(Alliance News) - On Wednesday, the Mib index moved in a tepidly bullish trend, following the trend of other European stock markets, and setting the bar at 28,700 points.
As for economic data, the Eurozone's annual inflation rate stood at 5.5 percent in June, down from 6.1 percent in May. A year earlier, the rate was 8.6 percent, as reported by Eurostat on Wednesday.
However, the core rate -- which excludes volatile items such as food and energy -- rose to 5.5 percent, above a preliminary estimate of 5.4 percent, remaining close to a recent peak of 5.7 percent and supporting the view that ECB officials are likely to continue raising interest rates in the coming months.
Thus, the FTSE Mib is up 0.1 percent to 28,738.35, Mid-Cap gains 0.4 percent to 42,477.72, Small-Cap is in the green 0.3 percent to 26,747.27 while Italy Growth rises 0.1 percent to 9,083.97.
In Europe, Paris' CAC 40 is up 0.6 percent, London's FTSE 100 is in the green by 1.6 percent, while Frankfurt's DAX is up 0.2 percent.
On the main index of Piazza Affari, ERG is up 1.6% with price at EUR27.78, after announcing Tuesday that it has finalized the renewal of its medium-term nonconvertible bond issue program - Euro Medium Term Notes Program - with a total maximum amount of EUR3 billion, of which EUR1.6 billion has already been issued.
Good trades also on Terna, which marks a plus 1.4 percent. In particular, the latter launched a EUR650 million green bond issue. The bond is part of the soceity's EUR9.00 billion Euro Medium Term Notes program, rated 'BBB+' by S&P and '(P)Baa2' by Moody's. It has a term of 10 years, maturing in July 2033, with a coupon of 3.875% and an issue price of 99.1%, with a spread of 90 basis points over midswap. Terna expects the net proceeds of the issue to be used to finance the company's "eligible green projects," identified or to be identified based on Terna's green bond framework.
Snam, on the other hand, advances 1.5 percent, giving ground after three sessions in the red.
On the other side of the list is Moncler, down 1.3 percent. "Spooking European luxury is the signals coming from the health of the Chinese economy, despite the fact that the sector is by definition countercyclical. In the second quarter of the year, Beijing's Gross Domestic Product grew by 6.3 percent against the plus 7.1 percent expected, and in June retail sales rose only 3.1 percent year-on-year against the plus 12.7 percent recorded in May," writes Alliance News columnist Francesco Bonazzi.
"The second signal that is hurting stocks in the sector comes from the US. Yesterday, the Swiss giant paid for the announcement of sales down 4 percent in the U.S. market for the quarter. With a weak economy, selling jewelry to the middle classes is more difficult, and the ongoing tightening of monetary policy is doing the rest. Precisely a contraction in U.S. credit is what the fashion biggies seem to fear."
Also among the few bearish performers is Inwit, which trades at minus 2.2 percent. On the stock it is reported that Berenberg raised its target price on the stock to EUR13.60 from EUR13.50 with a 'buy' recommendation.
On the Mid-Cap, Salcef Group - in the green by 3.8 percent - reported Wednesday that subsidiaries were awarded contracts totaling EUR150 million by RFI in Lombardy and Veneto and by EAV Srl in Campania.
Antares advances 2.5% to EUR6.61, trailing the eve's green with 0.9%.
Safilo Group -- up 1.7 percent -- and Juicy Couture, a global fashion brand with an iconic lifestyle, on Tuesday announced the renewal, until Dec. 31, 2027, of their global licensing agreement for the design, production and distribution of Juicy Couture-branded women's eyewear and sunglasses and girls' eyewear.
Down goes Eurogroup Laminations, in the red by 0.9 percent. Of note, JPMorgan Asset Management initiated a short position on the stock at 0.5 percent earlier this week.
Also at the tail end is Reply, which marks a minus 1.0%, after the slight profit on the eve with 0.1%.
On the Small-Cap, strength on Neodecortech, which brings the bar up 6.9%. Volume of more than 57,000 is recorded on the stock, compared with the three-month daily average of about 10,800.
High quarters also for Softlab, which advances 4.6 percent after eve's 1.2 percent decline.
Esprinet rises 0.8 percent after announcing Wednesday that it has entered - on July 18 - a binding agreement to purchase 100 percent of the capital of Sifar Group Srl, a company under Italian law active since 2012 in the B2B distribution of spare parts, components and accessories for mobile phone and tablet products. The acquisition will take place at an estimated consideration of EUR16.0 million and subject to adjustment mechanisms.
Abitare In trades in the red by 3.2 percent, after two sessions closed in the black in which it gathered an aggregate of about 7 percent.
Among the SMEs listed in Piazza Affari, Arterra Bioscience retreats 4.3 percent with new price at EUR2.22 per share, in scial to the eve's liabilities with the same percentage decline. Of note, the company reported Monday that it closed the first half of the year with revenues of EUR1.6 million, down 25 percent from EUR2.1 million in the same period last year.
Gentili Mosconi, meanwhile, gives up 3.6 percent to EUR3.46 per share, with volume of more than 20,000 changed hands compared to a three-month daily average of about 6,800.
Pattern rises 0.7 percent, after announcing Tuesday that Idee Partners, a company currently its subsidiary, has signed a framework agreement with Paolo Benedetti to acquire from him an additional 30 percent of the share capital of RGB Srl, a Tuscan company specializing in the production and processing of leather accessories, to hold 100 percent of the latter's share capital at the closing of the deal.
Doing better than all is High Quality Food, which advances 8.1 percent to EUR1.07 per share rearing its head again after two bearish sessions.
In New York on Tuesday, the Dow Jones closed in the green 1.1 percent to 34,951.93, the S&P picked up 0.7 percent to 4,554.98, and the Nasdaq was up 0.8 percent to 14,353.64.
Among currencies, the euro changed hands at USD1.1234 versus USD1.1225 in Tuesday's closing European equities while the pound was worth USD1.2951 from USD1.3064 Tuesday evening.
Among commodities, in a bearish trend, Brent crude is worth USD79.87 per barrel versus USD79.28 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,977.87 an ounce from USD1,980.81 an ounce Tuesday evening.
On Wednesday's macroeconomic calendar, at 1300 CEST, the mortgage market report will be released from the US, while at 1430 CEST it will be the turn of building permits. At 1630 CEST, the EIA data on refineries and the Cushing inventory is released. At 1900 CEST, a 20-year Treasury bond auction is scheduled instead.
By Maurizio Carta, Alliance News reporter
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