(Alliance News) - Major European exchanges are expected to open lower according to IG futures, extending losses into the third day, as growing fears of a U.S. recession have led to widespread risk aversion in global markets.

Investors also fear that the Federal Reserve may already be late in cutting interest rates, while expectations about borrowing costs in Japan have shaken financial markets.

In Europe, investors will assess the latest data on services activity In UK, Italy and Spain.

In Asia, the Nikkei lost 13 percent to 31,419.66, the Hang Seng is giving up 2.4 percent to 16,532.95, and the Shanghai Composite is down 1.3 percent to 2,869.05.

Thus, the FTSE Mib is expected to fall 3.1 percent or 1,000.0 points, after giving up 2.6 percent to 32,018.82 on Friday,

In Europe, Paris's CAC 40 is given in the red by 1.9 percent or 138.4 points, London's FTSE100 is expected to open down 1.1 percent or 89.6 points while Frankfurt's DAX 40 is expected to fall 2.2 percent or 366.7 points.

Among Italy's smaller listings on Friday, the Mid-Cap closed down 1.7 percent to 45,522.53, the Small-Cap lost 1.8 percent to 28,045.18 and Italy Growth ended the session down 1.0 percent to 7,933.96.

On the Mib, ERG closed the session in the green by 0.1 percent after reporting on Friday that it closed the first half of the year with an adjusted net profit down year-on-year to EUR106 million from EUR114 million.

In the second quarter alone, the company's profit fell to EUR28 million from EUR36 million.

Among the bullish few, Snam took the lead with 2.4 percent, Terna finished in the green by 1.0 percent, Italgas picked up 1.8 percent, and Amplifon gained 1.3 percent.

Azimut, on the other hand, gave up 6.1 percent and was at the bottom of the list. The board on Thursday approved the half-yearly report as of June 30, closing with an adjusted net profit of EUR330 million, up 43 percent from EUR231 million in the first half of 2023.

On the cadet segment, MARR's board of directors -- down 0.7 percent -- on Friday approved the half-year financial report as of June 30, closing with a net profit of EUR17.5 million from EUR18.7 million in the same period of 2023.

Total consolidated revenues amounted to EUR987.7 million, down from EUR1.00 billion in the same period of 2023.

Technogym gained 3.5 percent after reporting Friday that it closed the first half with adjusted net income up 15 percent to EUR32.5 million from EUR28.1 million in the first half of 2023.

Revenues amounted to EUR402.1 million, up 8.7 percent from EUR370.0 million as of June 30, 2023.

Carel Industries is rallying 1.2% with new price at EUR16.52. The company disclosed it had approved Thursday its half-year results as of June 30, a period ended with a profit of EUR27.8 million, down 31% from EUR40.3 million as of June 30.

Salvatore Ferragamo -- in the green by 1.8 percent -- reported Thursday that it closed the first half with a profit of EUR5.7 million from EUR22.5 million as of June 30, 2023, down 73 percent. Revenues rose to EUR523.1 million, down from EUR600.1 million in the first half of 2023.

Iren - in the green by 0.2 percent - on Thursday finalized the acquisition of a 50 percent stake in Egea Holding Spa, a company to which the operating branches of Egea Spa, Egea Commerciale Srl and Egea Produzioni e Teleriscaldamento Srl were previously transferred. The transaction was closed, in line with the March 30 announcement, for a total value of EUR85 million, consisting of a EUR25,000 capital increase and a EUR85.0 million share premium.

The Comer Industries board -- in the red by 2.7 percent -- on Friday approved the consolidated financial report as of June 30, closing with a net profit of EUR38.8 million -- or 7.3 percent of revenues -- down from EUR54.9 million in the same period last year.

The board of directors of Tinexta -- in the red by 1.8 percent -- on Friday approved the half-year report as of June 30, closing with a net profit of EUR2.3 million from EUR45.1 million.

In contrast, adjusted profit from continuing operations was EUR11.9 million from EUR18.8 million in the same period of 2023.

On the Small-Cap, Cairo Communication -- down 3.7 percent -- reported Friday that it closed the first half of the year with a profit of EUR20.3 million from EUR15.9 million in the same period last year.

Revenues amounted to EUR595.1 million, up from EUR599.2 million in the first half of the previous year.

Aeffe -- in the green by 0.9 percent -- reported Thursday that it closed the first half of the year with a loss of EUR20.4 million, down from EUR11.7 million in the same period a year earlier. Consolidated revenues amounted to EUR138.6 million from EUR162.9 million in the first half of 2023.

Datalogic -- up 1.7 percent -- reported Friday its first-half results, which closed with a profit of EUR9.3 million from EUR12.1 million in the same period a year earlier.

Revenues amounted to EUR244.6 million, down from EUR288.9 million in the first half of 2023.

The board of Banca Profilo -- down 2.4 percent -- on Thursday evening approved the consolidated half-year financial report as of June 30, closing with a net profit of EUR5.9 million, down EUR3.7 million from the first six months of last year.

Il Sole 24 Ore -- in the red by 1.1 percent -- reported Thursday that it closed the first half with a net profit of EUR2.9 million compared to EUR5.4 million in the same period last year. The adjusted figure, which excludes nonrecurring charges and income, was unchanged at EUR1.7 million.

Safilo Group closed 3.6 percent in the red. The company reported Thursday that it closed the first half with revenues down to EUR532.0 million from EUR550.1 million in the same period a year earlier.

In the second quarter alone, sales fell to EUR254.8 million from EUR263.0 million.

SIT -- in the green by 3.8 percent -- reported Friday that it ended the first half of the year with revenues of EUR150.9 million, down from EUR166.9 million in the same period a year earlier.

The board of directors of EuroGroup Laminations -- up 2.1 percent -- reviewed and approved the half-year report as of June 30, 2024. Profit for the period in the first half of 2024 reached EUR17.9 million, down 4.4 percent from the first half of 2023 of EUR18.8 million.

Among SMEs, the board of Clabo - in the red by 2.4 percent - met on Friday to review consolidated management data as of June 30, reporting net sales for the period at EUR30.5 million compared to EUR32.8 million in 1H2023.

Intred -- flat at EUR10.05 -- reported Friday that revenues rose to EUR25.9 million or 5.6 percent year-on-year.

Revenues from Connecting Italia Srl alone, which was incorporated during the half-year, were EUR1.6 million.

In New York, the Dow gave up 1.5 percent, the Nasdaq lost 2.4 percent while the S&P 500 closed 1.8 percent in the red.

Among currencies, the euro changed hands at USD1.0906 against USD1.0916 on Friday's European equity close while the pound was worth USD1.2719 from USD1.2801 on Friday evening.

Among commodities, Brent crude is trading at USD76.32 per barrel from USD76.92 per barrel at Friday's close. Gold, on the other hand, trades at USD2,433.61 an ounce from USD2,427.31 an ounce on Friday evening.

Monday's macroeconomic calendar includes Spain's Purchasing Managers' Index at 0915 CEST and, along with the Composite PMI, also for Italy at 0945 CEST, for France at 0955, for the Eurozone at 1000 CEST and for UK at 1030 CEST.

Eurozone Inflation and Producer Price Index, on the other hand, are due at 1100 CEST.

At 1600 CEST, the U.S. S&P Global PMI Composite index and the service sector index are expected.

In Piazza Affari, the half-year results of several listed companies will be released, including Banca Monte Paschi di Siena, Banco BPM and Credito Emiliano.

By Chiara Bruschi, Alliance News reporter

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