Futures markets expect stock markets to rise; China confirms its rates

Futures markets expect stock markets to rise; China confirms its rates
Futures markets expect stock markets to rise; China confirms its rates

(Alliance News) – On Monday, the main European stock markets should be in positive territory after a day poor in macroeconomic news and while the Canadian Stock Exchange remains closed for Queen Victoria Day.

So, IG futures put the FTSE Mib in the green by 0.2 percent or up 70.0 points, after closing at 35,398.82 points.

The CAC 40 in Paris is expected up 0.1 percent or 11.2 points, the DAX 40 in Frankfurt is in the green by 0.1 percent or up 26.0 points, the FTSE 100 of London is expected up 0.2 percent or up 14.0 points.

Among the smaller quotes on Friday, the mid-cap closed down 0.2 percent at 48,302.91, the small-cap down 0.1 percent at 29,465.48, while the growth of the Italy is 0.3 percent in the green at 8,251.81.

In macroeconomic news, the People’s Bank of China kept major lending rates unchanged during the May fixing, meeting market expectations.

The benchmark rate for most business and household loans, the 1-year LPR prime rate, was maintained at 3.45%.

On the other hand, the 5-year rate, the benchmark rate for home loans, was maintained at 3.95% after the record reduction of 25 percentage points in February.

Both rates are at historic lows as Beijing attempts to spur economic recovery after mixed activity data in April, highlighted by sustained growth in industrial production, the lowest unemployment rate in five months and weak retail sales.

On the Mib Friday, Saipem rose 2.8 percent to 2.2740 euros per share, confirming its strength since the bell. The company announced on Thursday that it had won a new offshore contract from Azule Energy Angola for the development of the Ndungu field, part of the Agogo Integrated West Hub project, located approximately 180 kilometers off the Angolan coast. The contract value is approximately USD 850 million.

Banca Monte dei Paschi performed well, up 2.8%, with the Siena-based bank posting a 73% gain since the start of the year.

Banco BPM is also among the best performers, with an increase of 2.9% to 6.72 euros. During the previous session, it updated its high for 2024 with the price touched at 6.57 EUR, while it touched its 52-week high at 6.66 EUR during the current session .

At the end of the session, Interpump lost 2.5%. The title – which posted a gain of 7.7% over the week – approved its interim report on Wednesday for the three months to March 31, closing the period with a net profit of 67.6 million euros, compared to 86.0 million euros in the 1st quarter of 2023, a drop of around 22%.

ERG fared worse, closing down 3.8%.

On the mid-cap side, Intercos performed well, up 2.6%, and closed its fourth consecutive session among bullish stocks.

El.En. gained 0.1%, with a price of 10.02 euros. The company’s board of directors approved the interim report for the year to March 31, with a positive pre-tax result of 14.4 million euros, down 13% from 16.6 million euros as of March 31, 2023.

For the Moltiply group, on the other hand, the gain was 2.6%. The company said on Thursday that its Mavriq division has signed binding agreements to acquire a leading online comparison and brokerage operator in the Netherlands. The agreed enterprise value for 100% of Pricewise shares is €25 million and the purchase will be financed through cash and/or the use of already available credit lines.

Nora Industry gained 1.1 percent, reversing a 2 percent decline the previous day.

In the small cap market, Netweek lost 3.5%, with a new price of 0.0504 EUR. The company announced on Thursday that a contract had been signed for the acquisition of 100% of Telecity 2, the company in which the television and editorial activities of the Telecity group, leader in Lombardy, Piedmont, Liguria and Val d ‘Aosta, were brought. The price paid for 100% of Telecity 2 is 6 million euros and includes, among other things, the television assets of the four regional broadcasters, the Assago office and around forty employees.

Alkemy lost 0.8% after two sessions closed lower due to the first quarterly accounts published a few days ago. The company closed with a profit of 200,000 euros, down 63% compared to 700,000 euros for the same period in 2023.

Eurotech – down 3.6% after two sessions in which it lost more than 16% – reported a loss of 4.2 million euros in the first quarter on Wednesday evening, compared to a profit of 100,000 euros in the first quarter of 2023.

Caleffi lost 2.9%. The company announced today that it will launch a shareholder-approved buyback plan this week. The objective of this plan is to purchase a maximum of 200,000 euros of ordinary shares of the company.

Among SMEs, the strength of iVision tech, which increased by 3.2 percent after experiencing volatility. The company announced that its board of directors has approved the issuance of two bonds with a total value of 7.0 million euros.

SG Co – up 1.9% – said on Friday that the value of the group’s order book as of April 30 stood at around 19.3 million euros, an increase of 87% compared to the same period of the previous year, when it amounted to 10.3 million euros. This figure is equivalent to 65% of the group’s consolidated turnover as of December 31, 2023, which amounted to €29.5 million.

At the bottom of the list are ESI, down 4.7%, and Impianti, down 4.1% and subject to profit-taking after the stock gained 70% in the past seven days and doubled its capitalization during the last month.

In Asia, the Nikkei was 0.7 percent green at 39,077.03, the Hang Seng was 0.7 percent green at 19,680.91 and the Shanghai Composite was up 0.6 percent at 3,173.28.

In New York, the Dow closed 0.3% higher at 40,003.59, the Nasdaq finished 0.1% lower at 16,685.97 and the S&P 500 rose 0.1% at 5,303.27.

Among currencies, the euro changed hands at $1.0882 from $1.0874 on Friday as European stock markets closed, while the British pound was worth $1.2708 from $1.2701 late Friday.

Among commodities, Brent oil is trading at USD 84.31 per barrel compared to USD 83.26 per barrel on Friday evening. Gold, meanwhile, is trading at USD 2,453.20 per ounce compared to USD 2,406.48 per ounce on Friday evening.

The macroeconomic calendar for Monday at 1000 CEST includes Spanish trade balance data.

Iberian consumer confidence will be released at 1200 CEST, alongside data on Chinese foreign direct investment. No relevant macroeconomic data is expected from the United States in the afternoon, where the three- and six-month T-Note auctions will be held at 1730 CEST.

Among the companies present in Piazza Affari, the results of Assicurazioni Generali and Bestbe Holding are expected.

By Claudia Cavaliere, journalist at Alliance News

Comments and questions to [email protected]

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.



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