Indices expected ahead of services PMIs

(Alliance News) - The Italian stock market is expected to rise slightly on the day of the services PMI for the main European economies, including Italy.

The FTSE Mib is up 13.5 points or 0.3% after closing up 0.2% at 40,074.47 on Tuesday.

The FTSE 100 in London is up 15.2 points or 0.2%, the CAC 40 in Paris is expected to rise 29.5 points or 0.4%, and the DAX 40 in Frankfurt is expected to climb 121.5 points or 0.5%.

Yesterday evening in Milan, the Mid-Cap lost 0.1% to 54,238.04, the Small-Cap fell 0.3% to 31,490.79, while the Italia Growth closed essentially unchanged at 8,123.77.

On the main index of the Italian stock exchange, STMicroelectronics was the best performer among the blue chips, closing up 3.4% with almost 4 million shares traded.

Stellantis recovered ground after the previous day's decline, closing up 2.6%.

Leonardo also saw gains, rising 1.5%, buoyed by the European Commission's green light for the joint venture with Britain's BAE Systems and Japan's Jaiec as part of the Global Combat Air Programme, dedicated to the development of new sixth-generation fighter jets.

Italgas was down 0.5% as it prepares for the territorial reorganization scheduled for July 1 with the merger between Italgas Reti and 2i Rete Gas, a key step in the creation of a leading European gas distribution operator.

Pirelli gained 0.7% in a climate that remains tense over the control structure. The president of Confindustria, Emanuele Orsini, called for a strong response from the country, hoping for government intervention to defend what he called "an excellence of our Made in Italy."

The Minister for Enterprise and Made in Italy, Adolfo Urso, quickly intervened, assuring the government's commitment to monitoring the situation under the Golden Power provisions, already activated in 2023, also in light of the US measures.

Iveco Group closed up 0.4% after recent declines. Operators are now assessing the possible valuations for the sale of Iveco Defense Vehicles, considered "non-core" by John Elkann, as pointed out by Francesco Bonazzi, columnist for Alliance News.

Snam, Poste Italiane, and Assicurazioni Generali were under pressure, recording declines of 1.3%, 1.5%, and 2.0%, respectively.

Mediobanca was the worst performer on the index, down 3.0% despite the announcement of the placement of a new EUR750 million covered bond maturing in August 2030.

On the Mid-Cap index, Technoprobe shone with a 5.4% rise to EUR7.185 per share, buoyed by Deutsche Bank Research's positive assessment, which raised the target price of the stock to EUR9.00 from EUR6.30 and upgraded its recommendation to 'buy' from 'hold'.

Fincantieri rose 1.5% after its Norwegian subsidiary Vard announced the delivery of two of the world's first ships equipped with cyber notation.

Tamburi Investment Partners fell 0.6%. The company announced the purchase of 28,518 ordinary shares for a total value of EUR229,042.74.

Juventus FC was the worst performer on the second tier, losing 3.7% after the previous session's rise.

In the Small-Cap segment, Tinexta recorded the highest trading value, closing up 3.1%.

IGD SIIQ lost 1.5% to EUR3.795 per share. The company announced the sale of the "Crinul Nou" shopping center in Alexandria, Romania, to a local private investor. The transaction, worth approximately EUR3.3 million, was carried out in line with the book value.

BasicNet continued its buyback program, purchasing shares for approximately EUR 361,000 between May 26 and June 2. The stock closed down 1.2%.

Bestbe Holding and EuroGroup Laminations were at the bottom of the list, recording declines of 4.9% and 4.0%, respectively.

Among SMEs, Eles closed up 4.6%, ending a three-day losing streak and positioning itself at the top of the index for much of the day.

ALA recorded the highest trading volume of the day, closing the session up 0.5%.

Mare Group fell 3.4%. On Tuesday, the company announced the European Commission's approval of the Cryostar project, part of the Horizon Europe Clean Aviation Joint Undertaking program.

The initiative, dedicated to the development of solutions for the safe storage of liquid hydrogen on board aircraft, involves activities worth a total of EUR 5.1 million, entirely financed by non-repayable grants. Mare Group has been allocated a share of EUR 726,875, of which 50% will be advanced by 2025.

Franchi Umberto Marmi sold 0.8%. The board of directors approved the launch of a share buyback program for a total amount of EUR 10 million.

Metriks AI was the worst performer on the list, losing almost 18%. Despite the decline, the stock has doubled in value since its debut on the stock exchange on May 30, bringing its market capitalization to approximately EUR 29.2 million.

In Asia, the Nikkei is up 1.0% at 37,809.44, the Shanghai Composite is up 0.4% at 3,375.55, and the Hang Seng is up 0.5% at 23,639.55.

Last night in New York, the Dow rose 0.5% to 42,519.64, the Nasdaq gained 0.8% to 19,398.96, and the S&P 500 closed up 0.6% at 5,970.37.

Among currencies, the euro traded at USD 1.1368 from USD 1.1372 on Tuesday evening, while the pound traded at USD 1.3511 from USD 1.3520 yesterday evening.

Commodities saw Brent crude trading at USD 65.45 per barrel, down from USD 65.75 per barrel on Tuesday evening, while gold was worth USD 3,352.18 per ounce, down from USD 3,373.22 per ounce yesterday evening.

Wednesday's macroeconomic calendar includes services and composite PMIs for Spain, Italy, France, Germany, the Eurozone, and the UK between 0915 CEST and 1030 CEST. The same indicators will arrive in the afternoon from the US.

Also in the afternoon, at 1:00 p.m. CEST, the US will release its 30-year MBA mortgage rate and weekly new mortgage applications.

At 1630 CEST, the weekly report on crude oil inventories is due.

No particular events are expected among companies listed on the Italian stock exchange.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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