(Alliance News) - European stock markets are set to open sharply lower Friday, as stocks selloff globally on fears of a U.S. economic slowdown, disappointing earnings from large ggrand 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-after closing down 2.7 percent at 32,857.43-is giving up 415.00 points.

Last night, the Mid-Cap finished 2.1 percent in the red at 46,293.5, the Small-Cap lost 1.4 percent to 28,562.21, and Italy Growth picked up 4 percent to 8,014.49.

In Europe, Paris's CAC 40 is giving up 41.00 points, London's FTSE100 is giving up 27.90 points, and Frankfurt's DAX 40 is giving up 154.80 points.

On the Mib last night, Azimut Holding closed 1.9 percent in the red after approving its half-yearly report as of June 30 on Thursday, closing with an adjusted net profit of EUR330 million, up 43 percent from EUR231 million in the first half of 2023.

On top is Ferrari -- up 2.5% --, which reported Thursday that it closed the first half with revenues rising to EUR3.30 billion from EUR2.90 billion in the same period a year earlier. Second-quarter revenues increased to EUR1.71 billion from EUR1.47 billion. Car deliveries totaled 7,044 in the six-month period from 6,959 and 3,484 in the quarter from 3,392.

Among the few bullish performers, Nexi rallied 1.0 percent after numbers saw normalized group profit rise 3.4 percent to EUR300.6 million from EUR290.6 million in the same half of the previous year.

Telecom Italia follows--up 0.9%--after the approval of preliminary and management results as of June 30, reporting total revenues of EUR7.11 billion, up 3.5% year-on-year. Ebitda reported a 9.4 percent year-on-year increase to EUR2.1 billion.

Mediobanca ended the session down 4.2 percent. The board approved operating and consolidated results as of June 30, reporting net income of EUR1.27 billion, up 24% year-on-year. The group closes fiscal year 2023-2024-the first under the new plan-with record revenues of EUR3.6 billion, up 9 percent.

Prysmian's board of directors -- down 8.7 percent -- approved the group's consolidated results for the first half of the year, closing with net income at EUR410 million, compared with EUR413 million in the first half of 2023. Net income attributable to shareholders of the parent company was EUR402 million, up from EUR405 million in the same period last year.

Amplifon gave up 3.2 percent. The healthcare company reported net income on a recurring basis of EUR90.3 million, up from EUR89.3 million in the first half of 2023. Reported net income was EUR87.8 million, up from EUR81.4 million reported in the first half of 2023.

On the cadet segment, Rai Way closed in the red by 0.7 percent after reporting Thursday that core revenues were EUR137.6 million as of June 30, 2024, up 1.2 percent from EUR136.0 million in the first six months of 2023, exceeding the benchmark inflation rate.

Ariston Holding -- in fractional green -- reported Thursday that it ended the first half of the year with revenues down year-on-year to EUR1.27 billion from EUR1.51 billion in the same period a year earlier.

Mondadori gave up 2.9 percent. The company reported on Wednesday that it made an adjusted net profit of EUR9.0 million in the first half from EUR8.5 million in the first half of 2023. Revenues amounted to EUR387.2 million from EUR362.4 million in the same period of 2023.

Iren closed 3.0 percent in the red after finalizing Thursday 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.

d'Amico International Shipping -- in the red by 0.6 percent -- reported Thursday that first-half revenues rose to USD213.0 million from USD205.9 million in the same period last year. In the second quarter alone, revenues increased to USD107.7 million from USD98.4 million in the second quarter a year earlier.

On the Small-Cap side, Gefran -- down 0.7 percent -- reported Thursday that it closed the first half with a profit of EUR7.2 million from EUR7.4 million in the same period a year earlier. Revenues amounted to EUR68.5 million, up from EUR71.5 million in the same period 2023.

Aeffe -- in the red by 8.1 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.

Banca Sistema's board -- down 4.1 percent -- on Wednesday approved the consolidated financial statements as of June 30, reporting a net profit of EUR6.0 million, compared to EUR7.5 million in the same period of 2023. Net interest income, down year-on-year by EUR14.8 million or 41 percent, was affected by growth in interest expenses due to rate hikes made by the ECB during 2023 and higher funding.

The board of Carel Industries -- in the red by 4.3 percent -- on Thursday approved its half-year results as of June 30, a period ended with a profit of EUR27.8 million, down 31 percent from EUR40.3 million as of June 30. The decline, the company points out, reflects "first and foremost the operating results, while the financial charges, amounting to about EUR3.5 million, are offset by the capital gain related to the acquisition of the remaining 49 percent of CFM's social capital."

EuroGroup Laminations--in the red by 1.2 percent--announced Thursday that Chairman Sergio Iori has signed a Memorandum of Understanding for a strategic partnership agreement with Niu Yishun, founder of Hixih Rubber Industry Group, a leading supplier of components for the Chinese automotive market.

Among SMEs, eVISO gave up 1.0 percent after announcing Thursday that it has signed a long-term agreement with a prestigious European reference company in fruit processing to supply apples for the industry through SmartMele, eVISO's proprietary platform dedicated to trading in the apple market with deferred delivery in time to 3/6/12 months and beyond.

The deal, approaching EUR1 million in sales over two years, is designed to offer stability and security to both producers and buying companies through detailed planning of quantities and delivery conditions.

Ilpra lost 3.8 percent after announcing Thursday that it has signed a binding agreement aimed at acquiring a 51 percent stake in Migliorini Srl.

The transaction will take place through subscription to a reserved capital increase totaling EUR600,000, of which EUR546,960 will be a share premium, and is subject to the completion, no later than the essential deadline of Sept. 30, of the merger by incorporation of Sami Immobiliare Srl into Migliorini.

Eles gave up 6.7 percent after eve's gain, albeit by a timid 0.8 percent. The company reported Wednesday that in the first half of the year it had consolidated sales revenues of EUR15.3 million, up 5.0% from EUR14.6 million as of June 30, 2023.

Novamarine, making its debut on the Milan Stock Exchange, closed the session in the red by 0.3 percent at EUR3.59 per share.

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 gives up 5.8 percent, the Hang Seng is giving up 2.4 percent, and the Shanghai Composite is in the red by 0.8 percent.

Among currencies, the euro changes hands at USD1.0804 against USD1.0791 on Thursday's European stock close 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

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