2023-07-24 06:40:07
(Alliance News) – European stock markets – according to the futures market – were down on Monday, ahead of a week centered on interest rate decisions from the three major central banks.
The US Federal Reserve will announce its interest rate decision on Wednesday, followed by the European Central Bank the following day. Both central banks are expected to raise their respective interest rates by 25 basis points.
With further hikes expected for the Fed and the ECB, market attention will focus on the fact that these decisions could mark the end of the respective central bank hike cycles, at least for key rates.
On Thursday, the Bank of Japan will begin its two-day monetary policy meeting. While hikes are expected from the Fed and the ECB, the BoJ should leave its ultra-expansive monetary policy unchanged. Bloomberg reported that officials hinted the central bank would keep its yield curve control program around 0%, with a fluctuation band in the corridor between negative and positive 0.5%.
The FTSE Mib lost 110 points, after closing 0.1% higher at 28,855.09 on Friday night.
In Europe, the FTSE 100 in London lost 29.00 points, the CAC 40 in Paris 20.00 points and the DAX 40 in Frankfurt 40.00 points.
Among the smaller stocks, however, Mid-Cap was down 0.2% at 42,149.54 in the past session, Small-Cap ended in the red 0.1% at 26,673.69, and Italy Growth was down 0.2% at 9,064.34.
Recordati led Piazza Affari blue chips on Friday with a 5.0% rise the day after announcing it had signed an agreement with GSK to market Avodart Combodart/Duodart in 21 countries, mostly in Europe, excluding those where GSK already has distribution agreements in place. Avodart and Combodart/Duodart are products marketed in oral form and indicated for the treatment of moderate to severe symptoms of benign prostatic hyperplasia and for the reduction of the risk of acute urinary retention and surgical intervention in patients with moderate to severe symptoms of benign prostatic hyperplasia. Recordati will make an upfront payment of €245 million and will begin reporting revenues and margins on a country-by-country basis once the necessary transition activities have been completed.
Inwit’s stock also performed well, rising 1.1% after two sessions of decline.
Pirelli also did well, rising 0.3% to 4.84 euros, its fourth consecutive bullish session.
Banca Generali rose 0.8% to 32.77 euros. It should be noted that Barclays raised its price target to 33.70 euros, from 32.00 euros, with an equal weighting.
At the bottom of the pack – among the minority of bearish stocks – Leonardo posted a 1.7 percent red, after a 0.3 percent green on the eve of the session.
STMicroelectronics, on the other hand, closed down 1.1 percent, after falling 1.5 percent the previous day.
On the Mid-Cap, Buzzi led the bullish side with a 2.5% green with the price at EUR24.42. The stock hit a new 52-week high at EUR24.60.
Good buying was also made on CIR, which rose 2.3%, returning to the upside after four sessions ended in the bears’ camp. The company is continuing with its buyback plan and recently announced that it has purchased its own ordinary shares for a total amount of approximately 212,000 euros.
Salcef, on the other hand, rose 1.8 percent, after falling 0.4 percent the previous day.
On the negative side, WIIT was down 2.6 percent, after losing 0.8 percent in the previous session.
Selling was also reported on Intercos, which put the stock in the lower quarters with a 2.3% drop after the previous day’s 1.0% loss.
Sesa, on the other hand, fell 3.0%. The company on Tuesday reported revenue of 2.90 billion euros for the year ending April 30, up 21% from 2.38 billion euros a year earlier. Additionally, the company said it closed the year with adjusted group net profit of €100.1 million, up 21% year-on-year from €82.7 million as of April 30, 2022. Net profit was €90.2 million, compared to €78.6 million as of April 30, 2022. 4 million euros, against 167.7 million euros a year earlier.
On the small cap side, a good session for Restart, which returned more than 12% profit after 1.4% profit the previous day.
High quarters also for doValue, which returned 3.6%, marking its fourth consecutive session among the bulls.
PLC – up 1.1% – announced on Friday that its subsidiary PLC Service had obtained the renewal of 19 factories owned by vehicles controlled by Acea Sun Capital, a 60% subsidiary of British private investment fund Equitix and a 40% subsidiary of Acea Group. The contracts, worth 12 million euros, cover turnkey modernization activities, including the supply of the main components, including the photovoltaic panels. The contract covers 19 power plants, all located in Puglia and only one in Marche.
GPI’s board of directors – up 0.6% – on Friday reviewed preliminary consolidated figures for the first half of 2023, which show consolidated revenue of more than 190 million euros, up from 168.9 million euros the previous year. Consolidated EBITDA amounted to €24.5 million, compared to €17.3 million in the first half of 2022.
On a negative note, I Grandi Viaggi fell 2.7%, closing for the third consecutive session with a negative balance.
Banca Sistema fell 1.9%, with a price of EUR 1.22, following the previous day’s 2.4% drop. The stock had previously seen two positive sessions.
Among SMEs, Clabo rose 5.6%, its fourth session of gains.
Datrix, for its part, gained 7.5% to 2.88 euros, during its third upward session.
Bellini Nautica, for its part, gained 4.3%, resuming the rise after four sessions of decline.
At the bottom of the pack, Franchetti posted a 6.6% decline, reversing a six-session uptrend.
At the bottom of the list, the Gismondi 1754 posted a drop of 5.7%, repositioning its price at 5.80 euros.
In New York, the Dow Jones closed positive, the Nasdaq lost 0.2% and the S&P 500 closed just above par.
Among currencies, the euro traded at $1.1125 against $1.1121 at the close of European markets on Friday, while the pound was worth $1.2870 against $1.2852 on Friday night.
Among commodities, a barrel of Brent was worth 80.81 dollars against 80.51 dollars at the close on Friday. Gold, meanwhile, is trading at $1,958.73 per ounce from $1,960.00 per ounce on Friday night.
On Monday’s macroeconomic calendar, the manufacturing PMI for France, Germany and the Eurozone comes in between 0915 CEST and 1000 CEST, while at 1030 CEST it will be the UK PMI’s turn.
In the US, the manufacturing PMI will be released at 1545 CEST. At 1730 CEST there will be an auction of 3 and 6 month Treasury bonds, while at 1900 CEST the maturity of the auction will be 2 years.
Among the companies, the results of Autostrade Meridionali, Cofle, Farmacosmo, GEL, Grifal, Italgas, Poste Italiane, Sogefi and Take Off are expected.
By Maurizio Carta, senior journalist at Alliance News
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