European stock markets remain optimistic at mid-session, the day after the correction of the big names in the tech world listed on Wall Street. But what prevails on the markets is that healthy air of rate cut of Fed, which began to expire with greater conviction yesterday after i inflation data. Attention shifts today to the launch of the quarterly season and on producer prices released in the afternoon. In Piazza Affari the "oil stocks" gain thanks to the rise in oil prices, primarily Saipem.
Waiting for Wall Street: eyes on the Big Banks and macro data
I macroeconomic data they could lead the session today too. Producer prices are expected to rise by +2,3% year on year in June, last month they rose by +2,2%. The University of Michigan consumer confidence index is expected to have risen to 68,5 from 68,2 last month. Nasdaq future unchanged. S&P500 futures +0,1% Russell 2000 index futures +0,8%.
In the spotlight JP Morgan, Citigroup Wells Fargo who publish their quarterly data today before the start of trading. Of the trio of large banks, Citigroup is the one that recorded the largest gains in the second quarter, with an increase of 8,5%, followed by a gain of 6,0% for JPMorgan and from 5,9% of Wells Fargo. By comparison, the S&P 500 SPX rose 8% for the quarter, while the KBW Nasdaq Bank Index gained 8,4%. The earnings estimates of most big banks rose in the second quarter as analysts became more supportive of theirs ability to generate profits. Wall Street analysts predict that JPMorgan will earn $5,88 per share on revenue of $42,226 billion.
Stock market: Positive Europe, "oil stocks" stand out on the rise in oil prices
The European stock markets are all in shades of green mid-session today. So they are all increasing the FTSE MIB +0,47%. Milano, the CAC 40 +0,62% of Paris, the DAX 40 +0,25% of Frankfurt, the IBEX 35 +0,42% of Madrid, the AEX +0,22% of Amsterdam and the FTSE 100 +0,22% of London. The euro gains 0,53% to 1,088 dollars, in the wake of yesterday's falling US inflation data.
Bond. Little change Stable spread. The yield on the 3,82-year BTP rises slightly to 133%, remaining close to the minimum for almost two months, and the spread with the Bund has changed little at XNUMX basis points.
Rating. The verdict is expected this evening Scope Ratings on Italy (currently has a BBB+ rating with a stable outlook), the latest pronouncement from the rating agencies for this summer round. Moody's, S&P Global, Dbrs and Fitch all kept their rating unchanged.
Well purchasedoil titles" Eni (+ 1,42%), Tenaris (+ 1,30%) and Saipem (+2,07%) reflecting the rise in crude oil prices. The Brent share 86.03 dollars up by 0,74%, the wtf it is at 83,47 dollars up by 1.03%. They also rise by more than one percentage point Inwit e Iveco.
Unieuro (-1,26%) confirmed the guidance for the current financial year after closing the first quarter at the end of May with a 7% drop in revenues and a negative adjusted Ebit of 4,1 million, an improvement of more than 50% compared to the comparable quarter.
Bff Bank jumps by 10,16% to 10,19 euros (-25,8% in the last three months) after the company announced on Thursday 11 July, with the stock exchanges closed, that it had sent the response to the Bank of Italy regarding the findings that emerged on credit classification, governance and on company practices regarding remuneration and announced with the first quarter results. The board of directors resolved to increase the accrual accounting rate of late payment interest and the lump-sum compensation for credit recovery to 65%, from the previous 50%, generating additional one-off pro forma capital of approximately 105 million as of March 31 2024.
Brunello Cucinelli -1,4%, closed the first half of the year with turnover growth at constant exchange rates of 14,7% to 620,7 million euros thanks to double-digit progress in the Americas and Asia, and confirmed expectations for 2024.
Enel +1,3. Jefferies raises the rating to Buy, from Hold, target price at 8 euros.
Saipem +1%. Framework agreement between BP Exploration (Caspian Sea) Limited and a consortium composed of Saipem Contracting Netherlands, BOS Shelf Llc and BOS Shelf International Fzco for offshore activities in Azerbaijan. The overall value is estimated at approximately 300 million dollars, of which 250 million relating to the Saipem share.
Ex-Ilva. The Ministry of Business and Made in Italy, Adolfo Urso, has received the comfort letter from the European Commission regarding the 320 million euro bridge loan for Steelworks of Italy in extraordinary administration. “The letter expresses a positive assessment of the terms of the loan, which provides for an annual interest rate of 11,6%,” the ministry said. “This confirmation attests to the validity of the industrial plan drawn up by the commissioner's management and the company's ability to repay the sum within a reasonable timeframe and without constituting state aid”.
Stellantis. Fiat will put the fully electric version of its new Panda on the market for less than 25.000 euros, said Olivier Francois, number one of the brand. As part of the discussions to attract new foreign investors, the government is evaluating the possibility of offering the historic Innocenti and Autobianchi brands to Chinese car manufacturers that could arrive in Italy. Il Sole 24 Ore writes this, adding that the Ministry of Business and Made in Italy has obtained the registration of an Innocenti trademark and an Autobianchi trademark which are no longer renewed, with the same wording but with different graphics.
Unicredit +0,5%. Acri, the association that brings together foundations of banking origin, is working on proposals to revise the protocol with the Mef, including making the maximum threshold for the concentration of the investment in the receiving bank more flexible, he says in an interview Acri president Giovanni Azzone at Sole 24 Ore.
Fincantieri (-0,43%). The offer period for the capital increase closed yesterday with the subscription of approximately 99,2% of the shares offered, for a consideration of approximately 396 million euros.
Saras (+0,15%) The mandatory takeover bid promoted by Varas begins and ends on 9 August.
Spain. Spanish inflation over 12 months harmonized for the European Union slowed to +3,6% in June from +3,8% in the period up to May. Core inflation, which excludes volatile fresh food and energy prices, stood at +3,0% in the 12 months to June, unchanged from May's reading.
