Stock markets expected to be in the red; down on UK inflation

(Alliance News) - On Wednesday, major European stock markets are expected to fall on a morning when Eurozone employment and GDP data are due.

Thus, IG futures give the FTSE Mib down 0.5 percent or down 137.1 points, after closing up 0.6 percent at 28,435.49.

Paris' CAC 40 is expected to be down 39.8 points or down 0.5 percent, Frankfurt's DAX 40 is given down 0.4 percent or down 61.0 points, while London's FTSE 100 is expected to be down 0.4 percent or down 27.9 points.

In macroeconomic news, UK consumer price inflation fell to 6.8 percent in July, marking the lowest level since February 2022 and matching market consensus, mainly due to lower gas and electricity prices.

From Japan, they report that Japanese producer sentiment jumped to 12 in August from 3 in July, reaching the highest level in a year and reflecting a gradual economic recovery from Covid despite global economic uncertainties.

Among other listings in Milan on Monday, the Mid-Cap closed in the green 0.2 percent to 42,004.26, the Small-Cap rose 0.2 percent to 26,917.04 while the Italy Growth finished up 0.1 percent to 8,917.50.

On the main index in Piazza Affari, Monte dei Paschi closed ahead of everyone, in the green by 6.3% with a positive balance for the fourth consecutive session.

Good purchases were also made on BPER Banca, which closed 2.7 percent up, and Banco BPM, which took home 1.4 percent.

Also on the highs was Interpump, which raised the bar by 2.2 percent.

Iveco Group closed in the rear, giving up 1.4 percent and marking its fourth consecutive bearish session.

Not far behind, CNH Industrial gave up 1.0% with price at EUR12.54.

On the Mid-Cap, Alerion rose 3.0%, rearing its head again after two bearish sessions.

Juventus, on the other hand, rose 2.5%. On Friday evening, it confirmed that it had reached an agreement with Genoa Cricket and Football Club Spa for the free temporary transfer, until June 30, 2024, of the right to the sports performance of footballer Koni De Winter. The agreement, reads the club's note, provides for the obligation on the part of Genoa to permanently acquire the player's sports performance upon the achievement of certain sporting objectives during the 2023/2024 season and the right on the part of Genoa to permanently acquire the player's sports performance if those objectives are not achieved. The agreed consideration for the outright acquisition, in both cases, is EUR8 million.

Also doing well was illimity Vank, which rallied 1.7 percent, following Friday's green with 0.8 percent.

Among the bearish, MutuiOnline gave up 1.1 percent, with price at EUR26.85 per share, in its third bearish session.

Industrie de Nora, on the other hand, gave up 4.2 percent, after a 0.1 percent loss on Friday night.

On the Small-Cap segment, Autostrade Meridionali rose 5.0 percent after posting a minus 6.2 percent Friday evening, the subject of profit taking after two sessions in which it accumulated assets of more than 16 percent. The company made it known Friday that, with reference to the recent stock market performance of its stock, it is not aware of any elements that could justify the upward changes that have occurred in the stock market since late July.

Instead, Sogefi closed ahead 3.5 percent at EUR1.2520, after a 2.3 percent loss in the previous session.

At the tail end, Triboo left 2.8 percent on the parterre, tacking down after four bullish sessions.

Among SMEs, Iervolino & Lady Bacardi closed ahead with more than 12 percent, up for the fourth consecutive session.

G Rent, on the other hand, took home 2.3 percent, after a 2.2 percent loss on the eve. The stock had previously come from four sessions among the bearish.

Clabo, on the other hand, gave up 4.1 percent, after a 0.5 percent loss on the eve.

In Asia, the Nikkei is giving up 1.4 percent to 31,784.62, the Hang Seng is leaving the parter 1.5 percent to 18,304.28, while the Shanghai Composite is in the red 0.8 percent to 3,152.01.

In New York on Tuesday, the Dow Jones closed down 1.0 percent to 34,946.39, the S&P gave up 1.2 percent to 4,437.86, while the Nasdaq left the floor 1.1 percent at 13,631.05.

Among currencies, the euro changed hands at USD1.0913 against USD1.0904 in Tuesday's closing European equities while the pound was worth USD1.2710 from USD1.2703 Tuesday evening.

Among commodities, Brent crude is worth USD84.52 per barrel versus USD84.89 per barrel at Tuesday night's close. Gold, on the other hand, trades at USD1,936.30 an ounce from USD1,935.20 an ounce Tuesday night.

Wednesday's economic calendar calls for the release of Eurozone GDP and industrial production at 1100 CEST.

At 1300 CEST, from the US comes the mortgage market report, at 1515 CEST the industrial production figure is released, and at 1630 CEST the crude oil stocks figure

At 2000 CEST, however, the minutes of the FOMC meeting will be released.

Among companies, no particular announcements are scheduled.

By Claudia Cavaliere, Alliance News reporter

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