Luxury Sector Leads Mib; Italian Inflation Holds Steady

(Alliance News) - On Friday, major European markets showed no clear direction midway through trading, following the release of Italian GDP and inflation data.

Specifically, Italy's national statistics institute Istat reported that annual inflation stood at 1.2% in November, matching the pace recorded in October.

On a monthly basis, consumer prices fell by 0.2% in November, after declining by 0.3% the previous month.

Also from Italy, gross domestic product rose by 0.1% quarter-on-quarter and by 0.6% year-on-year, improving on the preliminary end-October estimate that had indicated no quarterly change and a 0.4% annual increase.

The carry-over effect for the whole of 2025 is 0.5%.

U.S. stock exchanges will close early for the long Thanksgiving weekend.

As a result, the Mib is fractionally down at 43,213.68, the Mid-Cap is up 0.1% at 58,377.82, the Small-Cap advances 0.3% to 35,730.20, as does Italy Growth at 8,383.16.

The CAC 40 is up 0.2% at 8,110.89, the DAX 40 is fractionally down at 23,760.53, and the FTSE 100 is up 0.2% at 9,714.07.

At Piazza Affari, the index is led by luxury stocks, with Brunello Cucinelli up 1.6% and Moncler rising 0.9%. Saipem sits between the two, gaining 1.5%.

Leonardo--up 0.3%--has unveiled Michelangelo Dome, its new advanced integrated defense system designed to counter emerging threats in an increasingly complex global scenario.

During a parliamentary hearing on the Golden Power procedure, UniCredit CEO Andrea Orcel strongly reaffirmed the group's Italian identity, noting that about 45% of its balance sheet is allocated to Italy and that the bank--flat at EUR64.12 per share--holds around EUR40 billion in Italian government bonds, more than any other bank.

In banking sector moves, Banca Monte dei Paschi is down 1.5% and Mediobanca is up 0.5%. Corriere della Sera reported that entrepreneur Francesco Gaetano Caltagirone, Luxottica and Delfin holding president Francesco Milleri, and Monte dei Paschi di Siena CEO Luigi Lovaglio are under investigation by Milan prosecutors for alleged market manipulation and obstruction of regulatory authorities.

According to investigators, they allegedly coordinated the EUR13.5 billion public exchange offer, which received 62% acceptance on the stock market.

Tensions between Stellantis--up 0.8%--and the Canadian government are escalating. At the heart of the dispute is the lack of electric conversion at the Brampton plant in Ontario and the NextStar Energy gigafactory project in Windsor, a joint venture between Stellantis and LG, with a total investment of USD16 billion.

Enel, aiming to strengthen its presence in Brazil's electricity distribution business, where it plans to invest EUR5 billion between 2025 and 2027, slips 0.2%.

On the Mid-Cap, Salvatore Ferragamo is the top performer, gaining 3.5%, followed by Caltagirone up 3.0% and MAIRE rising 2.6%.

MFE-MediaForEurope's new international expansion, following its entry into Germany's ProSiebenSat.1, has led to its arrival in Portugal with the acquisition of a 32.9% stake in Impresa SGPS, a group controlled by the Balsemão family. MFE A shares slip 0.1%, while B shares rise 0.3%.

Among small caps, Brioschi--up 1.3%--announced that its subsidiary Milanofiori Sviluppo has accepted proposals from several institutional professional investors to sell all 73,769 shares still held in the Fleurs Fund.

Fidia drops 4.3%. The company reported that Global Growth Holding Limited has requested the conversion of five bonds from the convertible bond loan with warrants reserved for GGHL.

The conversion price was set at EUR0.14 per share, resulting in the issuance of a total of 357,142 Fidia shares to GGHL, which will be admitted directly to trading on the regulated market.

Among SMEs, Lindbergh--down 1.3%--has completed the acquisition of Giuseppe Camaglio's company Alpiclima. In addition to the EUR200,000 already paid at the signing of the preliminary agreement, a further EUR1.1 million was paid in cash.

Ubaldi Costruzioni--up 0.2%--reported that its backlog as of September 30 stands at EUR182.4 million.

The order book consists of 56 active contracts, mainly located in central Italy. Public contracts account for about 74% of the total, privately funded public initiatives for 22%, with the remainder made up of private projects, confirming the company's focus on strategic business areas.

Alantra has confirmed its 'buy' recommendation on Edil San Felice and raised the target price to EUR5.70 from EUR5.10 per share.

Edil San Felice has announced it has secured a new EUR20.0 million contract from ANAS. With this award, the order book for 2025 rises to over EUR98.0 million. The three-year framework agreement covers the installation of new road safety barriers on sections in Basilicata, on the Autostrada del Mediterraneo, and in Calabria. The stock is up 3.5%.

ESI--down 0.3%--reported Thursday the signing of four new contracts for the revamping of four photovoltaic plants in the Apulia region, totaling about 4 MWp.

It is worth noting that U.S. markets remained closed for Thanksgiving Day.

In currency markets, the euro is trading at USD1.1562, down from USD1.1600 at Thursday's equity close, while the pound is at USD1.3207 from USD1.3247 last night.

Among commodities, Brent crude is trading at USD62.85 per barrel, down from USD63.28 at Thursday's close, while gold is valued at USD4,221.30 per ounce, up from USD4,154.60 last night.

Friday's economic calendar includes the Federal Reserve's balance sheet release at 10:30 p.m. CET.

By Claudia Cavaliere, Alliance News Reporter

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