European stock markets are in the red. Tensions in Europe are returning to the markets after the victory of the Rassemblement National in France, which could soon go to government and which is fueling concerns about the increase in the deficit in the country. Milan's Ftse Mib started weakly with a decline of 0,2% and then widened the declines to -0,9% dragged by the banking sector. The Paris Cac is at the same level with a decline of 0,9% with the Insee revising May inflation upwards to 2,3% per year. Also below parity are the Ibex of Madrid (-0,4%), and the Dax of Frankfurt (-0,2%). Amsterdam's Aex resists (+0,3%).
In general, the banking sector is weak with Intesa Sp (-2,4%), Unicredit (-2,3%), Pop Sondrio (-2,1%), Bper (-1,8%) and Mps which is positioned in trailing the Ftse Mib with a decline of 3,2%. On the currency market, the euro weakens further, trading at 1,071 dollars (from 1,076 yesterday at the close). While the spread, the Oat/Bund spread rises above 71 bps, to a 7-year high, and the Btp/bund widens above 150 bps.
Wall Street, on the other hand, continues to rise, mainly driven by Tech stocks. In Asia, Japan is taking a breather after a stalemate from the Boj.
Tech stocks shine on Wall Street and the Nasdaq hits another high
Once again it was the tech companies that led the US stock market towards others historic highs. The S&P500 index +0,2%, 2nd historic high since the beginning of the year, the fourth in four sessions. Nasdaq +0,35%, seventeenth record since the beginning of the year. Behind the new wave of purchases were the indications coming from the labor market with new weekly requests for unemployment benefits which reached the highest levels since August 2023 and from producer prices which recorded the largest decline since October. They are positioned at the top of the technological giants of Wall Street Broadcom (+12,24%) after the release of the financial results for the second quarter 2023/2024, a period closed with revenues and earnings per share above consensus, Nvidia (+ 3,45%), Tesla Motors (+ 2,86%) and Excelon (+1,84%). Still on the swing GameStop (+14,4% to 29,12 dollars), after the strong volatility recorded in the previous sessions. Tech also protagonists in the post-market period after the publication of the quarterly data of Adobe: the stock rose up to +14% due to indications on the sales of products for creative activities, those attributable to artificial intelligence.
Asia: Tokyo rises after nothing done by the Boj, heavy China fears further restrictions
The Nikkei index in Tokyo rose by 0,7% on the day of the central bank of Japan's announcements and closed the week with a gain of 0,7%. At the end of the meeting on monetary policy the Bank of Japan of two days left rates unchanged. He has not reduced bond purchases, which is what the market fears most, but has said he will say in July how much he will cut them. It grows Japanese service sector. The index of tertiary sector activity, developed by the Ministry of Economy and Industry, recorded a positive variation of 1,9% on a monthly basis in April after the 2,4% decline in March and against the growth of 0,4% estimated by analysts. The figure records an increase of 1,4% on an annual basis. Downward magazine production of Japanese factories to April 2024. According to the final estimate of the Japanese Ministry of International Trade and Industry (METI), the seasonally adjusted index of industrial production fell by 0,9% on a monthly basis, more than expected in the preliminary estimate (-0,1 .4,4%) and expected by analysts. In March there was an increase of 1,8%. On an annual basis, the non-seasonally adjusted production figure is down XNUMX%.
Chinese markets, however, are weak. The Hang Seng Index of Hong Kong the provisional weekly balance loses 0,7%, -2,5%. CSI 300 of the price lists of Shanghai and Shenzhen -0,3%, down 2,2% on the week. Chinese market participants are anxiously awaiting May's credit lending data, and the central bank's renewal of medium-term policy loans, due next Monday, for more clues about the broader economy. Additionally, mainland China and Hong Kong stocks are being dragged down by shares of liquor makers and other consumer-related stocks, while sentiment has been dented by the weakening yuan and fears of more Western trade restrictions on Chinese businesses . Kospi di Alone +0,4%, +1,5% per week. TAIEX index of Taipei +0,5% at the end of the session, +2,3% for the week.
Stock exchanges today 14 June: what to follow. Eyes on Oat
European stock markets are in sharp decline as they are unable to carry out the hedges from yesterday's drop that the futures indicated before the opening. Yesterday the Ftse Mib index in Milan closed down 2,2% at 33.604 points, at the lowest level of the last five weeks. The downward movements, which started with the announcement of the early elections in France, continued throughout the week and according to observers, it is possible that the climate of uncertainty could ballast the European stock markets until July 7, the date of the second round of the vote.
Leonardo. Order worth over 600 million euros ((648,18 million dollars) for the NHIndustries consortium, a joint venture between Airbus Helicopters, Leonardo and Fokker Aerostructures. Of these, sources close to the operation reveal, approximately 300 million will go to the Italian group led by Roberto Cingolani. The contract was stipulated with the NATO Nahema agency (Nato Helicopter Management Agency) for the development and delivery of new equipment for the NH90 military helicopter as part of the Software Release program development and qualification with flight tests in the Leonardo plant in Venice-Tessera on the variants for the Navy and Army.
Unicredit. The English Court of Appeal agrees with Unicredit on the halt to contracts with Russia. The English judges have annulled a ruling unfavorable to the Italian bank. The matter concerns bills of exchange relating to Russian airlines.
Medica. Consob has approved the offer document relating to the voluntary public purchase offer for 847.650 ordinary shares of Medica, an integrated biomedical and MedTech group listed on Euronext Growth Milan. The period of acceptance of the offer will begin on 1 July 2024 and will end on 19 July 2024, unless extended. On 26 July the offeror will pay each shareholder who has accepted the offer a fee equal to 27 euros for each share tendered in acceptance of the offer.
OTB, an Italian fashion and luxury group founded by Renzo Rosso, and Chalhoub Group, a leading partner in the creation of experiences dedicated to the world of luxury in the Middle East with a portfolio of ten owned brands and more than 450 international brands, have signed a strategic agreement joint venture to significantly expand the presence of OTB's luxury brands in the region.
The shareholders' meeting of Simone, a company active in the publishing field, has approved the distribution of a gross ordinary dividend of 0,01 Euro per share. The detachment date was set for 24 June, the legitimation date (record date) for 25 June and the payment date for 26 June 2024. The shareholders also approved the 2023 financial statements. The year ended with a consolidated production value of 18,874 million Euros, +14,7% on an annual basis. Ebitda amounts to 3,024 million, +73,49%. The Net Result reached 1.214 thousand Euros, compared to 737 thousand Euros in the previous year.
Inwit has entered into an agreement which provides for an option right for the purchase of 51% of Boldyn Networks Smart City Rome, winner of the tender for the concession of the Rome 5G project. If Inwit exercises the purchase option, the closing of the transaction is expected during the third quarter of 2024.
Saras. The conditions precedent for the closing of the acquisition by Vitol of 35% from the Moratti family have all been fulfilled and the operation will be completed by the end of June. Vitol will launch, as expected, a mandatory takeover bid for the remaining shares of Saras.
Bankitalia provides for Italy economic growth by 0,6% in 2024, 0,9% in 2025 and 1,1% in 2026, according to the latest Economics in Brief report published yesterday. The forecast for this year compares with the 0,7% estimated by the OECD and IMF and with the 0,9% indicated by the European Commission estimates. Over the same time frame, the Eurozone's GDP is expected to grow at a faster pace: +0,9% in 2024, +1,4% in 2025, and +1,6% in 2026.
