banking risk cools, eyes still on France (Il Sole 24 Ore Radiocor) – Milan, 25 June – The crash of Airbus, down by over 9%, weighs on European stock markets, which all close in the red, including the FTSE Mib of Milan (-0.38%). The French aerospace giant last night surprisingly announced a cut in its financial and industrial targets for 2024, dragging down the entire European industrial and defense sector. In fact, Leonardo finished at the bottom of Piazza Affari, with losses of 2.92%. However, the political uncertainty in the Old Continent, with the spotlight on France, also contributed to making the stock markets nervous. ‘The first round of the legislative elections will be held this Sunday, an event which is not historically favorable to the markets across the Alps’, explain the eToro analysts. In the last five electoral rounds, only in 2002 (Chirac government) did the Cac achieve positive performances in the days following the vote. What worries investors, experts continue, is not so much the prospect of ‘cohabitation’ between the Rassemblement National and the Macron presidency, but the stalemate that could follow a relative victory of the party led by Bardella. ‘With a minority government, the RN would have to seek coalitions with other political forces, a task that could prove complicated due to the staunch opposition to the far right expressed by almost all other political forces.’ Coming to the stocks on Piazza Affari, the oil & gas sector holds its own with Saipem (+3.61%) and Snam (+0.8%) at the top of the list. Purchases also on Ferrari (+0.69%) and Eni (+0.79%). As mentioned, industrial stocks and banks were weak, with Interpump (-2.57%) bringing up the rear together with Telecom (-2.64%). On the exchange rate front, the euro is worth 1.070 dollars (closing yesterday at 1.072). The currency also changes hands at 171.05 yen (171.2), while the dollar-yen is equal to 159.7 (159.6). On the energy front, the price of crude oil is falling: WTI is worth 81.31 dollars a barrel (-0.39%), while Brent is 84.78 (-0.47%). Finally, gas rises, gaining 2.4% to 34.8 euros per megawatt hour on the Amsterdam platform.
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(RADIOCOR) 25-06-24 17:41:02 (0573)NEWS,ENE,PA,ASS 3 NNNN
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