At 12:57 the Ftse Mib changes positively (+0.3%), the spread remains at 192 points on the day in which the premier Giorgia Meloni presents her first budget maneuver, mainly in deficit, which Equita analysts have considered sustainable for the Italian economy. Piazza Affari is driven by energy stocks thanks to the return of oil (US Wti) above 80 dollars a barrel.
Eni grows by 3.6%, Tenaris by almost 5%, Saras by 2.7%. Fincantieri (+3%) and Telecom Italia (+1.8%) also did well, while Moncler, Ferragamo and Ferrari lost more than 1.3%, weighed down by the blockades in China.
The OECD released its updated economic forecast on Tuesday. Global growth is expected to slow to 2.2% in 2023, from 3.1% this year, before accelerating to 2.7% in 2024, according to the European Commission’s latest forecast. Economic perspective.
The Paris-based institute wrote that the global economy, in particular Europe faces significant challenges, including persistently high levels of inflation, rising financing costs, energy supply shortages and the ongoing war in Ukraine.
The growth of Eurozone GDP should decrease to 0.5% in 2023 (versus 0.3% expected in September), versus 3.3% this yearThe German economy, which depends on Russian gas, will contract by 0.3% next year, while France and Italy will be the two most affected countries. Italy will only increase by 0.6% e 0.2%.
The US economy is expected to grow by just 0.5% next year, compared to 1.8% in 2022 and the China’s GDP is expected to grow by 4.6%. (vs. a forecast of 4.7% in September) after rising 3.3% this year due to pandemic-related work disruptions and a weak housing market. Japan’s economic expansion, however, is expected to reach 1.8% next year, up from 1.6% in 2022.
10:40 – Piazza Affari accelerates with oil and energy stocks. Eurozone imports have reached all-time highs
At 10:40 the Ftse Mib rose by 0.6%, driven by energy stocks and the return of US WTI oil above 80 dollars a barrel. Meanwhile in Rome, Prime Minister Giorgia Meloni holds a press conference on the budget law. The gap narrowed to 192 points.
The current account surplus of the euro area decreased sharply from €33.1 billion in the same month of the previous year to €3.8 billion in September 2022. The euro area went from a surplus of €22.3 billion recorded in 2021 to a deficit of €9.3 billion. imports reached a record level of 275.5 billion euros. euro due to rising energy prices and the super dollar.
At the same time, the services surplus decreased from €15.8 billion to €14.7 billion, while the primary income surplus increased from €8.2 billion to €10.0 billion. The secondary income deficit decreased from 13.2 billion euros to 11.7 billion.
9:15 – Piazza Affari is positive thanks to oil, Tenaris, Saipem and Eni in progress. Well done Enel
Futures on the Eurostoxx50 are slightly in the red on Tuesday 22 November, but Piazza Affari opens positively, the Ftse Mib advances by 0.3% at the start thanks to the energy sector. US WTI oil, in fact, resumed its rise of more than 1%, returning to 80 dollars a barrel (80.98).
Tenaris stands out with a +4.35%, Saipem rises by almost 3%, Eni and Saras by 2.7%, Enel does well (+2%) after the business plan. Telecom Italia gains almost 1%, sales are currently concentrated on Mutuionline (-2%), Interpump (-2%) and Ferrari (-1.4%). The spread rose to 194.4 points, the 10-year BTP yield rose slightly to 3.969%, Wall Street futures remained stable.
8:15 – Piazza Affari should be in the red, China is weighing again. It’s Enel day, watch out for deputies!
Eurostoxx50 futures were down (-0.3%) on Tuesday November 22 after Wall Street in the red and a mixed Asia. In the East, the markets are moderately positive with the exception of the Hang Seng (-1.74%) on fears of a more persistent crisis in the Chinese real estate market. Two problems weigh on the equity markets: the blockades that continue to spread in China and the Fed determined to fight against inflation and therefore not to ease its policy of rate hikes.
However, China, with its strict policy of controlling the contagion from Covid and the concept of common prosperity that has brought the major brick and mortar groups to their knees, remains a complex issue. On Tuesday, the Chinese e-commerce giant, JD extension. com (-5% on the Hong Kong stock exchange) said it would cut the salaries of more than 2,000 executives by 10% to 20% next year to better compensate the rest of the staff, under the government’s “common prosperity” policy program which aims to reduce income inequality.
The euro rose 0.10% to 1.0253, the US 10-year saw its yield fall from 3.828 to 3.812%, while Wall Street futures remained below par for the time being.
Tuesday 22 November Is in the has launched its new strategic plan to 2025, implementing sales that will reduce the debt by as much as 21 billion euros, with the exit of the countries now considered less strategic. Dividend confirmed, with coupon of 0.43 euro in the period 2023-2025. Sustainable electrification, with 90% carbon-free supply by 2025, bringing production from renewable sources to around 75% of the total, adding around 21 GW of capacity and digitizing around 80% of grid customers. These are the central elements of Enel’s trajectory over the next three years, which the CEO Francesco Starace will discuss in detail during the capital market day in Milan.
With a value of 21 billion euros which will serve to reduce net debt.the Starace plan has largely exceeded the estimates of analysts, such as Equita, who had estimated between 10 and 15 billion euros. Most of the plan should be completed by the end of 2023. Until then, Enel’s geography will focus on six ‘key’ countries: Italy, Spain, the United States, Brazil, Chile and Colombia, where 80% of the group’s energy sales will be driven by fixed-price contracts. In detail, activities in Europe should be concentrated in Italy and Spain, with the sale of assets in Romania.
ON mpsUS asset manager Allspring Global Investments (formerly Wells Fargo) reduced its stake in the bank to 0.058% in a Nov. 15 deal, from the 6.806% it held on Nov. 10, according to the latest Consob findings. Meanwhile, on 15 November, the French insurer Axa held 7.976% of the capital of MPS.
A group of five or six banks is willing to transfer a total of €2 billion of state-guaranteed loans to Amcoas part of Project Glam, as reported by MF-Milan Finance.
Coima Res and Dea Capital are among the asset management companies that have shown interest in logistics real estate Italian post he wants to put it in a fund.
As for Brunello CucinelliThe maison and EssilorLuxottica have signed an exclusive licensing agreement for the design, production and distribution of “Brunello Cucinelli” eyeglasses and sunglasses, which will bind the two companies for the next decade.
The Fitch Ratings agency has confirmed for the Irene group the long-term issuer default rating (Idr) at BBB with stable outlook. The senior unsecured long-term credit rating was also confirmed at BBB.
The Antitrust has disposed to administrative fine of 3.8 million euros against Edison Energiasubsidiary of Edison, for unfair commercial practices in the sale of electricity and gas services.
Text growth in the cybersecurity segment with the signing of an agreement for the acquisition of 100% of TLogos, a company specializing in high value-added cybersecurity with important direct contracts in the main European space projects, for an amount of 3.3 million euros.
fos received communication from the shareholder BB Holding that the 10% ownership threshold was exceeded. ()