(Alliance News) – European stock markets moved cautiously on Thursday, with Milan bearish as trading floors focused on the Bank of England’s numerous quarterly reports and its interest rate decision, with traders looking for dovish signals from Threadneedle Street due to the recent slowdown in UK inflation.
The Bank of England is expected to keep the benchmark rate at 5.25%, at levels not seen since 2008. However, investors are awaiting more clarity on when interest rates could be cut, with expectations currently tilting around June or, more likely, August.
The focus will be on closely monitoring the vote, currently estimated at 8-1, and publishing new economic projections, with the central bank expected to update its growth forecasts.
In March, UK inflation fell to 3.2%, significantly lower than the 10.1% recorded in March 2023, although it exceeded central bank projections. However, Governor Bailey recently said he sees strong evidence that inflation is slowing due to tightening financial conditions.
Thus, the FTSE Mib fell by 0.2% to reach 34,085.40.
In Europe, the CAC 40 in Paris fell 0.2 percent, the FTSE 100 in London rose just above the benchmark level, while the DAX 40 in Frankfurt was in the green by 0.3 percent. hundred.
Among the smaller stocks, mid-caps were down 0.1% at 48,016.72, small-caps were below par at 29,399.73, while Italy Growth was up 0.1% at 8,221.64.
On the Mib, the strength of Nexi after the accounts, with the title increasing by 5.8% to 6.03 euros per share. The company said on Thursday that it closed the first quarter with revenue up 6.0% to 781.6 million euros, compared to 737.6 million euros as of March 31, 2023.
Ebitda amounted to €361.7 million, up 8.6% from €333.1 million recorded in the first three months of 2023. The Ebitda margin reached 46 percent, up 112 basis points from the first quarter of the previous year, “partly due to the faster realization of efficiencies and cost synergies in light of the integration of the group,” the note said.
Prysmian – up 0.8% – announced on Thursday that it had closed the first quarter with a net profit of 185 million euros, compared to 182 million euros in the same period the previous year. Revenues amounted to 3.69 billion euros, compared to 3.99 billion euros in the 1st quarter of 2023.
Tenaris, on the other hand, was up 1.4 percent after two sessions ended lower.
Sales in the banking sector, with BPER Banca showing a minus 4.6%, after the previous day’s red close of minus 0.6%.
Banca Popolare di Sondrio, on the other hand, was down 2.1%, following the previous session’s 1.5% decline.
In the younger segment, Nora Industry grew 7.0%, after contracting 6.5% at Wednesday’s close.
Mutuionline also gained 1.5% with a new price of 1.50 EUR per share and is up 34% over the last six months.
Ariston Holding shares also rose 1.9%. The company announced on Tuesday that it closed the first quarter with revenues of 653.2 million euros, down 14% from 759.7 million euros recorded during the same period last year. last.
Ascopiave, on the other hand, fell 1.1 percent to EUR 2.21, following results presented earlier today which saw an increase in profits.
Fincantieri, on the other hand, fell 7.0%, following the previous day’s decline to minus 0.3%.
On SmallCap, Olidata was up 3.6%, recovering after two sessions closed lower.
SIT was up 2.2% at EUR 2.39 per share, turning lower after two sessions in the red.
Pinifarina, on the other hand, grew by 3.1%. The stock – which has missed its ex-dividend date since 2005 – is down 1.5%.
Gas Plus marks a minus 3.2%, turning downward after two bearish sessions.
Safilo, on the other hand, is down 3.5% at EUR1.31, in position for its fourth bearish daily candle.
Among SMEs, Alfio Bardolla lost 5.4%, after the loss of 3.4% recorded on the eve of the session.
Askoll Eva fell 3.7% to 0.3150 EUR per share, after a gain of 2.8% the day before.
Eprcomunicazione, on the other hand, rose 9.3%, aiming for its fifth bullish session.
Good purchases also for Ecosuntek, which is up 5.0% after being green by 0.6% the day before.
In New York, the Dow rose 0.4%, the Nasdaq lost 0.2% and the S&P 500 closed just below par.
Among currencies, the euro traded at $1.0730 from $1.0748 on Wednesday as European stock markets closed, while the pound was trading at $1.2484 from $1.2495 late Wednesday.
Among commodities, Brent oil traded at USD 84.03 per barrel compared to USD 83.31 per barrel on Wednesday. Gold, meanwhile, is trading at USD 2,307.10 per ounce compared to USD 2,317.24 per ounce on Wednesday evening.
On the economic calendar for Thursday, the Bank of England’s interest rate decision is expected at 1300 CEST. At 1430 CEST, applications for unemployment benefits in the United States will be published.
By Maurizio Carta, journalist at Alliance News
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