(Alliance News) - Europe's major stock markets are expected to open lower Monday morning at the start of a week packed with half-year results in Piazza Affari. Investors are therefore opting for caution, following a difficult week in the U.S., where the Federal Reserve's hawkish pause triggered a new wave of concerns about a prolonged rate hike. Oil prices also dampened investor sentiment.
In the U.S., it is reported that "the UAW - United Auto Workers - strikes will spread to all GM and Stellantis component plants in the U.S., meaning 5,600 more workers will join the movement with Ford will likely be spared, for now, as good progress has been made in negotiations with the UAW," commented Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
According to IG futures, the FTSE Mib is expected to open in the red by 47.5 points or 0.1 percent after closing down 0.5 percent at 28,575.90,
In Europe, London's FTSE 100 is expected to fall 29.0 points or 0.4 percent, Paris' CAC 40 is given in the red by 24.5 points or 0.3 percent, and Frankfurt's DAX 40 is expected to fall 40.9 points or 0.3 percent.
Among Italy's smaller lists on Friday evening, the Mid-Cap lost 0.4 percent to 40,113.44, the Small-Cap gave up 0.2 percent to 26,035.20 and Italy Growth finished down 0.3 percent to 8,511.88.
On the main list in Piazza Affari - in the small group of bullish investors - Eni rose 1.5 percent to EUR15.2380. JP Morgan raised its target price on the stock to EUR19.00 from EUR15.50.
Moncler, on the other hand, rose 1.6 percent, with price at EUR57.48, after the previous session's 2.1 percent red.
Banca Monte dei Paschi did worst of all, down 3.2%, pulling the oars in the boat after seven bullish sessions in a row.
Snam -- down 1.6 percent -- announced Friday morning the successful placement of senior unsecured EU taxonomy-aligned transition bonds totaling EUR500 million maturing in 2028 and convertible into existing ordinary shares of Italgas. The bonds will be issued at a par value of EUR100,000 and will pay an annual fixed-rate coupon of 3.25 percent, payable on a semi-annual basis in arrears on March 29 and September 29 of each year, with the first coupon payment scheduled for March 29, 2024.
Telecom Italia -- up 1.7 percent -- announced Thursday that, following the July 20 issuance of the EUR750 million bond issue, it has successfully completed the issuance, through a private placement, of a new EUR750 million tranche of securities having the same terms and rights. The issue price of the new tranche is 102%, implying a yield of 7.37%, resulting in a lower financing cost for TIM than the original issue.
On the Mid-Cap, Caltagirone rose 1.6 percent, positioning itself at the top of the list after declining 0.8 percent on the eve of the meeting.
Good buys also on Saras, which gained 2.8 percent on the heels of the 3.5 percent rise on eve, thanks to higher barrel prices.
Credito Emiliano -- down 1.1 percent -- announced Thursday evening that it had finalized the establishment of its first promissory note program with the aim of further diversifying its sources of funding to support growth in lending to retail and corporate customers. The securities issued under the program, with a maximum amount of up to EUR1 billion and a maturity of up to 12 months, will be intended exclusively for qualified investors.
Digital Value, on the other hand, gave up 2.3 percent, following up Thursday's red by 3.6 percent and positioning itself at the bottom of the list. The company on Thursday reported consolidated net income in the first half of the year of EUR17.2 million, up 2.4 percent from EUR16.8 million in the same period last year. As of June 30, consolidated revenues stood at EUR415.5 million, up 23 percent from EUR337.2 million in the first half of 2022.
OVS, on the other hand, gave up 3.2% to EUR2.02, ending the sixth session in a row among the bearish.
On the Small-Cap, Restart did well, up 4.7 percent after falling 3.6 percent on the eve.
Itway, up 4.7 percent, did better than all, while SS Lazio closed at a tie after announcing Thursday that its board of directors approved the draft financial statements for the year ended June 30, reporting a loss of EUR29.5 million, up from a loss of EUR17.4 million a year earlier.
Backtracking for Seri Industrial, down 9.7 percent. The board of directors reviewed and approved the consolidated half-year financial report as of June 30, in which it reported a consolidated adjusted loss of EUR6.3 million compared with a loss of EUR7.0 million in the same period last year.
Among SMEs, Gismondi 1754 rose 9.3 percent. The company reviewed and approved its consolidated half-year report as of June 30, which closed with a consolidated net profit of EUR674,000, almost doubled from EUR375,000 in the first half of 2022.
Italia Independent, in the rear, gave up 4.8 percent, ending its third session in a row among the bearish.
Also at the rear was Ambromobiliare, down 3.1 percent, in its third session in the red.
In Asia, the Nikkei rose 0.9 percent, the Hang Seng was down 1.7 percent and the Shanghai Composite gave up 0.5 percent.
In New York, the Dow closed Friday down 0.3 percent to 33,963.84, the Nasdaq in the fractional red to 13,211.81 and the S&P 500 in the red 0.2 percent to 4,320.06.
Among currencies, the euro changed hands at USD1.0643 against USD1.0666 on Friday in closing European equities while the pound was instead worth USD1.2234 from USD1.2279 on Friday evening.
Among commodities, Brent crude is worth USD93.68 per barrel versus USD94.40 per barrel at Friday's close. Gold, on the other hand, trades at USD1,921.56 an ounce from USD1,928.01 an ounce on Friday evening.
Monday's macroeconomic calendar includes the Ifo index on German business confidence at 1000 CEST and French three-, six- and 12-month bond auctions at 1455 CEST.
Among companies listed on the Milan Stock Exchange, Pierrel, Somec, Take Off and Zucchi are scheduled to report results.
By Chiara Bruschi, Alliance News reporter
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