A start with little significant changes is expected for the main stock exchanges of the Old Continent judging by the trend of futures on the major European market indices. We continue to follow the trend of Nvidia which in three sessions lost 13% after the strong increases that led it to gain 140% this year. In Milan, all eyes are on the banks, protagonists of the previous sessions. The wait remains for the elections in France next weekend.
On Wall Street the focus remains on Nvidia which lost 7% yesterday: -13% in three sessions
Indices remain near all-time highs, driven by the excitement surrounding artificial intelligence. The S&P500 Index is up nearly 15% this year, while the tech-heavy Nasdaq Composite has gained nearly 18%. The Dow Jones, however, lagged behind, gaining just under 4% in the first half of the year.
Last night the main indices closed mixed. The S&P500 lost 0,29% to close the day at 5.447,87 points, while the Nasdaq Composite fell 1,09% to 17.499,17 points. The focus remains on Nvidia which yesterday lost -7%, marking the third consecutive strong decline and its market cap fell to 2.900 billion. The tech giant's stock collapsed by 13% in three sessions, exceeding the 10% threshold that indicates the correction area and leaving $430 billion on the ground. However, the group at the center of the AI revolution remains up 140% this year.
The Dow Jones gained 0,67% to close the day at 39.408,32 points. At the top among the Wall Street giants, Amgen (+3,25%), Goldman Sachs (+2,65%), Chevron (+2,60%) and Verizon Communication (+2,31%).
The market will pay close attention to key US inflation data this week for further guidance on interest rates. Data on the PCE price index, the Federal Reserve's preferred inflation indicator, will be released Friday, following comments from the Federal Reserve and the first presidential debate between Joe Biden and Donald Trump this week.
Today Wall Street futures are rising slightly. On the calendar: at 15pm the FHFA House Price Index, monthly (expected 00%; previously 0,5%) and S&P Case-Shiller, annual (expected 0,1%; previously 7%). At 7,4:16 Consumer confidence, monthly (expected 00 points; previously 100,2 points).
In Asia, keep an eye on developments in the China-EU trade crisis
The Asia-Pacific stock markets are positive, especially Japan, where at 7 am Italian time the Nikkei rises by 0,7%, while Hong Kong earns 0,4% and Shanghai it is just below par. contrasted, while investors are still following developments in the ongoing trade war between China and the West. The relevant ministers of China and the EU have opened dialogue on import tariffs on Chinese electric vehicles, but the mood remains weak. Canada may consider limiting Chinese imports of electric vehicles, joining the US and EU. Sentiment towards China was also dented by a Reuters report that the Biden administration was investigating major Chinese telecommunications companies for potential security issues.
The weakness of technology stocks on Wall Street limits the trend of the Taiex from Taiwan, down 0,3%, from -1,80% yesterday. Kospi of Seoul +0,4%. The Japanese index Nikkei 225 rose 0,5%, while the broader Topix index rose 1,4%, supported by a rebound in stocks from traditional sectors. Today the Japanese Leading Indicator in April was 110,9 points, down from the previous 111,7 points (the forecast was 111,6 points), while service prices in May on an annual basis rose by 2,5 %, down from the previous +2,7% (the forecast was +3%). This week the focus is on Tokyo's upcoming inflation data, due on Friday. The reading will come after minutes from the Bank of Japan's latest meeting showed some members are banking on an interest rate hike in July.
Among other Asian markets, theAustralian ASX 200 grew by 0,9%, supported by mining stocks and raw material prices. A private survey showed Australian consumer confidence improved slightly in June. .
Bags June 25th: what to follow today
Futures suggest a little changed opening. The future on the Eurostoxx50 lost 0,30%, while the US futures rose (+0,23% on the Dow Jones and +0,19% on the S&P500). European stock markets yesterday achieved a robust rebound with the EuroStoxx50 Index at +0,90% and the Milan FtseMib which gained 1,6% thanks to the push from the banks.
In Paris, CAC 40 +1%, after the candidate of the Rassemblement National he promised a controlled deficit and support for businesses, seeking to gain the compliance of foreign investors. The yield of the German Bund is stuck at 2,41% and that of the BTP has fallen to 3,92%. The Italy-Germany spread fell to 151 from 153 basis points. The French 3,18-year OAT fell to 3,20 from 77% and the Bund/OAT spread is at 79 from 1,074 basis points. The euro-dollar exchange rate rose slightly to 1,069 from 2,328. Brent oil and WTI stable. Gold at 2.322 from 61.300 USD. Bitcoin at 3 dollars, +6,6%, from -60% yesterday which had pushed the price below XNUMX thousand dollars for the first time since the beginning of May.
Leonardo. The slowdowns linked to the Boeing 787 impose a four-month stoppage of Leonardo's Grottaglie plant.
Tim. The company is not looking for a partner for its home consumer division, but will focus on growing the businesses left after the network sale. CEO Pietro Labriola said it.
Fincantieri it closed up +24% on the first day of the capital increase. Stock options jumped by more than +40%. The operation ends on July 11th. Rights negotiable until July 5th.
Golden goose: With the failure of the listing on Piazza Affari, which should have taken place last week, the fashion company will still have to pay interest on the almost half billion euro loan issued in 2027, linked to the IPO, until May 2021.
Il Tesoro in the third quarter of 2024 it will offer Short Term BTPs (maturity 28/08/2026) for at least 9 billion euros, 5-year BTPs (maturity 01/10/2029) for at least 10 billion euros and 10-year BTPs (maturity 01/02/2035) 10) for at least XNUMX billion euros, as disclosed in the issuance program of the Ministry of Economy and Finance (MEF).
Pirelli has given a mandate to a pool of banks (Bnp Paribas, Crédit Agricole, Deutsche Bank, Banca Akros, Commerzbank, Deutsche Bank, Ing, Imi-Intesa Sanpaolo, Mediobanca, Natixis and Unicredit) to organize a series of calls with investors in sight of the launch of a five-year sustainability-linked bond.
Bank Bpm. As part of the authorization to purchase treasury shares approved by the meeting of 18 April 2024, in the sessions between 19 and 24 June 2024 BancoBPM purchased 4.911.328 treasury shares at the weighted average price of 6,108327 euros per share , for a total value of 29,99 million euros. As of 24 June 2024, the closing date of the first tranche of the treasury share buyback programme, the company holds 12.471.781 treasury shares equal to 0,82% of the capital.
Generali. Following the launch of the treasury share purchase program serving the Long Term Incentive Plan 2023-2025, as well as the group incentive and remuneration plans currently being implemented, Generali announced that between 17 and 21 June 2024 it purchased 1.437.152 treasury shares at the weighted average price of 22,88 euros per share, for a total value of 32,89 million euros. Following the purchases made, as of 21 June Leone di Trieste and its subsidiaries hold 24.603.531 own shares, equal to 1,57% of the capital.
Today's data. Britain's final first quarter 2024 GDP (preliminary: 0,6% quarter-on-quarter; consensus: 0,6% quarter-on-quarter). At 9 am the second reading of Spain's quarter-on-quarter GDP for the first three months of 2024 which should not hold any surprises compared to the +0,7% recorded in the first reading.
