(Alliance News) – On Wednesday, European markets closed on a positive note as gold hit another all-time high and the United States officially entered a government shutdown, freezing parts of the federal administration.
Across the Old Continent, according to a preliminary estimate from Eurostat, annual inflation in the euro area is expected to stand at 2.2% in September, up from 2.0% in August. Additionally, the Eurozone manufacturing PMI fell to 49.8 in September, down from a three-year high of 50.7 registered the previous month.
In this context, the Mib closed up 0.8% at 43,079.58, the Mid-Cap was slightly negative at 56,646.79, the Small-Cap gained 0.4%, and Italy Growth rose 0.3% to 8,578.76 points.
The CAC 40 climbed 1.1% alongside London’s FTSE 100, while Frankfurt’s DAX 40 gained 1.2%.
Chris Beauchamp, Chief Market Analyst at IG, noted: “Pharmaceutical stocks have injected new life into the FTSE 100 rally this week, with today’s gains bolstered by a surge for JD Sports following Nike’s results last night.”
“Investors,” he added, “have interpreted the news that the sector will sell directly to U.S. citizens as a way to boost overall profits, rather than worrying about the impact of reduced prices.”
“European equities also continue to rediscover their strength, highlighted by the DAX’s surge to a one-week high,” the analyst concluded.
On Piazza Affari, Tenaris, fresh from a EUR41 million buyback, led the blue chips with a 4.1% rise to EUR15.815 per share.
On the banking front, the prospect of Vittorio Grilli and Alessandro Melzi d’Eril leading Mediobanca–respectively as chairman with operational powers and CEO–is gaining traction. Mediobanca shares ended the session up 1.6%.
Meanwhile, talks continue with Banca Monte dei Paschi di Siena, which rose 2.9%, to set up integration between the banking institutions.
Intesa Sanpaolo–up 1.4%–signed two agreements with the European Investment Bank totaling EUR750 million to support the development of renewable energy and its supply chain.
Terna–down 0.8%–announced the results of the first auction of the Electricity Storage Capacity Procurement Mechanism. A total of 10 GWh of storage capacity was awarded in the south and on the islands, covering 100% of the required need.
Eni, after a EUR32 million buyback and signing an exploration contract with Ivory Coast for offshore block CI-707, closed up 0.8%.
Brunello Cucinelli ended the session down 2.1%, alongside Lottomatica Group, which fell 2.4%.
On the Mid-Cap, Fincantieri signed an agreement with Aeronautical Service for the adoption of carbon-based composite materials and innovative technologies in naval, civil, and military applications. The stock fell 1.1%.
Banca Generali, which completed a EUR20 million buyback program, posted a 0.1% increase.
Acea–down 1.3%–announced Tuesday evening that it had completed, through its subsidiary Areti, the sale to Terna of 100% of the capital of Rete 2 Srl, owner of the high-voltage electricity network in the Rome metropolitan area.
Among the best performers were Pirelli, up 4.0%, and ERG, up 3.3%; among the day’s worst, Tecnhoprobe and Avio, down 2.0% and 1.7%, respectively.
Among small caps, Class Editori closed the first half with a net loss of EUR2.8 million, an improvement from the EUR4.1 million loss recorded in the same period of 2024. The stock retreated 2.0%.
Caleffi–up 1.1%–launched a new buyback program targeting a total of 125,000 shares for a value of EUR100,000.
Triboo–up 8.1%–announced it closed the first half with a net profit of EUR745,000, compared to a loss of EUR1.7 million in the same period of 2024.
Positive returns were also reported by Seri Industrial, up 7.6%, and Met.Extra, up 12%; at the bottom, ItWay fell 7.1%, followed by EPH, down 5.1%.
CFO Nicola Sautto is leaving Biesse, replaced by La Tour: the stock responded with a 1.6% rise.
Among SMEs, First Capital returned to profit with EUR7.3 million, improving from a net loss of EUR5.6 million in the same period of 2024. The stock rose 0.5%.
ICOP–flat at EUR18.50–closed the first half with a net profit of EUR10.8 million, up 47% from EUR7.3 million as of June 30, 2024. Revenues for the six months stood at EUR160 million, up 104% from EUR78.6 million in the first half of 2024.
Officina Stellare–with share purchases up 142%–closed the first half with a net profit of EUR300,000, down from EUR600,000 as of June 30, 2024. Production value for the six months was EUR10.7 million, compared to EUR11.4 million in the first half of 2024. The company signed an agreement with Skyloom Global Corp worth EUR12.0 billion.
Emma Villas–down 4.1%–reported a consolidated net loss of EUR3.6 million for the first half, bringing net equity to around EUR600,000.
Portobello soared 34% to EUR1.61 per share. The worst performers were SG Company, down 14%, and Renovalo, down 17%.
In New York, the Dow Jones and Nasdaq were flat compared to the previous session, while the S&P 500 was slightly negative, down 0.1%.
On the currency front, the euro traded at USD1.1743 from USD1.1744 at Tuesday’s market close, while the pound exchanged at USD1.3502 from USD1.3456 on Tuesday evening.
Among commodities, Brent crude traded at USD65.07 per barrel from USD66.04 per barrel at Tuesday’s close, while gold was valued at USD3,890.80 per ounce from USD3,867.02 per ounce on Tuesday evening.
On Thursday’s economic calendar, at 1000 CEST, Italy’s monthly unemployment rate will be released, while at 1100 CEST, attention will turn to Eurozone unemployment.
At 1330 CEST, the labor market analysis shifts to the United States, and at 1600 CEST, U.S. factory order data will be published. This will be followed by a U.S. Treasury bond auction.
At 1900 CEST, ECB’s De Guindos is scheduled to speak.
No significant announcements are expected from Piazza Affari.
By Michele Cirulli, Alliance News Reporter
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