Stock exchanges in the red, Milan an exception; fashion weighs

(Alliance News) - On Monday, major European stock markets confirmed expectations and opened in negative territory, except for the Mib.

Thus, the FTSE Mib opens in the green by 0.2 percent to 34,374.07, the Mid-Cap is in the green by 0.6 percent to 48,740.28, the Small-Cap gives up 0.2 percent to 29,202.75, while Italy Growth rises 0.4 percent to 8,130.55.

In Europe, Paris' CAC 40 is in the red by 0.8 percent, London's FTSE100 is down 0.5 percent and Frankfurt's DAX 40 gives up 0.2 percent.

On the Mib, there are only four listings in green: Saipem, Leonardo, Tenaris and Inwit open up 1.4 percent and 0.1 percent.

Among the bearish, Moncler gives up 2.1%. Of note, JPMorgan cut its target price to EUR65.00 from the previous EUR77.80.

Still in fashion, Brunello Cucinelli gives up 2.0% after it reported Thursday that it closed the first half with revenues up 14% year-on-year to EUR620.7 million from EUR543.9 million in the same period a year earlier.

It does worse than all BPER Banca, down 2.2 percent.

Banca Popolare di Sondrio -- down 1.5 percent -- reported Thursday that it had early repaid its EUR200.0 million bond maturing in 2029. The bank has repurchased EUR108.7 million of the bonds and the outstanding amount of the bond is EUR91.3 million. These bonds will be redeemed at par, along with any interest accrued on them until the early redemption date.

On the Mid-Cap, BFF Bank is flat at EUR10.30 after closing up more than 11 percent in last week's last session. On Thursday, the company the bank responded to the Bank of Italy regarding findings on credit classification, governance part and corporate practices regarding remuneration. In addition, the bank confirmed guidance to 2026.

Maire Tecnimont - down 0.5 percent - announced Monday that Tecnimont, through its Indian subsidiary Tecnimont Private Limited, in collaboration with NextChem, has been awarded by Sembcorp Green Hydrogen India Pvt. an engineering study for a green ammonia plant in India.

The study will make use of ArcHy - Architecture of Hydrogen systems -, NextChem's digital tool that aims to overcome the problem of intermittent renewable energy production, resulting in a plant life cycle capex and opex benefit, the company explained in a note.

Fincantieri gives up 0.9 percent after it reported Thursday that the rights offering period for the capital increase has been successfully concluded.

Indeed, about 99.2 percent of the total number of shares offered was subscribed, totaling about EUR396 million.

On the Small-Cap, Seri Industrial -- in the green by 0.8 percent -- on Friday announced that it had finalized the acquisition of 98 percent of Industria Italiana Autobus Spa, a manufacturer of Menarinibus-branded public road transport vehicles.

Mondo TV rises 0.6 percent. The company has received a request from CLG Capital to convert one of 12 bonds issued in December 2023 with a total nominal value of EUR125,000.

As 24 Bonds have been issued to date, 36 Bonds remain to be issued.

Among SMEs, Casta Diva Group rises 4.3 percent after it reported first-half production value up 9.0 percent to EUR57.2 million from EUR52.7 million.

The consolidated backlog value as of June 30 stood at EUR34.2 million.

The sum of production value and backlog as of June 30 amounted to EUR91.4 million and represents, as of now, 76 percent of the production value of EUR120.7 million indicated for fiscal year 2024 in the 2023-2026 business plan.

Pasquarelli Auto - not yet affected by the exchanges - reported that on July 11, inside the "Palazzo Esercito" in Rome, it signed an agreement with the Defense General Staff for the supply of cars and mobility services to military and civilian defense personnel.

Bifire is flat at EUR3.08 per share after announcing that it has conferred the charge of specialist operator to MIT SIM Spa, which will be operational starting Monday, Aug. 19.

In Asia, the Shanghai Composite closed in the green 0.1 percent to 2,974.01 and the Hang Seng lost 1.6 percent to 17,994.90 as the Nikkei remained closed for Navy Day.

In New York, at Friday's close, the Dow rallied 0.6 percent to 40,000.90, as did the Nasdaq to 18,398.45 and the S&P 500 to 5,615.35.

Among currencies, the euro changed hands at USD1.0895 from Friday's USD1.0906 in closing European equities while the pound was worth USD1.2981 against USD1.2987 on Friday evening.

Among commodities, Brent crude is trading at USD84.79 per barrel from USD85.56 per barrel at Friday's close. Gold, on the other hand, trades at USD2,410.255 an ounce from USD2,410.33 an ounce Friday evening.

Monday's macroeconomic calendar includes Germany's industrial production data at 1100 CEST.

Event of the day, on the other hand, is the speech by Federal Reserve number one, Jerome Powell, at 1800 CEST, followed at 2235 CEST by that of another FOMC mebro, Mary Daly.

By Claudia Cavaliere, Alliance News reporter

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