Mib down; Fed's Bowman forecasts new uptick

(Alliance News) - Major European markets are expected to fall by IG futures on Monday morning after a week packed with macroeconomic data and semi-annual results. As for the most anticipated macros, Friday afternoon's jobs report showed weaker job growth, a falling unemployment rate and robust wage growth.

"All in all, there was talk of a resilient U.S. economy and a possible Fed pause in September ahead of this week's CPI report, although some FOMC members continue to support the 'more rate hikes coming' line," commented Michael Hewson, Chief Market Analyst at CMC Markets. These include Governor Michelle Bowman: "I also expect that further rate hikes will likely be needed to bring inflation on a path to the FOMC's 2 percent target," she said in remarks on the sidelines of an event in Colorado over the weekend.

"While this may be beginning to become a minority view within the FOMC," Hewson commented further, "it only highlights the growing uncertainty that is beginning to permeate not only central bank thinking, but also investor sentiment more generally, as well as raising broader questions.

The FTSE Mib, therefore, is expected to be in the red by 92.5 points or 0.3 percent after closing Friday down 0.4 percent at 28,586.37.

Paris' CAC 40 is expected to be in the red by 25 points or 0.3 percent, Frankfurt's DAX 40 is given down 53 points or 0.3 percent, and London's FTSE 100 is expected to be down 17 points or 0.2 percent.

Among Italy's smaller listings on Friday, the Mid-Cap gave up 0.1 percent to 42,162.68, the Small-Cap rose 0.6 percent to 27,014.13, and Italy Growth contracted 0.4 percent to 8,912.05.

On the Mib, Banca Monte dei Paschi di Siena closed up 2.8 percent after reviewing its results as of June 30 on Thursday evening, reporting a group profit before tax of EUR615 million, up from the pre-tax profit of EUR44 million reported in the corresponding period of 2022. Net interest income increased to EUR1.08 billion from EUR658.5 million in the first half of 2022.

Leonardo advanced 2.9 percent closing at EUR12.91. The stock touched a 52-week high of EUR13.02 during the day.

FinecoBank - up 0.7 percent - reported Friday that net inflows in July were confirmed at EUR486 million, in line with estimates announced in its first-half results. Since the beginning of the year, inflows amount to EUR5.7 billion.

Banca Mediolanum -- up 0.1 percent -- reported Friday that it reported trading results of EUR773 million in July, of which total net inflows amounted to EUR478 million, corresponding to EUR5.2 billion since the beginning of the year. Net inflows in assets under management amounted to EUR176 million, corresponding to EUR2.3 billion since the beginning of the year.

Interpump, on the other hand, gave up 4.7 percent. The board of directors approved the half-year financial report as of June 30, which closed with consolidated net income for the period rose from EUR139.5 million to EUR168.5 million, up 21 percent. Net sales for the first half of 2023 were EUR1.18 billion, up 15 percent from EUR1.02 billion in the corresponding period last year.

DiaSorin, on the other hand, gave up 2.7 percent, following the eve's green with 0.1 percent.

On the cadet segment, Banca Ifis rose with 4.6 percent. On Thursday the board of directors approved results for the first half of the year, Net income attributable to the group amounted to EUR91.0 million, up 26 percent from EUR72.5 million in the first half of 2022.

Industrie de Nora also did well, closing up 4.5 percent, after a 0.3 percent loss on the eve.

Sanlorenzo was equally positioned on the high quarters with 3.6 percent, after announcing Thursday that it achieved a group net income of EUR39.0 million in the first half of the year, up 20 percent from EUR32.5 million in the first half of 2022.

illimity Bank- in the black by 0.5 percent-announced Friday morning that it had approved results for the first half of the year in which it posted a net profit up 66 percent to EUR52.2 million from EUR31.5 million in the same period last year. Net interest income stood at EUR97.7 million as of June 30 from EUR74.1 million and up 32 percent from 2022.

Among the few bearish performers, Intercos left 8.5 percent on the parterre. The stock traded at a high volume of over 183,000 pieces compared to a three-month daily average of 43,100.

On the Small-Cap, SoftLab closed up 6.7 percent after a 2.4 percent decline on the eve of trading.

The Italian Sea Group, on the other hand, advanced 5.1 percent, in its third session on the bullish side.

TXT e-solutions--which advanced 1.0%--reported on Thursday that it had almost doubled net income in the first half year-on-year to EUR6.8 million from EUR3.5 million in the same period a year earlier.

Banca Profilo -- in the green with 1.0 percent -- reported record results above its business plan targets and ended the six-month period with a net profit of EUR9.6 million, up 42 percent from EUR in the first half of 2022. Total customer deposits for the period stood at EUR5.8 million from EUR5.5 million as of June 30, 2022. Direct deposits amounted to EUR1.11 billion from EUR1.10 billion in the same period in 2022. Total net revenue as of June 30 was EUR41.0 million, up 17 percent from EUR35.1 million a year earlier.

FILA -- in the green with 1.2 percent -- reported Thursday that in the first half of the year it posted a net income for the period of EUR21.2 million, down from EUR24.9 million in the same period a year earlier. Total revenues amounted to EUR420.5 million up from EUR396.8 million in the same period last year.

Zucchi, on the other hand, gives up 1.7 percent to EUR2.35 after two sessions closed in the black.

Among SMEs, Gismondi 1754 closed ahead 7.7 percent, after two sessions closed in the red.

Energy closed up 7.3%, marking a bullish hat trick.

Innovatec gave up 6.4 percent after reporting Thursday that first-half revenues fell to EUR95.5 million from EUR163.0 million year-on-year.

Rear-ends also for Estrima, which posted minus 5.5 percent in its third bearish session.

In Asia, the Nikkei is up 0.2 percent, the Hang Seng gives up 0.1 percent and the Shanghai Composite is in the red by 0.8 percent.

In New York on Friday, the Dow Jones closed in the red 0.4 percent to 35,065.62, the S&P finished down 0.5 percent to 4,478.03 while the Nasdaq closed down 0.4 percent to 13,909.24.

Among currencies, the euro changed hands at USD1.0979 against USD1.1038 on Friday in closing European equities while the pound was worth USD1.2722 from USD1.2781 on Friday evening.

Among commodities, Brent crude is worth USD86.14 per barrel versus USD86.29 per barrel at Friday's close. Gold, on the other hand, trades at USD1,937.64 an ounce from USD1,943.43 an ounce Friday night.

On Monday's economic calendar, at 1030 CEST, space is given to the Sentix index of Eurozone investor confidence.

On the corporate calendar, the results of AbitareIn and Credito Emiliano are expected.

By Chiara Bruschi, Alliance News reporter

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