At around 11.30 am the Ftse Mib lost 1.65% to 32,315 points with Azimuth (-4.5%), StM (-3.8%), Mrs (-3.4%), Leonardo (-3.15%). positive, Inwit, Drop off, Tenaris And Snam between +1% and +0.5%. The spread increases to 146 points (+2.43%), while Nadsaq futures decrease by 1.66% with Intel which lost 19% in the premarket.
Meanwhile, the euro rose 0.3% to 1.082 on bets that data to be released on the US labor market on Friday will force the Fed to get tougher on cutting rates. Gold, meanwhile, hit a new high of $2,500 an ounce. Futures prices for the yellow metal are up 21% in 2024 and 27% in the past 12 months.
9.30am Ftse Mib accelerates down (-2%) with Azimuth, Mrs And StM. Because it is fear for Intel (-19%) and the Fed
Ftse Mib opens in clear red, on Friday 2 August, the index fell 1.7% to 32,294 points. Suddenly drops Mrs (-4.15), StM (-3.9%), Bper Bank And Unicredit (-3.3%). Positively, for now, Amplifier, Ferrari And Pirelli.
Around 9.15am, Piazza Affari was accelerating down (-2.06% to 32,179), sales at Azimuth, StM (approximately -4.7%), Mrs (-4%) e Leonardo (-3.6%).
8.30 am – European stock markets are expected to be in the red after the fall of the Nikkei and the fall of the Intel. Beware of banks
Eurostoxx50 futures fell 1.29% on Friday 2 August after a bad close on Wall Street and a deep red session in Asia where the Nikkei fell 5% under the weight of a perhaps slightly overdone BoJ hawk and not Intelwhich fell pre-market (-19%) after announcing the dividend suspension and restructuring costs. And that made the markets pale, which haven’t seen such a collapse of the chip giant since 2000, the time when the dot.coms collapsed. Nasdaq futures, meanwhile, were at -1.66%.
Now markets are wondering: What if the Federal Reserve is behind the curve? Is it too late to cut rates as the economy heads into recession? Investors shuddered at the idea and took refuge in the ten-year T bond, whose yield on Friday fell (hence the price rose) from 3.98% to 3.96% and returned to being considered a safe-haven asset. So keep an eye out for US unemployment data and wage trends on Friday.
The macro calendar for Friday 2 August
10.00 Italy, Industrial production
2.30pm USA, non-farm payrolls change
2.30pm USA, Unemployment rate
2:30pm USA, Average hourly wages
In Piazza Affari, look out for…
Some newspapers again wrote about the hypothesis that the government would introduce a method of taxation banks and insurance companiesand possibly in other sectors such as energy and luxury. Prime Minister Meloni seems to be thinking of a contribution to unity and registered the opposition of the Minister of Economy Giorgetti, who would prefer agreements with companies. The law, an additional IRES on the profits of banks and insurance companies, will come in the fall, after a negotiation of the amount with the companies.
The registrations of cars in Italy in July reached 124,806 units, with an increase of 4.66% in the same month of 2023, according to data released by the Ministry of Transport. The group Stelantis recorded a decline of 8.38% with a market share of 28.04% from 30.04% in June, based on Reuters calculations.
Prysmian has secured a contract in Australia for a new high voltage electrical interconnection worth approximately €600 million. The contract with Marinus Link Pty completes a preliminary agreement announced by the two companies in 2023.
On FerrariBarclays raised the rating to Overweight from Equal-weight with a price target of 450 from 400 euros.
Pirelli closed the half year with a net profit of 231.3 million euros, down from 242.6 million in the first half of 2023 affected by the effects of hyperinflation in Argentina and Turkey.
Ferragamo closed the second quarter with a 6% decrease in revenues, to 296 million euros (-8% at the current exchange rate) which brought the total for the six months to 523 million (-12.8% on an annual basis).
The board of directors Telecom Italia the CEO would have been asked for guarantees on the procedures for selling the stake Inwit, through the Daphne 3 vehicle, writes to the press. CEO Labriola said yesterday that he is optimistic about finalizing the sale of Sparkle and the remaining stake in Inwit.
Railwaythe press rumors came out according to where RaiWay and EiTower exchanged a memorandum of understanding aimed at studying an aggregation scheme.
On De LonghiBerenberg cut the recommendation to Hold from Buy and the target price to 33 euros from 37.
Bank Profile closed the second quarter with net income of 3.1 million. At the end of June it had a Cet1 ratio of 22.6%
Eurogroup Lamination entered the Indian market by acquiring 40% of Kumar precision stamping, with a spend of less than 20 million euros.
Fincantierithe board of directors included Biagio Mazzotta as a new member of the board of directors, who will remain in office until the next meeting of shareholders and he was elected president of the company.
Safilo closes the half year with an adjusted net profit of 24.2 million euros compared to 6.9 million euros recorded in the first half of 2023, a result that last year was influenced by a charge of 8.6 million, due to the revaluation of liabilities for Blenders investment options.
Effe closes the half year with a group net loss of 20.4 million euros, worsening compared to the red of 11.7 million in 2023. Consolidated revenue stands at 138.6 million, down 14.9% at current exchange rates and 14.6% at par -the exchange rates are the same.
Drop offPicarro Inc has signed up to Drop off a strategic partnership until 2031 in which Picarro will renew the entire fleet of devices installed in vehicles and portable devices Drop offwith scope for further expansion.
Err, first half results; followed by the conference call (3:00 pm). Abroad, results: AXA, Engie.
(All rights reserved)