2023-09-06 06:20:09
(Alliance News) – European equity markets are expected to fall in IG futures on Wednesday morning as markets digest services sector data released yesterday which showed a weaker than expected picture.
PMI data showed the sector in Italy and Spain slipped into the contraction zone in August and “fueled dovishness” among European Central Bank doves and pushed EURUSD lower yesterday. The pair fell to its lowest level since the beginning of June, supporting the idea that the ECB may not raise interest rates next week as the economic situation deteriorates rapidly,” commented Ipek Ozkardeskaya. , Principal Analyst at Swissquote Bank.
“But I think it can do it. The ECB can announce another 25 basis point hike at its meeting next week, or a faster reduction in its balance sheet, or an end to the remuneration of reserve requirements. banks to tighten financial conditions, because the latest eurozone inflation data showed stagnation instead of further easing, and the ECB will allow economic weakness to some extent to fight inflation The latest inflation forecast data for the euro zone showed that the forecast for the next 12 months remained firm at 3.4%, but the three-year inflation forecast jumped to 3.4%. , and there is no reason to continue to ease inflation expectations as energy prices soar.
Oil, which topped $90 a barrel, was hit by the decision by Saudi Arabia and Russia announced yesterday: the two producing countries confirmed an extension of cuts of 1 million barrels per day until the end of December.
Thus, the FTSE Mib is expected to lose 80 points or 0.3% following closing just above par at 28,652.18.
In Europe, the Paris CAC 40 is expected to open down 20.9 points (0.3%), the Frankfurt DAX 40 down 25.3 points (0.2%) and the London FTSE 100 down by 31.6 points (0.4%).
Among Italy’s smaller stock markets, the Mid-Cap fell 0.4 percent to 42,020.18 on Tuesday night, the Small-Cap closed in the red 0.3 percent at 27,198.25, while that Italy Growth closed at 8,880.97.
On the blueprint list, Saipem rose 2.6 percent to EUR 1.50 per share, following falling 2.3 percent the day before trading, in line with higher oil prices.
It was also the backdrop for parent company Eni, which returned a 1.6% rise.
CNH Industrial rose 1.6 percent to 13.08 euros following a green light of 0.9 percent the day before.
Prysmian was also well bought, up 0.5%. The company announced on Tuesday that it had signed a capacity reservation agreement with Marinus Link Pty Ltd, a subsidiary of Australian transmission system operator TasNetworks, for a new electricity interconnector between Tasmania and the state of Victoria, for a maximum amount of 90 million euros.
The agreement includes, among other things, the Commonwealth Government’s guarantee of a capacity reservation fee of up to approximately €90 million and the continued availability of Prysmian’s capacity until the contract is signed. final by July 2024.
Generali closed down 0.5% at 18.91 euros. Morgan Stanley raised its price target from 19.00 to 21.00 euros. On Leonde di Trieste, the target price was also revised upwards by Societe Generale, which set it at 20.00 euros once morest 18.10 euros previously.
BPER Banca – down 0.8% – announced on Tuesday that it had successfully completed the placement of its €500 million senior non-preferred bond issue with a maturity of 6 years and the possibility of early redemption following 5 years, intended for institutional investors. Confirming the high level of market interest in BPER Banca, the issue received more than €1.3 billion in orders from approximately 130 investors.
Nexi, which was down 1.4%, finished for the fourth straight session lower.
As for mid-caps, Fincantieri made good progress, appreciating 1.6% following falling 2.1% in the previous session.
Eurogroup Laminations, on the other hand, climbed 2.6%, following the previous day’s close with a rise of 0.3%.
Carel Industries also had a strong session, advancing 3.3% following falling 0.2% on the eve of the session.
GVS depreciated 4.0%, its fourth session among the bears. On Tuesday, the company announced a net profit of 7.3 million euros for the first half, compared to 32.4 million euros on June 30, 2022. Consolidated revenues for the period amounted to 213.4 million euros. euros, up 28% compared to 166.6 million euros in 2022.
Safilo also lagged, falling 2.9% following a 0.9% profit the previous day.
On the small cap side, Fidia lost 2.0% to EUR 1.23.
Bastogi, on the other hand, was down 0.3%, following gaining 0.3% in the previous session.
Softlab fell 2.0%, putting the price at EUR1.71, following two sessions of bullish sentiment.
LVenture fell 3.9%, reversing lower following two bull sessions.
Itway lost 2.5% following announcing on Friday the signing of a partnership with Cloudian, a leader in object storage software for companies. As Itway explains, this partnership aims to expand Itway’s offering in cybersecurity and cyber resilience. The Itway Group forecasts a turnover of 5 million euros in the next two years thanks to its activities in the sectors of service providers, public administration, health, energy, education, banking and insurance.
Piquadro rose 3.7 percent to EUR. The company, which is continuing its buyback program, recently announced on Monday that it had bought back its own shares between August 28 and September 1 for a total value of 67,000 euros.
Among SMEs, Ecomembrane closed up 3.3%, following 2% the day before the event.
Estrima, on the other hand, gained 5.5%, following closing unchanged in the previous session.
Alfonsino lost 1.3%, although it announced on Tuesday that it had reached a cooperation agreement with Gruppo VéGé, the first modern distribution group created in Italy, made up of 32 member companies spread throughout Italy and operating more than 3,000 stores, including hypermarkets, supermarkets and Cash&Carry.
Askoll Eva lost 1.1%, bringing its price down to 0.5320 euros following falling 2.2% on the eve of the session.
ISCC Fintech, on the other hand, dropped 5.5 percent, with the new price at EUR 3.12 following two sessions of declines.
In Asia, the Nikkei was up 0.6 percent, the Shanghai Composite was just above parity and the Hang Seng was down 0.2 percent.
In US markets, the Dow Jones closed 0.6% lower at 34,641.97, the S&P was down 0.4% at 4,496.83 and the Nasdaq was down 0.1% at 14,020. .95.
Among currencies, the euro changed hands at $1.0731 from $1.0715 at the close of European markets, while the pound was worth $1.2581 from $1.2565 on Tuesday night.
Among commodities, a barrel of Brent was worth 90.03 dollars once morest 90.78 dollars at the close. Gold, meanwhile, is trading at $1,926.89 per ounce from $1,927.00 per ounce on Tuesday night.
On Wednesday’s economic calendar, at 0930 CEST, the Construction PMI in Italy, as well as France and Germany and the Eurozone, will be expected. At 1100 CEST, Eurozone retail sales.
At 1300 CEST, the 30-year mortgage rate, at 1430 CEST, the trade balance, at 1545 CEST, the PMI indices for industry and services. In the evening, at 2000 CEST there will be a speech from Logan from the Fed, and at 2230 CEST the weekly oil inventories figure.
Among the companies, the results of Aeroporto Guglielmo Marconi Di Bologna, Cellularline and Tod’s are expected.
By Chiara Bruschi, journalist at Alliance News
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