(Alliance News) - European stock markets still saw the sell side prevail on Thursday, following up on the passive session on the eve of the meeting, with Milan joining the bearish trend, placing the Mib's bar at 26,400 points.
The U.S. debt ceiling issue continued to weigh on global markets, although the White House and Republicans reported progress in the latest round of talks, but still no significant breakthrough. In addition, the Fitch rating agency warned of a potential downgrade of the U.S. 'AAA' rating, making it the first major agency to undertake such a move.
On the economic front, revised data on German Gross Domestic Product revealed that Europe's largest economy entered recession in the first quarter while consumer morale in the country showed improvement as summer approached.
On the domestic side, the spread moves steady in the 186-basis point area Thursday morning. The 10-year BTP marks a yield at 4.33 percent, with the price fluctuating in a range between decimals of 100 for the bond that reports a coupon rate of 4.4 percent, maturing in May 2033. The daily high is 4.33 percent while the low is 4.30 percent.
The FTSE Mib is down 0.3 percent at 26,458.56.
London's FTSE 100 is in the red by 0.2 percent, as is Frankfurt's DAX 40, while Paris' CAC40 is just below par.
Among the smaller listings on the Italian Stock Exchange, the Mid-Cap is down 0.1 percent to 41,794.59, the Small-Cap is up 0.2 percent to 27,543.68 while the Italy Growth is in the red 0.2 percent to 9,112.06.
On the main index of Piazza Affari, Telecom Italia is giving up2.3 percent, with price at EUR0.2604, following up on the 3.1 percent red on the eve of trading.
Pirelli, on the other hand, gives up 1.8%, positioning the musoverso the third session to close in the red.
Generali gives up 0.3% at mid-session. The board of directors approved financial information as of March 31, 2023, which shows gross premiums up 1.3% to EUR22.16 billion from EUR21.53 billion in the same period last year, "thanks to robust growth in the Non-Life segment," according to the company note.
Operating income grows to EUR1.82 billion, up 22 percent from EUR1.49 billion, mainly due to the contribution of the non-life segment.
Advancing STMicroelectronics, which turned green with 1.4 percent.
On the cadet segment, Carel Industries advances with 0.6%, with new price of EUR24.00.
GVS, on the other hand, rises 1.9 percent after eve's red of 2.2 percent. The stock had previously come from three sessions in surplus.
On a negative note at the back of the pack is Tinexta, which is down 2.6 percent on the heels of the eve's red of 2.1 percent.
Mondadori, on the other hand, contracts by 0.7 percent, bringing its red on the weekly frame to 6.4 percent.
On the Small-Cap, Eukedos advances with 7.1 percent. The stock rebounds after two sessions in which it gave up a cumulative more than 21%.
FILA, on the other hand, rises 4.6 percent, with new price at EUR7.66.
Also passive-among many on the list-is Itway, which contracts 2.3%. The stock, which has not detached its dividend since 2009, marks a weekly rise of 7.7%.
Borgosesia, on the other hand, gives up 3.9 percent, after eve's timid 0.5 percent increase.
Among SMEs, GO internet gains over 11 percent, pointing to its third session to close on the bullish side.
Alfonsino, on the other hand, marks an 8.8 percent increase. The company reported Monday that first-quarter revenues rose 9 percent year-on-year to EUR1.2 million from EUR1.1 million in the same period a year earlier.
At the tail end, Bifire is giving up 1.7 percent. Also trailing behind is Fenix, which retreats more than 11 percent on the eve of the release of its quarterly report.
In New York on European night, the Dow gave up 0.8 percent, the Nasdaq 0.6 percent while the S&P 500 left 0.7 percent on the parterre.
Among Asian exchanges, the Hang Seng is giving up 2.1 percent, the Shanghai Composite lost 0.1 percent while the Nikkei picked up 0.4 percent.
Among currencies, the euro changed hands at USD1.0735 against USD1.0757 on Wednesday in closing European equities. In contrast, the pound is worth USD1.2381 from USD1.2366 on Tuesday evening.
Among commodities, Brent crude is worth USD77.59 per barrel versus USD78.24 per barrel on Wednesday night. Gold, meanwhile, trades at USD1,961.91 an ounce from USD1,965.76 an ounce last night.
On Thursday's macroeconomic calendar, at 1430 CEST the Gross Domestic Product will be released in the US, at the same time as the data on initial claims for unemployment benefits.
From Canada, also at 1430 CEST, will come manufacturing sales.
In the stock market, DHH's quarterly results are expected.
By Maurizio Carta, Alliance News reporter
Comments and questions to redazione@alliancenews.com
Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.
