Stock markets in the green despite the recession in Japan and the United Kingdom


Major European stock markets closed in positive territory on Thursday on a day that saw two key economies – the UK and Japan – fall into recession.

As a result, the FTSE Mib closed in the green by 1.2 percent at 31,694.44, the Mid-Cap lost 0.2 percent to 45,193.97, the Small-Cap lost 0.5 percent. cent at 27,516.65, and Italy Growth finished up 0.3 percent at 8,123.89.

In Europe, London’s FTSE 100 finished in the green for 0.4 percent, Frankfurt’s DAX 40 rose 0.6 percent, and Paris’s CAC 40 finished in the green for 0.9 percent. hundred.

“Global markets continue to hold up despite news that Japan and the United Kingdom entered recession in the fourth quarter of last year. Today’s data has raised hopes of a imminent rate cut in the UK, while Germany is also on the brink of recession, and an earlier than expected rate cut in the Eurozone,” commented Chris Beauchamp, chief market analyst at IG.

“Tuesday’s U.S. CPI data appeared to be the spark that would kick off a reasonable period of weakness in stocks, but markets are rarely this forgiving. Although tech sector names are weaker Today, it doesn’t appear that the news is driving the move, and the gains in the Dow and S&P 500 suggest that this is more of a period of rotation for global indices.

On the Mib, Stellantis led the gains, rising 5.7 percent. The company has decided to grant a total bonus of 1.9 billion euros to its employees worldwide after recording growing results in 2023.

The turnover of the merged FCA and PSA Group increased from 179.59 billion euros in 2022 to 189.54 billion euros, an increase of 6%.

Net profit increased from 16.78 billion euros to 18.63 billion euros, or 11 percent, while adjusted EBIT increased from 24.02 billion euros to 24.34 billion euros. , with a margin on turnover down from 13.4% to 12.8%.

Prysmian also rose, up 4.7%, after announcing the signing of three contracts worth a total of €5 billion with Amprion, one of Europe’s largest transmission system operators. , for two offshore grid connection systems, BalWin1 and BalWin2, and for the DC34 onshore cable project.

These orders, which were included in Prysmian’s order book, follow Prysmian’s selection as a “preferred bidder” in August 2023.

Eni rose 0.7% after announcing on Thursday that it had successfully completed the Cronos-2 well, drilled to test the Cronos discovery in Block 6, offshore Cyprus, in August 2022.

Banks fell, with BPM, MPS and BPER dropping between 3.1 percent and 1.5 percent. Only Interpump did worse, with a drop of 3.8% after the accounts.

The company reported Wednesday that it finished 2023 with year-over-year revenue and profit growth.

Turnover increased to 2.24 billion euros, or 7.8%, from 2.08 billion euros in 2022, with an increase of 6.0% for oil and 13% for l. ‘water.

Net profit increased from 269.7 million euros to 277.5 million euros, while basic earnings per share increased to 2.565 euros, from 2.524 euros the previous year. ROCE increased from 17.7% to 18.1% and ROI from 17.2% to 15.4%.

In the cadet segment, Industrie De Nora – up 0.4 percent – announced on Thursday that it had entered into a partnership with Mangrove Lithium, which includes the supply of Cechlo systems.

Mangrove will use De Nora’s electrochemical technologies in its patented Clear-LiTM technological process to refine lithium, both from mines and from the recovery of used batteries, for the production of new batteries, helping to eliminate bottlenecks in bottleneck in the lithium supply chain.

Sanlorenzo lost 2.9%. The company announced that it has launched a new share repurchase program for up to 3.5 million shares.

Among small caps, Esprinet – in the red by 11% – said on Wednesday that it generated customer contract revenue of 4.0 billion euros in 2023, down 15% from 4.7 billion euros in 2022.

Revenues for the last quarter were around 1.2 billion euros, down 15% compared to the same period in 2022 when they were 1.5 billion euros.

Gefran fell 0.5%, after saying on Wednesday that it ended 2023 with revenue down slightly year-on-year to 132.8 million euros, compared with 134.4 million euros a year earlier.

Revenues as of December 31, 2022 included €1.8 million, including €800,000 related to billing for services to companies that were removed from scope following the sale of the coaching business to WEG group, and 900,000 euros for residual sales of training products not subject to reprocessing, because they were generated by companies excluded from the scope of the sale of the activity.

Restart lost 0.5% after announcing on Tuesday that the board of directors had approved the guidelines for the new business plan.

The plan will pursue two business models: the balanced model involves the purchase of real estate assets with the aim of generating constant and indexed income over time to ensure stable profitability; The opportunistic model involves a strategy to seek opportunistic investment or co-investment opportunities in distressed portfolios or assets underlying NPLs or UTPs, to restructure, develop and reposition in order to maximize their value to the investors and shareholders, and resell them on the market.

Among SMEs, the Yolo Group – in the green by 3.1% – announced Thursday that it had completed the acquisition of the share capital of Bartolozzi Assicurazioni Broker Srl: it had acquired 51% of Bartolozzi on February 28, 2022, and today the remaining 49% were taken over at “an insignificant price agreed between the parties”, according to the press release.

Sia – which is not affected by the operation – indicated on Thursday that it had closed the fourth quarter of 2023 with a production value of 16.6 million euros, compared to 15.4 million euros at the same time. period last year.

ALA climbed 4.2% after saying on Thursday that it ended 2023 with a production value of 233.1 million euros, up from 158.7 million euros the previous year, a increase of 47%.

In New York, the Dow Jones was 0.4 percent green at 38,583.15, the Nasdaq fell 0.3 percent to 15,820.84 and the S&P 500 gained 0.1 percent to 5 007.79.

Among currencies, the euro traded at $1.0760 from $1.0716 as European markets closed, while the pound was trading at $1.2576 from $1.2551 late Wednesday.

A barrel of Brent was worth 82.96 dollars against 82.70 dollars at Wednesday’s close. Gold, meanwhile, is trading at USD 2,012.50 per ounce compared to USD 1,991.83 per ounce last night.

Friday’s calendar opens at 0530 CET in Japan with the tertiary industry activity index, while at 0800 CET comes retail sales in the United Kingdom.

At the same time, there is the publication of the wholesale price index in Germany and at 0830 CET Swiss industrial production.

At 8:45 a.m., it’s the turn of French inflation, while overseas, at 2:30 p.m., mandatory permits and the main producer price index will be published in the United States.

Among the companies listed in Piazza Affari, the results of Esautomotion, Farmacosmo, Imprendiroma, Juventus Football Club, Laboratorio Farmaceutico Erfo, Unipol, UnipolSai and VNE are expected.

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