(Alliance News) - European stock markets -- with Milan tagging along -- traded in a bearish trend in the first session of the week shortly after the opening bell, with the Mib in the 27,300 area.
Investors took a cautious approach as they awaited updates on the ongoing negotiations on the U.S. debt ceiling. U.S. President Joe Biden and House Speaker Kevin McCarthy are expected to continue discussions Monday, with Treasury Secretary Janet Yellen issuing repeated warnings of potential U.S. default as early as June 1 if no agreement is reached to raise the debt ceiling.
On the monetary policy front, Monday in the CME Group platform FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, confirmation of the rate at the June 14 meeting has a probability dropping to 92 percent for confirmation in the 500/525 bps range.
In contrast, the 25 bps hike in the 525/550 bps target is priced at 8 percent.
Thus, the FTSE Mib marks a decline of 0.6 percent to 27,345.00.
In Europe, London's FTSE 100 is up 0.2 percent, the CAC 40 is giving up 0.2 percent, and Frankfurt's DAX 40 is in the red by 0.2 percent.
Among the smaller listings, the Mid-Cap is giving up 1.0% to 43,008.14, the Small-Cap is in fractional red at 27,993.00, and Italy Growth is in the green 0.5% to 9,179.41.
On the Mib, BPER Bank is off to a good start, posting a plus 1.9 percent. On the stock it is mentioned that Deutsche Bank raised its target price to EUR3.60 from EUR3.00.
FinecoBank, on the other hand, rises 2.0%. Deutsche Bank set the new target price at EUR16.10 from the previous EUR17.10.
Leonardo also advances well, rising 1.5 percent to EUR11.28 after the previous session's decline of 0.8 percent.
Among the few bearish performers, Prysmian is leaving 1.1 percent on the parterre, closing the list with price at EUR34.90.
On the cadet segment, Saras advances 4.0% to EUR1.1118 after last session's fractional red.
Datalogic, on the other hand, steps up 2.5% after two sessions ended in the green.
De Longhi steps back 0.9% to EUR20.16 , heading for its sixth session to end on the bearish side.
Also hurting was Safilo, which contracted 1.2% after a 0.8% loss on the eve.
On the Small-Cap side, I Grandi Viaggi gives up 2.1% to EUR0.8320 after two bullish sessions.
On the other hand, ePrice gives up 1.8%, with the price now at EUR0.0109.
TXT e-solutions, on the other hand, continues its buyback program. The company announced Friday that between May 8 and May 12, 2023, it bought back 26,200 of its own shares, worth a total of EUR512,000 or so. The stock opened trading in the green by 0.2 percent at EUR19.10.
On the SME segment, Bellini Nautica advances 3.5 percent to EUR2.34 per share, rearing its head after four sessions on the bearish side.
Culti Milano, on the other hand, advances 4.4 percent, heading for the ninth session to end on a positive balance.
New York closed lower Friday, with the Dow Jones Industrial Average down 0.3 percent, the S&P 500 down 0.1 percent and the Nasdaq Composite down 0.2 percent.
Among Asian exchanges, the Hang Seng is rising 1.3 percent, the Shanghai Composite has picked up 0.4 percent, and the Nikkei is green by 0.9 percent.
Among currencies, the euro changed hands at USD1.0812 versus USD1.0815 at Friday's close. In contrast, the pound is worth USD1.2430 from USD1.2433 on Friday evening.
Among commodities, Brent crude is worth USD74.56 per barrel versus USD75.78 per barrel Friday night. Gold, on the other hand, trades at USD1,972.00 an ounce from USD1,983.17 Friday night.
Monday's macroeconomic calendar, includes at 1100 CEST the Eurozone's March construction output data while French BTF auctions are scheduled for the afternoon at 1500 CEST.
In Piazza Affari, the quarterly results of Eles, GEL and Prismi are expected, along with the annuals of Agatos.
By Maurizio Carta, Alliance News reporter
Comments and questions to redazione@alliancenews.com
Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.
