Milan stock market down on EU inflation expectations, Leonardo up, Sys-Dat jumps on debut

Milan stock market down on EU inflation expectations, Leonardo up, Sys-Dat jumps on debut
Milan stock market down on EU inflation expectations, Leonardo up, Sys-Dat jumps on debut

Indices fell on Piazza Affari and other European markets, following gains after yesterday’s rally triggered by the result of the first round of the legislative elections in France.

On the macroeconomic front, we are waiting for the inflation figure for the whole of the eurozone, for which the consensus predicts a cooling in June to 2.5% year-on-year compared to 2.6% the previous month.

Yesterday, ECB President Christine Lagarde stressed that Frankfurt was in no hurry to cut rates again, given the positive developments in the economy and the need for more time to be able to say that inflation is indeed approaching 2%.

In the United States, the Jolts on new jobs, one of the indicators most closely watched by the Fed, will be published this afternoon, while tomorrow it will be the turn of ADP data and Friday the government employment figures.

At 9:40 a.m., the Ftse Mib is down 0.66%.

In the banking sector, major groups UniCredit and Intesa Sanpaolo fell by 0.6% and 0.34% respectively. Mps lost 0.8%, Bper and Banco Bpm were also weak.

Leonardo is up 1.6% following rumours from Il Sole 24 Ore that the company is in “very advanced” negotiations with German group Rheinmetall to form an alliance in the field of land weapons. According to broker Equita, “the agreement would be positive because it would allow a rapid exit from the impasse created after the announcement on 11 June of the end of the ongoing negotiations with Knds and would also allow Leonardo to enter the Franco-German project for the future European heavy tank”.

Conversely, Stellantis lost 1.6%. Iveco was also down 3.6%. For the manufacturer, June registration data in France, Italy and Spain weighed, showing cumulative growth of 4% year-on-year at the market level compared to -4% for Stellantis, a broker points out.

Finally, Sys-Dat got off to a flying start in the Star segment with a jump of 11.75%. The IT services company started the session at a price of 3.4 euros, in the middle of the range indicated at the time of the IPO between 3.20 and 3.80 euros.

(Giancarlo Navach, edited by Gianluca Semeraro)

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