Final of the week under sales for Piazza Affari. After the good performances of the day before, the Ftse Mib index (like the main European stock exchanges) has started to slip again and is now down around 1.26% at 33,244.98 points. Among the main factors is the slowdown in US tech and in particular Nvidia, also weighing on the data on the PMI indices of the main eurozone economies for the month of June which are lower than expected.
Among the securities in distress are those of the banking sector, with Monte dei Paschi di Siena which is the worst on the list with a decline of around 5 percent.
The Milanese index, however, is about to close the eighth quarter with a positive balance of around +1.9%, after the post-election slide with drops of around 6%.
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Banking and STM in trouble
Banking sector in difficulty on the stock market. This is demonstrated by the performance of MPS, the worst of the Milanese index, with a decline of 5 percent. Drops of almost 3% for People’s Bank of Sondrio And UniCredit. In a context in which the Btp-Bund spread is rising towards 160 basis points. As the vote in France approaches (30 June), the next sessions will, in fact, see the political question and the uncertainty it will bring to the fore.
STMicroelectronics is also suffering in the wake of drops recorded by Nvidia (today it opened lower and is now down 2.55%). Yesterday the Nvidia stock slowed down in a week that had seen the artificial intelligence giant become the company with the largest capitalization in the world (overtaking a historic name among US big tech: Microsoft).
“Observing the weekly dynamics, the basic dynamics are positive, the problem lies in fact in the bad closing last night which saw Nasdaq and S&P500 dragged downwards by the collapse of Nvidia which fell by more than 6% from its highs – David Pascucci, markets analyst for XTB -. Just as with the increases Nvidia accumulated tens of billions of capitalization in a single day, now it could “burn” as many and perhaps more quickly”.
Meanwhile today STMicroelectronics announced the completion of its share buyback programs that began in 2021 and the launch of a new three-year buyback plan in 2024 1.1 billion dollars.
Plus sign for Hera and Saipem
Positive sign for the energy sector in Piazza Affari. Among the best on the Hera price list, but also Erg and Saipem. The latter benefits from a positive evaluation by analysts Equity who focus on the stock in view of the publication of the second quarter results arriving in just over a month, on July 24th. The broker, which maintains its hold recommendation on Saipem, specifies: “Considering the strength of the sector in which Saipem operates and its competitive positioning, we still expect a good order collection campaign in the coming months too”.
