The stock market in Italy, known as Piazza Affari, ended the week on a bullish note with the index closing above 34,700 points. Investors are anticipating the regular corporate earnings reports. There is speculation about the European Central Bank (ECB) potentially lowering interest rates in December, but the exact percentage, whether 25 or 50 basis points, remains uncertain. The ECB has already cut interest rates three times this year due to better inflation containment and worsening economic outlook.
In the US, strong economic data has tempered expectations of aggressive interest rate cuts by the Federal Reserve, which has strengthened the dollar. The FTSE Mib closed 0.2% higher at 34,776.10. Among the companies making waves in the market was Iveco, which saw a 3.2% increase in its stock value. Eni, on the other hand, reported a significant drop in net profit for the first nine months of the year.
Saipem also ended the session with a 3.2% increase, while Tenaris showed strength with a 1.9% gain. Buzzi and Alerion were among the Mid-Cap companies making positive moves in the market. Fincantieri announced the opening of an innovation hub in San Francisco, while d’Amico secured a new charter contract for one of its ships.
In the Small-Cap segment, BasicNet and Biesse showed positive movements, while Olidata experienced a decline. DBA Group and Copernicus saw notable increases in their stock value. Overall, the market showed a mix of ups and downs across various sectors.
In the global market, the Dow Jones, Nasdaq, and S&P 500 showed mixed movements. The Euro and Pound Sterling maintained their exchange rates against the US Dollar. Brent crude oil and gold prices also saw fluctuations.
Looking ahead, there are no major economic data releases scheduled for Monday morning. In the afternoon, US Treasury auctions will take place. Company earnings reports from Aquafil and Farmacosmo are also on the agenda.
Overall, the market dynamics reflect a combination of domestic and international factors influencing stock prices and investor sentiment. It will be interesting to see how these trends evolve in the coming days and weeks.
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