European morning includes, at 0800 CET, producer prices from Germany, while at 1100 CET updates on the consumer confidence index in Spain, production data in the Eurozone construction sector and the Eurogroup meeting are expected.
Among companies in the Piazza Affari, no particular events are expected.
By Antonio Di Giorgio, Alliance News reporter
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