(Alliance News) - European stock markets continue with the bearish path with which they opened Thursday, with Piazza Affari dropping to the 27,300-point area and positioning itself for the fourth in a row in negative balance.
The selling follows up by making the overnight red seen on Wall Street, spurred by comments from U.S. Federal Reserve Chairman Jerome Powell, who indicated the likelihood of further rate hikes due to persistently high inflation.
Powell also stressed that the process of bringing inflation back to the 2 percent target is far from complete. Investors are now focusing on the Bank of England's upcoming policy decision. It is widely expected that the bank will implement a rate hike, with the only uncertainty being whether it will raise interest rates by 25 basis points or take a more assertive stance by opting for a 50 basis point increase.
The FTSE Mib, therefore, is giving up 1.1 percent to 27,307.83.
In Europe, London's FTSE 100 is giving up 0.8 percent, Paris's CAC 40 is giving up 1.2 percent, and Frankfurt's DAX 40 is contracting 0.6 percent.
The Mid-Cap is falling 0.9 percent to 42,187.35, the Small-Cap is down 0.3 percent to 27,086.11, and Italy Growth is red by 0.1 percent to 9,044.82.
On the main index of Piazza Affari, Moncler is stepping back 3.1 percent in its fourth session on the bearish side.
Saipem--down 2.3%--reported Wednesday that the two new credit lines totaling EUR860 million, which had been announced in February and whose effectiveness was subject to the issuance of a special decree by the Ministry of Economy and Finance and the subsequent stamping by the Court of Auditors, which took place in recent days, had come into effect.
The parent company, Eni--declining 1.0 percent--reported Wednesday that it had purchased 5.4 million of its own shares between June 12 and 16. The shares were taken over at an average price per share of EUR12.9828, for a total value of EUR70.3 million.
Telecom Italia is marking a decline of 0.6 percent to EUR0.2687 and positioning itself toward the fifth session to end among the bullish.
On the MidCap, Brembo gives up 2.0% to EUR13.26. The company said Tuesday the board of directors resolved to submit to the shareholders' meeting convened for July 27 a proposal to transfer the company's registered office to the Netherlands, adopting the legal form of an NV governed by Dutch law. Brembo's fiscal headquarters will remain in Italy and shares will continue to be listed on the Euronext Milan market of Borsa Italiana.
Technogym, on the other hand, is giving up 3.4 percent to EUR8.52, in profit taking after four sessions closed on a positive note.
Saras, on the other hand, is taking a step back 2.5 percent after a 1.5 percent green on eve.
Juventus Football Club - in the green by 0.5 percent - reported that it has exercised its option right for the outright acquisition of the sports performance of the player Arkadiusz Krystian Milik, from Olympique de Marseille, for a consideration of EUR6.3 million, payable in three fiscal years starting in July 2023.
On the SmallCap, Italian Exhibition Group advances 3.6 percent, with new price at EUR2.59.
By contrast, d'Amico advances 2.7 percent, with new price at EUR3.52 after three sessions ended in the red.
algoWatt, on the other hand, gives up 4.9%, in its third session in the red.
Pierrel, up 9.7 percent, brings its price to EUR2.60 per share, reversing course after a four-session bearish mini-trend.
Among SMEs, Bellini Nautica is advancing, rebounding after six sessions in a row on the bearish side.
Also leading the list is Deodato.Gallery, which is advancing 8.6 percent to EUR0.8020, rearing its head after eight sessions on the bearish side.
CrowdFundme is instead giving up 3.2%, positioning itself for the fourth session to end on the bearish side.
Rear-ends also for Imvest, which marks a minus 4.4 percent on its third session on the bearish side.
Among U.S. exchanges, on the European night, the Dow Jones gave up 0.3 percent, the Nasdaq 1.2 percent, and the S&P gave up 0.5 percent.
Among currencies, the euro changed hands at USD1.0981 versus USD1.0952 in Wednesday's European stock close. In contrast, the pound is worth USD1.2744 from USD1.2733 last night.
Among commodities, Brent crude is worth USD76.95 per barrel versus USD77.03 per barrel at Wednesday's close. Gold, meanwhile, trades at USD1,927.84 an ounce from USD1,932.00 an ounce last night.
On Thursday's macroeconomic calendar, at 1300 CEST comes the expected Bank of England decision on interest rates.
From the US, at 1430 CEST it is the turn of unemployment claims, at 1600 CEST that of existing home sales. At 1700 CEST the EIA report is released, followed half an hour later by the auction of 4- and 8-week Treasury bonds.
By Maurizio Carta, Alliance News senior reporter
Comments and questions to redazione@alliancenews.com
Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.
