(Alliance News) - On Monday, major European stock markets are headed for a downward opening in the aftermath of elections that saw centrist parties win a majority in the European Parliament.

It was the far right, however, that scored a series of high-profile victories, causing a political earthquake in France with President Emmanuel Macron calling early elections on June 30 following Marine Le Pen's National Rally triumph.

On the central banking front, investors look to the Federal Reserve's decision on interest rates and a key reading on U.S. inflation this week. Stronger-than-expected U.S. employment data released Friday dampened hopes of two Fed rate cuts this year.

According to IG futures, therefore, the Mib is expected to be in the red by 70.0 points or 0.2 percent after closing Friday down 0.5 percent at 34,660.38.

In Europe, London's FTSE 100 is expected down 53.4 points or 0.7 percent, Paris' CAC 40 is in the red by 0.6 percent or 43.3 points, and Frankfurt's DAX 40 is given down 52.4 points or 0.3 percent.

Among Italy's smaller listings on Friday evening, the Mid-Cap finished 0.1% in the red at 48,056.50, the Small-Cap finished 0.3% in the red at 29,394.28 while Italy Growth closed fractionally in the red at 8,201.53.

On the Mib, Leonardo took the top spot with a 1.8 percent rise.

Banco BPM finished up 0.3 percent. The company announced Thursday that it had finalized a EUR10 million financing transaction, backed by SACE's Green Guarantee, for Pastificio Liguori, a historic dry pasta manufacturer founded in 1795 in Gragnano, Naples.

Azimut Holding closed 1.4 percent in the red. The company reported Thursday that it posted inflows of EUR6.9 billion in May. The May figure brings the cumulative since the beginning of the year to EUR9.0 billion, exceeding the full-year 2024 target of EUR7 billion. The May figure includes EUR6.1 billion from the previously announced acquisition of tru Independence, a Portland, Oregon-based advisory services provider with total assets of USD12.5 billion by Sanctuary Wealth, in which Azimut Group holds a 53.4 percent stake.

On the cadet segment, boost on Intercos Group, which led the price up 3.0% to EUR15.88 per share.

Saras -- in the green by 0.7 percent -- on Thursday evening reported that Vitol had received clearance from the European Commission for the merger to acquire a controlling stake in Saras' share capital. The transaction was disclosed to the market last February.

Anima Holding -- in the red by 0.3 percent -- reported Thursday that it had negative asset management inflows of EUR206 million in May. Excluding class I insurance proxies, inflows were positive EUR215 million while year to end was negative EUR384 million. Total assets under management at the end of May exceed EUR196.9 billion.

On the Small-Cap side, Tessellis finished on top with a rise of more than 13 percent, followed by Compagnia Immobiliare Azionaria, up 8.5 percent.

Edison closed up 1.0 percent. The company reported that the S&P Global Ratings agency changed the outlook from Stable to Positive and confirmed the 'BBB/A-2' rating.

The action on the rating reflects the corresponding change in EDF SA's outlook to 'BBB/Positive/A-2' from 'BBB/Stable/A-2' and Edison's strong ongoing operational and financial performance.

doValue moves ahead 2.7 percent. The company on Thursday evening announced that it had signed a binding agreement to acquire 100 percent of Gardant's share capital for EUR230 million in cash, including EUR50 million related to the refinancing of net financial debt, plus the issuance of new shares, at a premium to current market value, corresponding to a 20 percent stake in doValue to Gardant shareholders.

Among SMEs, Caribbean Company gave up 1.3 percent. The company reported that the board has proposed the issuance of a convertible bond reserved for various parties.

Old Customs Warehouse, owner of, among others, the Jefferson, Roger, Bergamot, and Fantastico brands, and by Spanish-registered Destillers United Group SL, owner of, among others, the Canaïma Gin and Saroche Cocuy brands, have committed to underwrite the POC, each in the amount of EUR1.5 million.

The convertible bond will be submitted for approval at the company's extraordinary shareholders' meeting, scheduled for June 28, for a total amount of EUR3.0 million.

AATech closed up 15 percent, followed by Siav with 13 percent and Comal with 6.8 percent.

In Asia, the Nikkei is in the green by 0.9 percent at 39,026.04 while Shanghai and Hong Kong are closed for holidays.

In New York on Friday, the Dow closed 0.2 percent in the red at 38,798.99, the Nasdaq gave up 0.2 percent to 17,133.13 and the S&P 500 lost 0.1 percent to 5,346.99.

Among currencies, the euro changed hands at USD1.0750 from USD1.0806 on Friday in European equities closing while the pound was worth USD1.2712 from USD1.2723 on Friday evening.

Among commodities, Brent crude trades at USD79.80 per barrel from USD79.98 per barrel at Friday's close. Gold, on the other hand, trades at USD2,294.55 an ounce from USD2,313.00 on Friday evening.

On Monday's macroeconomic calendar, Italian industrial production is expected at 1000 CEST and a US Treasury bond auction will take place at 1600 CEST.

In Piazza Affari, Piquadro's results are expected.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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