(Alliance News) - The Mib moves in a bearish trend Thursday--in line with other European exchanges--after closing at new 2008 highs on the eve of the event. Traders assess a weak economic outlook for Europe, as well as having witnessed an entirely unexpected drop in Chinese imports. All while awaiting U.S. employment report due tomorrow.
On the domestic front, Italian industrial production showed a smaller-than-expected contraction, while German output unexpectedly declined.
On the monetary policy front, trading rooms continue to reinforce speculation that favors the prospect of the Fed and ECB cutting interest rates next year, while comments from the governor of the Bank of Japan have markets positioned on thelipothesis that rates could be raised sooner than expected in the third largest global economy.
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The FTSE Mib, thus, marks a 0.3 percent decline to 30,238.37.
In Europe, London's FTSE 100 is giving up 0.2 percent, Paris's CAC 40 is giving up 0.1 percent, and Frankfurt's DAX 40 is contracting 0.2 percent.
Among the smaller lists, the Mid-Cap is down 0.4 percent to 42,161.24, the Small-Cap is giving up 0.5 percent to 26,351.01, and Italy Growth is marking a marginal decline to 8,016.61.
On the main list in Piazza Affari, DiaSorin gives way, down 0.9 percent after closing ahead 5.2 percent last night.
Banca Monte dei Paschi gives ground with a 1.4 percent red and new price at EUR3.34. The stock during Wednesday's session updated its 52-week high at EUR3.44. Of note, Psquared Asset Management cut its short to 0.36 percent from 0.70 percent previously.
Among the bullish few, Pirelli, on the other hand, marks an asset just above par with price at EUR4.75. Of note, HSBC cut its target price on the stock to EUR5.30 from the previous EUR5.50.
Enel is picking up 0.4 percent, bringing its price to EUR6.56 per share. Worth mentioning, S&P Global Ratings reported that it has maintained Enel Spa's short-term rating at 'A-2' and revised the long-term rating to 'BBB' from the previous level of 'BBB+'. The outlook is Stable. The agency said the change in Enel's rating mainly reflects the level of the group's net financial debt, which peaked in 2022.
On the Mid-Cap, Brunello Cucinelli advances well, marking a plus 1.4 percent to EUR76.85 after a 0.3 percent loss on the eve.
GVS, on the other hand, advances 1.1%, after eve's contraction of 2.2%.
Cembre, on the other hand, advances 1.1% with price at EUR36.80 per share. The stock during the session updated a new 52-week high at EUR37.20.
Maire Tecnimont - in the green by 0.7 percent - reported Wednesday that its subsidiary Nextchem, through its subsidiary MyRechemical, which leads the Waste-to-Chemicals segment, has been selected by DG Fuels Louisiana to provide the Process Design Package for a SAF plant currently under development in St. James Parish, Louisiana, U.S.
At the tail end, Eurogroup Laminations retreats 3.5 percent, after a 0.5 percent loss on eve.
On the Small-Cap, SIT pushes ahead with a 3.6 percent green, following up on yesterday's 4.0 percent greenhouse gain and bringing the weekly to mark a 43 percent gain.
High quarters also for Netweek, which moves up 3.2% to EUR0.13 per share, rearing its head after two bearish closes.
Unieuro, on the other hand, advances 0.8 percent, following a 0.3 percent red on eve. The company announced Monday that it had closed its acquisition of Covercare, a leading player in Italy in the cell phone repair services market as well as in air conditioner and boiler installation.
Sales, among the many stocks in the red, on Restart, which posted minus 3.6 percent after two sessions closed in the green.
Among PMIs, boost on Allcore, which moves ahead 5.3 percent bringing weekly assets to nearly 14 percent.
Also good is Energy, which advances 8.2%, placing it among the best with new price at EUR2.12.
Among the bearish, High Quality Food is giving up 4.2 percent to EUR0.5750 per share, following the previous session's 1.6 percent decline.
Rear-ends also for E-Globe, which marks a minus 4.2%, subject to profit taking after ten bullish sessions.
In New York on European night, the Dow Jones closed down 0.2 percent, the S&P gave up 0.4 percent, and the Nasdaq left 0.6 percent on the parterre.
Among currencies, the euro changed hands at USD1.0779 versus USD1.0785 recorded at Wednesday's European stock close while the pound is worth USD1.2580 from USD1.2586 last night.
Brent crude is worth USD74.92 per barrel versus USD74.46 per barrel at Wednesday's close. Gold, meanwhile, trades at USD2,032.23 an ounce from USD2,025.31 an ounce last night.
Thursday's macroeconomic calendar includes, at 1430 CET, from the U.S., the data on initial jobless claims and at 1730 CET an auction of Treasury bills with 4- and 8-week maturities.
By Maurizio Carta, Alliance News senior reporter
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