(Alliance News) - European stock markets are positioned to open higher Thursday, ahead of the Eurozone interest rate decision and after news that President Biden is suffering from Covid-19, announced shortly after he said he would consider dropping out of his reelection bid if diagnosed with the serious condition.

U.S. President Joe Biden tested positive for Covid with mild symptoms Wednesday, shortly after admitting he would consider dropping out of his reelection bid if doctors diagnosed him with a serious medical condition, AFP reported.

The infection comes at a critical time for Biden's campaign, with the president trying to prove he is up to the task after a debate against rival Donald Trump sparked concerns about his health and calls from several Democrats for him to step aside.

Biden was forced to cancel a speech to a union representing Latino workers that will be crucial to his electoral bid.

Before the bell rings, it is mentioned that Stellantis NV sales in June rose slightly in Europe, underperforming the European market, where registrations grew 4.3 percent year-on-year to nearly 1.1 million units.

As data from ACEA, the European Automobile Manufacturers' Association, showed Thursday, the merged giant of PSA Groupe and Fiat Chrysler Automobiles posted a 0.4 percent increase over June 2023, but market share fell to 17.3 percent in June from 18.0 percent a year earlier.

The FTSE Mib-after closing Wednesday in a tie at 34,379.64-is advancing 37.50 points.

Among the smaller listings last night, the Mid-Cap lost 0.5% to 48,486.03, the Small-Cap rose 0.9% to 29,390.11, and Italy Growth gave up 0.2% to 8,120.53.

In Europe, London's FTSE 100 is advancing 45.80 points, Paris' CAC 40 is advancing 12.00 points, and Frankfurt's DAX 40 is advancing 23.70 points.

On the Mib last night, strength on A2A, which closed up 3.2 percent at EUR1.9180 per share, rearing its head after three bearish sessions.

Good buying also on Saipem, up 0.7 percent to EUR2.39 per share after a 1.5 percent decline on the eve of the day.

Rise also for parent company Eni, which scores a plus 0.9% to EUR14.1340 per share. Of note, the company and Kazakhstan's state-owned KazMunayGas - KMG announced Tuesday the start of construction of a 250 MW renewable sources and gas hybrid power plant at Zhanaozen in Kazakhstan's Mangystau region.

Goldman Sachas resumes coverage of Prysmian, setting the target price at EUR70.00. The stock -- which closed 1.7 percent in the red -- is priced at EUR61.70 per share.

Iveco, on the other hand, gave up 2.0 percent to EUR11.27 per share while Amplifon lost 1.3 percent to EUR30.02, in its third consecutive session with a bearish candle.

On the Mid-Cap, strength on Fincantieri, which rose 6.5% and closes its second bullish session in a row.

Ariston Holding gained 4.7 percent to EUR4.17.60. It should be noted that the stock since the start of 2024 marks a loss of more than 34 percent.

Pier Silvio Berlusconi, CEO of MFE-MediaForEurope, announced Tuesday evening at a meeting with journalists that the group's advertising revenues in Italy and Spain will grow by 6.7 percent compared to the same period in 2023. Consolidated Ebit, on the other hand, is expected to rise 11 percent.

Class A shares rose 1.9% while Class B shares gained 0.7%.

Italian Sea Group, on the other hand, lost 0.7 percent, repeating the eve's decline of 0.5 percent.

On the Small-Cap, Bastogi lost 0.7 percent, following Tuesday's decline of 0.2 percent.

doValue - up 3.0% - announced Tuesday that it will increase assets under management through the contribution of UTP loan portfolios and a stage 2 component for a gross book value of EUR300 million.

Piquadro - on a par - announced Wednesday that consolidated sales for the first three months of fiscal year 2024/2025 ended June 30 amounted to EUR36.1 million, up 4.9% from EUR34.4 million in the same period a year earlier.

Giglio Group -- up more than 24 percent -- on Wednesday announced the launch of OMNIA. The new advanced technology platform, based on artificial intelligence, represents the innovative merger and evolution of Giglio Group's two proprietary platforms Flex and Nimbus, and offers an integrated end-to-end approach to managing both the physical and online purchasing process, from the initial order stage to final delivery.

Among the SMBs, buying on eVISO, which takes the price to EUR5.04, up 8.6 percent, following up on its 6.4 percent gain on the eve. Previously, the stock had come from six closing sessions with a bearish candle.

Health Italia gained 3.3%, following up on the eve's 8.0% rise.

DHH, on the other hand, lost 2.7 percent. The company, which is continuing steadily with its buyback plan, most recently reported that last week's transactions involved about 3,500 of its own ordinary shares for about EUR105,000.

SolidWorld Group--declining 0.4 percent--reported Tuesday evening that the capital increase was successfully concluded with the subscription of all 811,250 newly issued ordinary shares, worth nearly EUR2.3 million.

In the U.S. on Wednesday, Wall Street closed lower, with the Dow Jones Industrial Average up 0.6 percent, but the S&P 500 down 1.4 percent and the Nasdaq Composite down 2.8 percent.

In Asia, the Nikkei gave up 2.2 percent, the Shanghai Composite is advancing 0.2 percent, and the Hang Seng is picking up 0.4 percent.

Among currencies, the euro changed hands to USD1.0933 from USD1.0930 in Wednesday's European stock close while the pound is worth USD1.3006 against USD1.3007 last night.

Among commodities, Brent crude is trading at USD85.50 per barrel from USD84.83 per barrel at Wednesday's close. Gold, on the other hand, trades at USD2,465.84 an ounce from USD2,470.984 an ounce Tuesday night.

Thursday's calendar sees as its main event the ECB communication at 1415 CEST, followed half an hour later by Christine Lagarde's lecture.

In the morning, from the Eurozone, focus on construction sector output, due out at 1100 CEST, while in the US, at 1430 CEST, last week's jobless claims data will be known.

Gas stocks numbers in the States will be released at 1630 CEST while the day will close with the Federal Reserve's balance sheet, released at 2230 CEST.

Among the companies in the stock market, results from Arterra Bioscience, Dotstay, Eligo and Sesa are expected.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.