Stock markets bullish; Le Pen asserts herself in France

(Alliance News) - European stock markets-according to the futures market-are headed for a bullish opening Monday in the aftermath of Marine Le Pen's National Rally party's affirmation in the first round of France's parliamentary elections, in line with expectations.

The numbers see the far-right party ahead by a smaller margin than expected, while the final outcome remains highly uncertain ahead of next week's runoff.

On the economic front, investors will assess manufacturing PMI data from across the European region and inflation data in Germany for June.

The FTSE Mib-after closing Friday down 0.1 percent at 33,154.05-is advancing 462.50 points.

In Europe, London's FTSE 100 is advancing 26.90 points, Paris' CAC 40 is advancing 221.70 points, and Frankfurt's DAX 40 is marking a green of 174.90 points.

Among the smaller lists, the Mid-Cap gave up 0.2 percent to 46,834.24, the Small-Cap fell 0.5 percent to 28,674.20, and Italy Growth finished down 0.1 percent to 8,114.91.

On the Mib on Friday evening, a good session for Banca Monte dei Paschi, which closed up 0.9% at EUR4.3850 per share, rearing its head after three bearish sessions.

Tenaris, on the other hand, was the best on the list, up 2.4 percent to EUR14.35 per share, after three sessions among the bearish.

For Iveco, on the other hand, the rise was 0.9% to EUR10.47 per share, up after three bearish daily candles.

Terna, on the other hand, lost 1.7 percent, bringing its price down to EUR7.2180 per share after a 0.9 percent rise on the eve of the session. Of note, Goldman Sachs lowered its target price to EUR7.60 from EUR7.95 per share.

Worst of all, however, did Brunello Cucinelli, in the red by 3.7 percent, albeit with significantly below average trading volumes. The shares closed the session at EUR93.50 each.

On the mid-cap, Brembo closed at a parity. Deutsche Bank initiated coverage on the stock with a target price at EUR13.00 and a 'buy' recommendation.

In contrast, Mondadori Editore gained 2.7 percent to EUR2.44, leading the segment. The stock during the session updated its 52-week high to EUR2.46.

Strength also on d'Amico, up 1.9%, in its third bullish session in a row.

Banca Ifis -- down 0.4 percent -- announced Friday that it had successfully completed the restructuring of a securitization worth EUR1.2 billion involving proprietary factoring receivables.

The securitization, dubbed the "IFIS ABCP Program," was initially finalized on October 13, 2016, and involves the sale on a revolving basis of receivables due from private customers arising from the bank's ordinary factoring business, purchased either without recourse or with recourse and of which the assigned debtor has been notified of the sale.

Barclays cut its target price for Salvatore Ferragamo - down 0.8 percent to EUR7.9050 - to EUR8.00 from EUR9.00 per share.

Fincantieri -- down 0.2 percent -- on Friday reported that the International Armaments Cooperation Organization has exercised its option to build the fourth next-generation submarine. The unit is worth about EUR500 million. This signing also dissolves additional options that complete the maintenance support of the already contracted submarines.

On the Small-Cap, Bialetti Industrie rose 4.6 percent to EUR0.2260, on the heels of the 0.9 percent rise on the eve of the meeting.

Unidata lost 1.1 percent while Pininfarina lost 2.9 percent to EUR0.7580, with the stock gaining slightly by 2.4 percent on a weekly basis.

Among SMEs, Impianti rose 27 percent after a 4.5 percent down start.

At the tail end, Health Italia lost 2.8% to EUR102.50, with the stock hitting a 52-week low of EUR96.00 during the session.

In New York on Friday, the Dow closed in the red by 0.1 percent, the Nasdaq gave up 0.7 percent, and the S&P fell 0.4 percent.

In Asia, the Shanghai Composite advanced 0.7 percent, while the Nikkei picked up 0.1 percent. The Hong Kong Stock Exchange, however, remained closed for "Special Administrative Region Foundation Day."

Among currencies, the euro changed hands to USD1.0768 from USD1.0710 in Friday's European stock close while the pound was worth USD1.2860 from USD1.2637 on Friday evening.

Among commodities, Brent crude trades at USD85.52 per barrel from USD86.26 per barrel at Friday's close. Gold, on the other hand, trades at USD2,324 an ounce from USD2,330.60 on Friday evening.

Monday's economic calendar features the manufacturing PMI from Italy, France, Germany, the Eurozone and the UK, due between 0915 CEST and 1030 CEST.

From Germany, eyes will be on inflation, due at 1000 CEST, while data on credit to individuals in the UK will arrive half an hour later.

From the US, coming up on the manufacturing PMI, at 1600 CEST, while two short-dated T-Note auctions will be held, at 1730 CEST.

Among the companies in the Square of Business, no particular events are scheduled.

By Maurizio Carta, Alliance News reporter

Comments and questions to [e-mail]

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