(Alliance News) - On Tuesday, in the first day of trading after the Christmas break, major European stock exchanges closed in positive territory, except for Milan, which fell slightly. "U.S. futures are up as investors hope the Santa Claus rally will continue into the latter part of the year.
The market optimism is mainly due to the news that China is finally ready to lift quarantine rules for international travelers," commented Naeem Aslam, chief market analyst at AvaTrade. "This is an outcome that traders and investors have long hoped for, as China has remained very tight with its zero-Covid policy throughout the year. Nevertheless, recession remains a major concern for investors and traders, and this is likely to limit any corrective movement in the markets.
Trading volume is expected to remain low due to the short vacation week." "As mentioned earlier, the biggest concern for many traders and investors is the extent to which the Fed will go further with interest rates and the negative influence it will have on the U.S. economy. From their tone, it is clear that the Fed is not afraid to continue its rate hike process and recession remains the least concern for them, who want to reduce inflation at any cost." Thus, the FTSE Mib closed down 0.1 percent to 23,855.86, the Mid-Cap gained 0.3 percent to 39,437.39, the Small-Cap gave up 0.1 percent to 27,709.32, and Italy Growth finished positive 0.2 percent to 9,208.21.
The FTSE 100 did not trade, while Paris' CAC 40 rose 0.7 percent and Frankfurt's DAX 40 picked up 0.4 percent. On the main list in Piazza Affari, Moncler soared, posting a plus 3.0% and taking the top spot after two sessions closed among the bearish. Saipem also climbs well, posting a plus 2.4%.
In the Agnelli galaxy, CNH Industrial rises 1.5 percent. Ferrari is in the green by 0.2, Stellantis is in the red by 0.2 percent, while Iveco gives up 0.4 percent. On the Mid, Juventus rises 2.0%, after its majority shareholder, Exor NV, submitted a list for the renewal of the soccer club's board of directors, following the resignation of the entire board last month.
As disclosed by Juventus, Maurizio Sanavino, Gianluca Ferrero, Diego Pistone and independents Fioranna Vittoria Negri and Laura Cappiello are the names chosen by Agnelli-Elkann for the new board, which will be appointed on Jan. 18. Among the bearish, majority of the list, Erg marks a 2.2 percent decline after a 0.4 percent gain last session and sits at the tail end.
On the cadet segment, GVS advances 11 percent, after last session's 9.6 percent gain. Good buying also on Intercos, which moves up 3.4 percent. Anima Holding took over EUR1 million of its own shares and rises 1.3%.
MutuiOnline Group--up 1.9 percent--reported Tuesday that Alma Ventures, a partner holding more than 10 percent of the company's capital, bought 6,772 ordinary shares in MutuiOnline. The shares were taken over at an average price of EUR24.90 per share, for a total value of about EUR170,000. Among the few bearish on the list, Cembre retreats 1.0 percent after a 1.3 percent green in the previous session.
Fincantieri, on the other hand, gives up 1.5%, veering lower after three sessions closed in the positive. On the Small-Cap, good buying on Mondo TV, which moves ahead 0.8%. The company announced that it has issued two bonds from the first tranche of the convertible bond underwritten by Atla Capital Markets.
The first tranche covers 28 bonds, with a total countervalue of EUR7.0 million. Atlas made use of the option to split the payment and, therefore, 2 bonds with a total countervalue of EUR500,000 were issued in addition to the 21 previously issued bonds. At the back of the pack-among the many liabilities-Conafi, on the other hand, gives up 0.9 percent, while SIT steps back 1.0 percent.
Among SMEs, TrenDevice - unchanged at EUR0.40 per share - reported Friday that, following the closing of the 854,000 unoptioned offer on the stock exchange between Wednesday and Thursday, the capital increase is 61 percent subscribed. In fact, a total of 3.0 million new shares in the company have been subscribed, with a total value of EUR1.2 million. The board of directors will decide to whom to offer 1.9 million new unsubscribed shares by March 31, 2023.
Culti Milan rises 1.6 percent, bringing weekly assets to 21 percent. Among the many bearers, Finanza.tech, down 0.8 percent, and 4AIM Sicaf, which retreats 4.5 percent with price at EUR252.00, give ground. In New York, the Dow is up 0.3 percent, the Nasdaq gives up 0.9 percent and the S&P 500 drops 0.2 percent.
Among currencies, the euro changes hands at USD1.0651 versus USD1.0621 at Friday's close. In contrast, the pound is worth USD1.2022 from USD1.2063 on Friday evening. Among commodities, Brent crude is worth USD85.84 per barrel from USD84.28 per barrel Friday night.
Gold, on the other hand, trades at USD1,827.65 an ounce from USD1,810.60 an ounce on Friday night. Wednesday's economic calendar opens in Japan at 0050 CET with November industrial production data. Overseas, at 1300 CET, it is the turn of data on U.S.
30-year mortgages, mortgage applications and the mortgage refinance index. Also in the United States, at 1600 CET, the pending home sales index and pending home sales contracts will be released. Among companies listed on the Milan Stock Exchange, no particular announcements are expected.
By Claudia Cavaliere, Alliance News reporter Comments and questions to EMAIL Copyright 2022 Alliance News IS Italian Service Ltd. All rights reserved.