Contrasted European stock exchanges waiting for theUS inflation out on Friday and the first round of French elections scheduled for Sunday. Important appointments which could impact, on the one hand, the future moves of the Federal Reserve, and on the other, the European structure of the coming years, while Brussels continues to discuss the appointments of the heads of the European institutions.
And while the main continental markets move below parity, political uncertainties cause them to rise the spread, with the differential between BTP and Bund standing at 156 basis points from 154 of the previous closing and that between Oat and Bund approaching 74 basis points (from 72 yesterday), at the highest since 2018. Also rising yields on government bonds: the 10-year BTP is at 4,02% from 3,99% yesterday, the Oat 10 is at 3,19% (+1,21%), the 2,46-year Bund is at 0,9% (+XNUMX %).
European stock markets down
In this context it is Stoxx 600 it fell by 0,18%, bringing the number of consecutive negative sessions to three.
Above all, the healthcare and retail sectors are weighing heavily, the latter having been weighed down by the collapse of H&M which lost more than 12% of its value after missing quarterly profit forecasts and forecasting a decline in sales in June. It falls among pharma stocks Gsk (-5,38%): On Wednesday, the US Centers for Disease Control and Prevention (CDC) reduced the use recommendations for all respiratory syncytial virus (RSV) vaccines and suspended the use recommendation for people under 60.
On the opposite front, the run of Kering (+5,2%) after BofA Global Research revised its rating to 'buy' from 'underperform'.
Moving on to the stock markets, in the middle of the day Milan lost more than half a percentage point (-0,58% to 33.348 basis points) on the day of the first strike in the history of Piazza Affari. In red too Madrid (-0,5%) And Paris (-0,04%), while Frankfurt is saved by the skin of its teeth (+0,04%) and Amsterdam travels in positive territory in the wake of the good mood of the semiconductor sector driven by the recovery of the tech sector on Wall Street. Outside the EU London yields 0,2%.
Stock market: in Milan eyes on Eni, Campari and Stellantis
Returning to Milan, investors' eyes are focused on Eni (+0,76%) which signed a binding agreement with Hilcorp, one of the largest private American companies operating in Alaska, for the sale of 100% of the Nikaitchuq and Oooguruk assets held by Eni in Alaska. However, Mib is at the top of the Ftse BRUNELLO CUCINELLI (+4,18%) which takes advantage of the promotion of Stifel analysts and benefits from the good mood of luxury after the entry of CEO Bernard Arnault into Richemont and the promotion of Kering.
Also good Saipem (+ 0,74%) and Interpump (+ 0,54%).
On the sales front, Mib ranks at the bottom of the Ftse Stellantis, down by more than 4 percent after the review of the rating by Equita and the cut in the target price by HSBC. In detail, the analysts lowered the target price to 22 euros, from the previous 23,5, maintaining the 'Hold' recommendation. The bank also cut its revenue estimates for fiscal 2024 by 4% and its adjusted operating profit estimates by 11%. Annual operating profit estimates were then cut by 5-11% for 2024-26.
Down too Campari (-2,77%), with the opening of the Guardia di Finanza investigation into Lagfin, the Luxembourg holding company that controls 51,3% of the company.
Counter the banks with Ps e Intesa Sanpaolo which lost 1,6% and 1,26% respectively and Bper which gained 0,37%.
From a macro perspective, the data arrived this morning producer prices, with the Italian industry interrupting a negative streak that had lasted since November in May, recording an economic upturn, albeit modest. According to data released this morning by Istat, in the month in question the index increased by 0,3% on a monthly basis while it fell by 3,5% on an annual basis, from -0,9% and -5,9% respectively in April.
The other markets
On the currency the euro/dollar it remains stable below 1,70, with the exchange rate standing at 1,697. After an initial weakness, the price instead rises Petroleum, with the August future on WTI at 81,22 dollars a barrel (+0,4%) and the same expiry on Brent at 85,6 dollars (+4%). Earn 0,6% on natural gas, which on the Amsterdam TTF platform is indicated at 34,06 euros per megawatt hour.
