The market will pay close attention to key US inflation data this week for further guidance on interest rates.
European stock markets are set to close sharply higher, at the session highs. EuroStoxx50 Index +0.90%.
Automobiles and Banks lead the European sectors.
Milan’s FtseMib gains 1.6% thanks to the push from the banks. It closed last week up +2%.
In Paris, CAC 40 +1.2%, extends last week’s rebound. The candidate of the Rassemblement National promises a controlled deficit and support for businesses. Jean-Philippe Tanguy, considered one of the most likely candidates to lead the French Finance Ministry if his anti-immigration party wins an absolute majority in the two-round parliamentary elections on June 30 and July 7, told Reuters.
Eurofins Scientific -20% in Paris, after being attacked by Muddy Waters, one of the most influential short selling funds in the world. The shares of the bio-analytical services group fall to four-year lows. “The confusion and contradictions inherent in its financial status and operations lead us to believe that the group is optimized for embezzlement rather than conventional business,” Muddy Waters writes in a press release.
In Frankfurt, the Dax marks +0.8%. The only significant data of the day is the Ifo index on German business confidence: in June it was equal to 88.6 points against estimates of 89.6 and a previous figure of 89.3.
In the German price list, Zalando drops -6.7%. Morgan Stanley lowered its rating. Hochtief +8%. The German construction giant was promoted from hold to buy by Jefferies.
United States stock exchange
Wall Street is proceeding in a mixed way, big tech is taking a break and making room for traditional sectors. S&P500 Index +0.3%. Nasdaq -0.3%. Dow Jones +0.9%.
The market will pay close attention to key US inflation data this week for further guidance on interest rates.
Data on the PCE price index, the Federal Reserve’s preferred inflation indicator, will be released on Friday. Today the agenda includes the Dallas Fed Manufacturing Index.
Wall Street Stocks
Apple According to the EU Antitrust Authority, Apple’s App Store does not comply with the Digital Markets Act (DMA) and European Union laws, as it limits the ability of app developers to direct consumers to alternative channels . The European Commission has launched an investigation.
Coinbase – Cryptocurrency-related companies fell, while Bitcoin extended losses amid cooling demand for exchange traded funds (ETFs) and uncertainty over monetary policy.
FedEx The delivery and logistics company, whose earnings are seen as a gauge of global economic activity, will release its quarterly results on Tuesday.
IBM +2%. Goldman Sachs initiated coverage with a Buy rating. According to analysts, revenues will be supported by products and services related to artificial intelligence.
Micron Technology – The memory chip maker will release its quarterly results on Wednesday, after predicting a sharp spike in demand related to artificial intelligence.
Nike The sportswear manufacturer releases its quarterly results on Thursday.
Nvidia -4.5% The stock is set to extend losses for the third consecutive session, after having already erased over $220 billion in market capitalization.
ResMed -11%. California-based medical device company drops on Eli Lilly related news. The latter announced last Friday that its anti-obesity drug is capable of reducing sleep apnea.
RXO +11% after agreeing to buy UPS’s asset-light freight brokerage business Coyote Logistics for more than $1 billion.
Walgreens Boots Alliance The pharmaceutical retailer releases data Thursday.
Macrovariables
The government bond market was little moved. Ten-year Treasury Note at 4.25%. German Bund at 2.40%. BTP at 3.89%. The Italy-Germany spread is at 149 basis points. French 10-year OAT 3.16%. Bund/OAT spread at 75 basis points.
Euro dollar at 1.073, +0.4%.
Brent oil and WTI +0.5%.
Gold at 2,331 USD, +0.4%.
Bitcoin at $61,100, -4.6%, at one-month lows. Week of outflows from US spot ETFs.
Stocks in Piazza Affari
Bper +4.5%. At the top of the European Bank Index.
Banca Monte Paschi di Siena +4%.
Banco BPM The closing of the e-money partnership operation with the Fsi fund and Bcc Iccrea is taking longer than expected and for this reason the bank would have extended the existing contract with Nexi until the end of 2025, writes L’Economia del Correre della Sera citing rumors that a bank spokesperson preferred not to comment on.
Brunello Cucinelli Kepler has raised the recommendation to Hold, target price 94 euros.
Ferrari will use the new site in Maranello to increase production flexibility and reduce development and launch times for new models, rather than to expand output.
ENI Ivory Coast prepares right of first refusal on a potential sale of the energy company’s assets in the country, Bloomberg reported.
Leonardo, Seri Industrial Agreement for the sale of its 98% stake in Industria Italiana Bus at the conclusion of an M&A process started in 2022 in which, with the help of Kpmg and Legance, multiple industrial or financial buyers, both Italian, were evaluated than foreign. Invitalia holds the remaining 2%.
Unicredit +3.7% It has defined the implementation methods for the launch of the third and final tranche of the 2023 buyback program for a value of up to 1.5 billion euros. The purchases of treasury shares will start today and are expected to be completed approximately by September.
Out of the main basket
Doxee The offering of unexercised rights for the capital increase begins; ends June 25th, unless closed early.
Fincantieri +24% The capital increase is off to a good start. The right of option rises by +42%. The operation ends on July 11th. Rights negotiable until July 5th.
Maire Tecnimont has been awarded through Nextchem a licensing contract with DG Fuels Louisiana relating to its proprietary NX Circular gasification technology for the Sustainable aviation fuel (Saf) plant in the USA. The plant, which is expected to be operational in 2028, will produce up to 450 million liters of Saf per year.
