Stocks bearish; Azimut and STM trailing.

(Alliance News) - European stock markets opened lower Friday, as stocks sank globally on fears of a slowing U.S. economy, disappointing earnings from large gglobal companies, and changing monetary policies of major central banks.

On Thursday, European equities came under pressure from financial stocks as the Bank of England made its first interest rate cut since 2020.

Thus, the FTSE Mib is giving up 1.8 percent to 32,253.41.

The Mid-Cap is floating in the red 1.1 percent to 45,756.05, the Small-Cap is giving up 1.3 percent to 28,187.89, and Italy Growth is giving up 0.6 percent to 7,966.48.

In Europe, Paris' CAC 40 is giving up 0.8 percent, London's FTSE100 is giving up 0.6 percent, and Frankfurt's DAX 40 is giving up 1.5 percent.

On the Mib, Azimut is giving up 4.1 percent, in its third bearish session. The board of directors on Thursday approved the half-yearly report as of June 30, closing with an adjusted net profit of EUR330 million, up 43% from EUR231 million in the first half of 2023.

STMicroelectronics is giving up 4.1 percent, following eve's 3.4 percent decline.

Prysmian and Marinus Link Pty Ltd. on Thursday finalized an approximately EUR600 million contract to build a new power interconnection between Victoria and Tasmania, Australia. The start of work is subject to the issuance of a notice to proceed, scheduled for August 2025. This agreement follows the previous capacity reservation agreement announcement, announced in September 2023. Prysmian's stock is giving up 2.1 percent.

Pirelli - in the green by 0.3 percent - reported Thursday that it closed the first half of the year with revenues of EUR3.45 billion, roughly flat compared to EUR3.44 billion in the same period last year.

Green also for Amplifon, which climbed 0.3 percent after eve's 3.2 percent decline.

On the cadet segment, Caltagirone is advancing 0.7 percent to EUR5.70 per share, in its fourth bearish session.

Salvatore Ferragamo -- in the green by 1.5 percent -- reported Thursday that it closed the first half with a EUR5.7 million profit from EUR22.5 million as of June 30, 2023, down 73 percent. Revenues changed to EUR523.1 million, down from EUR600.1 million in the first half of 2023.

On a negative note, among many, De'Longhi is giving up 4.0%, in its fifth session with a bearish candle. The company on Wednesday reported that net income fell to EUR106.2 million from EUR82.7 million in the first six months and to EUR54.8 million from EUR44.0 million in the April-June period.

Iren - in the red by 0.7 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 what was announced on March 30, for a total value of EUR85 million, consisting of a capital increase of EUR25,000 and a premium of EUR85.0 million.

On the SmallCap, good buying on Giglio Group, which is up 2.9% to EUR0.6380, turning upward after two bearish sessions.

The board of Banca Profilo - down 2.4 percent - 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.

Aeffe -- in the green by 2.1 percent -- reported Thursday that it closed the first half with a loss of EUR20.4 million, down from EUR11.7 million in the same period last year. Consolidated revenues amounted to EUR138.6 million from EUR162.9 million in the first half of 2023.

Il Sole 24 Ore -- in the red by 4.8 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.

Among SMEs, Cofle advances 3.8 percent, after contracting 2.5 percent in the eve.

Good buying also on Ediliziacrobatica, which advances 1.3% following eve's gain of 1.6%.

Relatech--declining 0.4 percent--reported Thursday that Gemini BidCo Srl, a subsidiary of Bregal, has taken over the entire stake of Pasquale Lambardi and his associate Gaxder Srl, rising to 53.3 percent of the company. Bregal's vehicle will now launch a tender offer to take over the remaining shares of Relatech, which will leave Piazza Affari once the tender offer is completed.

Espe--flat at EUR3.02--reported Thursday that it had acquired a 40 percent stake in Rigoni Lab Srl, a Padua-based company highly specialized in the design and study of electrical and power generation systems, including those from renewable sources of any nature and type. The total value of the transaction, paid through own resources, was EUR190,000.

In New York on the European night, the Dow gave up 1.2 percent, the Nasdaq closed 2.3 percent in the red, and the S&P 500 gave up 1.4 percent.

In Asia, the Nikkei gave up 5.8 percent, the Hang Seng posted a 2.3 percent loss, and the Shanghai Composite was 0.9 percent in the red.

Among currencies, the euro changed hands at USD1.0804 against USD1.0791 on Thursday in closing European equities while the pound is worth USD1.2733 from USD1.2774 on Thursday evening.

Among commodities, Brent crude is trading at USD80.03 per barrel from USD80.49 per barrel at yesterday's close. Gold, on the other hand, trades at USD2,465.19 an ounce from USD2,446.71 an ounce last night.

Friday's macroeconomic calendar features Swiss inflation at 0830 CEST and French industrial production at 0845 CEST. From Italy, industrial production is expected at 1000 CEST and retail sales at 1100 CEST.

In the afternoon, from the U.S., nonfarm payrolls and the unemployment rate will come out at 1430 CEST.

In Piazza Affari, the half-year results of Buzzi, ERG, Technogym and Xenia Hotellerie Solution are expected.

By Maurizio Carta, Alliance News reporter

Comments and questions to [e-mail]

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