(Alliance News) – On Monday, European stock markets opened the week on a positive note, although investor sentiment remains cautious as the escalation of tensions between Israel and Iran continues to be closely monitored.
The two countries have exchanged attacks for the fourth consecutive day, despite international calls for de-escalation.
Meanwhile, world leaders have gathered in Canada for the G7 summit, emphasizing that diplomatic efforts to resolve the Middle East crisis will be a top priority.
Markets are also bracing for a crucial week on the monetary policy front, with key rate announcements expected from the Federal Reserve, the Bank of Japan, and the Bank of England.
As a result, the FTSE Mib is up 0.5% at 39,618.50.
Among other major European indices, London’s FTSE 100 is up 0.2%, Paris’ CAC is advancing 0.3%, while Frankfurt’s DAX is just above flat.
Among the smaller indices, the Mid-Cap is up 0.1% at 53,717.55, the Small-Cap is also up 0.1% at 30,647.77, while the Italy Growth index is advancing 0.4% at 8,078.17.
Among the blue chips on Piazza Affari, Leonardo started well, rising 1.7% to EUR49.41 per share, marking its third consecutive bullish session.
Tenaris – up 0.8% – announced it had bought back 4.2 million of its own ordinary shares between June 9 and June 13, for a total consideration of EUR64.9 million.
Moncler is up 0.5%. Notably, Deutsche Bank has cut its target price to EUR57.00 from EUR60.00 per share.
Interpump Group – down 0.1% – reported it had bought back 52,000 of its own ordinary shares between June 9 and June 13, for a total consideration of EUR1.8 million.
Mediobanca – flat at EUR19.18 – has decided to postpone its shareholders’ meeting scheduled for today to September 25, thus delaying the first stage of its takeover bid for Banca Generali, which is down 3.0% on the Mid-Cap.
The decision was made yesterday during an extraordinary board meeting, also considering that Mediobanca is subject to the passivity rule, as it is itself the target of a takeover bid from MPS, which is up 1.5%. The bank assures that the project remains unchanged despite the postponement. According to the institution, the market has shown strong support, but around 4% of the votes needed for solid approval were lacking.
On the Mid-Cap, Alerion is up 2.3% after two bearish sessions.
d’Amico is advancing by 2.0%, following Friday’s 4.9% gain.
Ariston Group – down 0.1% – has signed a preliminary agreement to acquire 80% of ZRE – Zecchi Riscaldatori Elettrici, a company founded in 1962 in San Gillio, near Turin, specializing in band and tubular resistors. The company is recognized in Italy and abroad for the high technical quality of its products, according to La Repubblica on Friday.
Newprices is down 1.1%, marking its third consecutive bearish session.
On the Small-Cap, Giglio Group is up 6.5%, recovering from a 1.1% loss in the previous session.
SIT is up 3.5%, following a 3.8% drop in the previous session, with its price around EUR1.32 per share.
Eems – up 2.3% – announced that its subsidiary Pay Store has secured a EUR3.5 million loan in the form of an unsecured loan from Banca Progetto, currently under extraordinary administration. The loan, guaranteed by the Central Guarantee Fund for SMEs and a personal guarantee equal to 130% of the amount – that is, EUR4.55 million – provided by former Pay Store shareholders Carla Taddia and Ciro Di Meglio, was issued in two tranches.
Fidia, on the other hand, is down 3.4% at EUR0.5022 per share.
Among SMEs, Adventure is up 4.1% at EUR19.00 per share, after three bearish sessions.
ICOP – up 8.9% – announced Monday it had signed a binding agreement with FLS Holding – the vehicle of Palingeo’s founding shareholders – to acquire a 61.89% stake in Palingeo. The deal provides for ICOP to purchase over 1.5 million Palingeo shares from FFLS, with an investment of EUR9.2 million, while FLS will contribute over 2.5 million ordinary Palingeo shares to a capital increase of ICOP valued in total at EUR16.4 million. This last step is subject to approval by ICOP’s extraordinary shareholders’ meeting, with the support of Cifre Srl, the Petrucco family holding company.
In New York on Friday evening, the Dow fell by 1.8%, the Nasdaq lost 1.3%, and the S&P 500 shed 1.1%.
Among Asian markets, the Nikkei closed up 1.3%, the Shanghai Composite rose 0.4%, while the Hang Seng is up 0.8%.
In currencies, the euro is trading at USD1.1571 from USD1.1562 on Friday evening, while the pound is trading at USD1.3583 from USD1.3594 on Friday evening.
In commodities, Brent crude is trading at USD74.61 per barrel from USD74.41 at the previous equity close, while gold is at USD3,415.00 per ounce from USD3,422.73 per ounce on Friday evening.
The economic calendar for Monday includes Italy’s consumer price index at 10:00 CEST, followed by eurozone wage and labor cost data at 11:00 CEST.
At 13:00 CEST, the OPEC monthly report is due, while at 15:00 CEST, a BTF auction for 3, 6, and 12 months is scheduled.
At 19:00 CEST, a US 20-year Treasury bond auction is expected.
On Piazza Affari, results from Piquadro are expected.
By Maurizio Carta, Alliance News Reporter
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