Markets in the red; Saipem and Paschi at tail end

(Alliance News) - European stock markets -- confirming futures before the bell -- opened lower Thursday, taking a step back from the previous session as investors assess the Federal Reserve's latest monetary policy decision.

The Fed has scheduled only one interest rate cut this year, compared with three cuts at its March meeting. However, the dot-plot indicates a more aggressive easing path for 2025, with four rate cuts totaling one percentage point.

The FTSE Mib is giving up 0.6 percent to 34,158.00.

The Mid-Cap is giving up 0.5 percent to 47,759.14, the Small-Cap is in the red 0.4 percent to 29,002, while Italy Growth is posting a green 0.3 percent to 8,145.26.

In Europe, London's FTSE 100 is giving up 0.2 percent, while the CAC 40 in Paris is giving up 0.3 percent and Frankfurt's DAX 40 is marking minus 0.4 percent.

On the bluechip list, Saipem is marking a decline of 1.9% to EUR2.06 per share. Of note, the stock is advancing nearly 40 percent since the beginning of the year.

Banca Monte dei Paschi, on the other hand, is surrendering 1.6 percent, after greening on the eve with 0.9 percent.

Enel--in fractional red--informed that Enel Peru has finalized the sale of its entire holdings in power distribution and supply company Enel Distribución Perú and advanced energy services company Enel X Peru to North Lima Power Grid Holding. The latter is controlled by China Southern Power Grid International.

Poste Italiane, on the other hand, paerted in the red by 0.2 percent. Of note, Morgan Stanley raised its target price on the stock to EUR15.00 from EUR14.80 per share.

On the Mid-Cap, Cementir Holding advances 1.8 percent to EUR10.30 per share, following up on the 1.7 percent green on eve.

Good buying also on Piovan, which moves up 1.3% after two bearish sessions.

Webuild--in the red by 1.3 percent--reported Wednesday the terms of its senior unsecured fixed-rate bonds. Proceeds from the net bond will be used to repay the company's existing debt, including through the repurchase of all of the EUR500.0 million notes due Oct. 26, 2024, and part of the EUR750.0 million notes due Dec. 15, 2025, and for general Webuild Group purposes.

On the Small-Cap, Fidia is advancing 5.1 percent to EUR0.7060, after 4.7 percent green on the eve.

PLC, on the other hand, is marking plus 2.9 percent, after eve's 14 percent green.

TXT e-solution -- in the green by 0.2% -- reported Wednesday that between June 3 and June 7 it bought 4,678 shares at an average price of EUR20.619 for a total value of EUR96,457.25. As a result of these purchases, the company holds 1.3 million treasury shares or 9.6 percent of its share capital.

Among the bearish, numerous on the list, Conafi is giving up 4.3 percent after two sessions among the bearish.

Among SMEs, Alfio Bardolla advances 7.3 percent, bringing the price to EUR2.66 per share.

Giglio Group--up 5.3 percent--announced on Wednesday the signing of a strategic agreement with Elior, Italy's leading group active in foodservice and travel services, with an established presence in six countries worldwide. The agreement calls for Giglio Group to be the exclusive supplier of Frecciarossa merchandising, initially on board all Frecciarossa fast trains, and then to extend the service to other fast trainsets.

At the back of the pack, in a still uneventful list, Emma Villas gives up 2.1 percent after 3.8 percent green on eve.

In New York, the Dow closed down 0.1 percent, the Nasdaq advanced 1.5 percent, and the S&P 500 advanced 0.9 percent.

Among Asian exchanges, the Nikkei traded in the red by 0.4 percent, the Hang Seng advanced 0.4 percent, and the Shanghai Composite is marking minus 0.2 percent.

Among currencies, the euro changes hands at USD1.0803 from USD1.0845 yesterday in closing European equities while the pound is worth USD1.2777 from USD1.2837 Wednesday evening.

Among commodities, Brent crude is trading at USD82.21 per barrel from USD82.70 per barrel at Wednesday's close. Gold, on the other hand, trades at USD2,311.78 an ounce from USD2,323.17 on Tuesday evening.

On Thursday's macroeconomic calendar, ECB's Guindos and Lane will speak at 1100 CEST, the same time as Eurozone industrial production data will be released. Just 10 minutes later, auctions of three-, seven-, 15- and 30-year BTPs will be held.

In the afternoon, room for producer prices and U.S. jobless claims at 1430 CEST, an hour before Schnabel's ECB speech, while four- and eight-week T-Note auctions will be held at 1730 CEST and 30-year at 1900 CEST. The Fed's balance sheet will be released at 2230 CEST.

Among the companies in the Piazza Affari, the accounts of Caribbean Company and Eligo are expected.

By Maurizio Carta, Alliance News reporter

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