2023-07-10 07:50:08
(Alliance News) – European stocks got off to a negative start on Monday, on expectations of further policy tightening from central banks around the world and disappointing economic data out of China.
The latter revealed that the country’s factory-level deflation rose more than expected in June, while consumer prices remained flat, below the expected 0.2 percent increase.
Investors are also closely watching upcoming US consumer price data for insights into the potential trajectory of Federal Reserve interest rate hikes. Encouraging indicators, such as robust wage growth and a slight decline in the unemployment rate, released on Friday, suggest that the Fed is likely to proceed with the rate hikes announced at its scheduled meeting in July.
Thus, the FTSE Mib fell 0.3% to 27,704.87.
In Europe, the FTSE 100 in London posted a drop of 0.1%, the CAC 40 in Paris lost 0.3%, as did the DAX 40 in Frankfurt.
The Mid-Cap is down 0.2% at 42,052.76, the Small-Cap is in the red by 0.1% at 26,678.59, while Italy Growth is just below normal at 9,041 .77.
On the main Piazza Affari index, Interpump fell 1.2 percent to 47.32 euros per share, after gaining 1.6 percent at Friday’s close.
Amplifon is also down, with a drop of 1.2% and a new price at 29.93 euros.
JP Morgan cut FinecoBank’s target price to EUR 17.10 from EUR 18.00. The title opened in the green with an increase of 1.9%.
BPER Banca was also well bought, posting a green of 0.9% with a new price at 2.7540 euros.
In the cadet segment, Maire Tecnimont – up 1.5% – announced on Friday that it had purchased 551,200 treasury shares between June 30 and July 6 at a weighted average price of 3.575 euros for a total value of 1.9 million euros. With this transaction, the company took over all the shares to serve the plan, which is therefore complete. Taking into account the purchases, the company now holds 1.2 million treasury shares.
Good buys were also made on Caltagirone, which rose 1.0% to EUR 3.90 per share.
At the bottom of the pack, Carel Industries fell 1.3% to 26.85 euros.
Mondadori Editore also prevailed, among many declining stocks, with Mondadori Editore slipping 0.9% after gaining 2.6% on Friday.
On the SmallCap, Pierrel, which was up over 13%, although over the week it still shows a loss of around 3.6%.
Highs also for SoftLab, which is up 5.3% to EUR 1.80 per share.
On a negative note, Bioera, on the other hand, fell 3.5% to EUR 0.1110, while Greenthesis posted a 2.7% drop to EUR 0.88.
Among SMEs, High Quality Food was up 10% at the open, with a price of EUR 1.27 and a volume of more than 78,000 shares traded, compared to a three-month average of around 23,300.
Gambero Rosso, on the other hand, rose 7.2%, rebounding from six sessions that closed lower.
Friulchem, on the other hand, fell 3.7%, in its fourth session on the bearish side.
In New York, the Dow lost 0.5% on Friday night, the Nasdaq closed down 0.1% and the S&P 500 lost 0.3%.
Among Asian exchanges, the Nikkei lost 0.6%, the Shanghai Composite gained 0.2%, while the Hang Seng rose 0.6%.
Among currencies, the euro traded at $1.0945 from $1.0949 as European stock markets closed on Friday. The pound, meanwhile, is worth 1.2800 USD against 1.2830 USD on Friday evening.
Among commodities, a barrel of Brent is worth 77.94 dollars against 77.47 dollars at the close on Friday. Gold, meanwhile, is trading at $1,919.62 an ounce from $1,935.50 an ounce on Friday night.
On Monday’s economic calendar, in Europe, the Sentix Investor Confidence Index comes in at 1030 CEST and the Spanish Consumer Confidence Index is also due in the morning.
Overseas, at 1430 CEST in Canada, building permits data is released, while at 1600 CEST it is the turn of US wholesale sales.
Among the companies listed on the Italian Stock Exchange, no particular event is expected.
By Maurizio Carta, journalist at Alliance News
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