Futures bullish; traders believe in Fed cut

(Alliance News) - European stock markets -- according to the futures market -- are set for a bullish opening Thursday, extending the global rally on the back of better-than-expected U.S. inflation data, which have strengthened positioning on a September interest rate cut by the Federal Reserve.

The FTSE Mib therefore-after closing up 0.6 percent at 35,366.20 last night-marked green by 75.00 points.

In Europe, Paris' CAC 40 is advancing 11.20 points, London's FTSE100 is up 23.30 points, while Frankfurt's DAX 40, the only bearish, is giving up 13.20 points.

Last night the Mid-Cap rose 0.6 percent to 48,477.77, the Small-Cap closed down 0.2 percent to 29,592.01 while Italy Growth picked up 0.1 percent to 8,246.32.

On the Mib, Interpump Group's board of directors on Wednesday approved its interim report as of March 31, closing the period with a net profit of EUR67.6 million compared to EUR86.0 million in the first quarter of 2023, a decrease of about 22 percent. Net financial position improved to EUR452.8 million from EUR486.5 million as of Dec. 31, 2023. The stock closed as the best in the segment with assets of 5.7 percent.

Banca Monte dei Paschi di Siena, on the other hand, closed up 3.6 percent at EUR5.04, updating its 52-week high at tele-price.

Strength also on Terna, which closed ahead 2.2%. The company on Wednesday disclosed that the Ministry of Environment and Energy Security authorized by decree on May 10 Elmed, the electricity interconnection between Italy and Tunisia to be built by Terna and STEG, the Tunisian grid operator.

Among the bearish minority, DiaSorin closed down 2.0%, subject to profit taking after four sessions closed among the bullish.

Poste Italiane -- down 1.3% -- reported Wednesday that it closed the first quarter with a net profit of EUR501 million from EUR540 million as of March 31, 2023. Revenues for the period stood at EUR3.05 billion from EUR3.02 billion in Q1 2023.

On the Mid-Cap, Technoprobe -- up 14 percent -- on Tuesday reviewed and approved consolidated results as of March 31, 2024. Consolidated revenues as of March 31, 2024 stood at EUR101.8 million, up 12 percent from the same period in 2023.

Carel Industres, on the other hand, rallied more than 10 percent, rebounding after two sessions closed among the bearish in which it gave up an aggregate of about 8.5 percent.

GVS, on the other hand, advanced 8.0 percent. The company reported Tuesday that it ended the quarter with net income of EUR9.9 million, up 7.7 percent from EUR2.5 million in the same period a year earlier. Revenues amounted to EUR105.4 million from EUR104.9 million in the first quarter of 2023.

Enav, on the other hand, gave up 3.0 percent. The company disclosed that it closed the first quarter with a loss of EUR13.8 million, an improvement from a loss of EUR21.8 million in the first quarter of 2023.

On the Small-Cap, Fidia stock moved ahead 7.0%, following up on the previous two bullish sessions.

Strength also on Aedes, which closed bullish with a plus 5.1 percent, following the double-digit bullish performance of the eve.

For Biesse, on the other hand, the rise was 4.3 percent. The company reported Tuesday that it closed the first quarter with a profit of EUR2.8 million from EUR12.3 million as of March 31, 2023. Consolidated net revenues for the period stood at EUR195.8 million from EUR209.5 million in Q1 2023.

Aquafil gave up 7.3 percent, following up on the eve's decline of 5.2 percent.

Among SMEs, IDNTT advanced 5.4 percent, breaking an eight-session downtrend.

In contrast, iVision Tech rallied 5.4 percent, following good numbers in the first three months. On Tuesday, it approved some key management figures, with Ebitda growing in absolute value by 10 percent from EUR470,000 in the first quarter 2023 to EUR510,000 as of March 31, 2024.

High Quality Food advanced 4.4 percent, after two sessions closed among the bearish.

Eles gave up 6.9 percent, after a 0.5 percent green in the previous session.

For Doxee, on the other hand, the loss was 5.3%, after a flat session on the eve of the session, with price at EUR2.16.

In New York on European night, the Dow rallied 0.9 percent, the Nasdaq closed up 1.4 percent, and the S&P 500 took home 1.2 percent.

Among Asian exchanges, the Hang Seng is picking up 1.7 percent, the Nikkei is advancing with 1.4 percent, while the Shanghai Composite is picking up 0.4 percent.

Among currencies, the euro changes hands at USD1.0879 from USD1.0874 on Wednesday in closing European equities while the pound is worth USD1.2678 from USD1.2672 last night.

Among commodities, Brent crude is trading at USD83.08 per barrel from USD82.55 per barrel on Wednesday evening. Gold, on the other hand, trades at USD2,388.92 an ounce from USD2,383.01 an ounce on Tuesday.

On Thursday's macroeconomic calendar, at 1000 CEST from Italy the inflation figure is expected, followed at 1100 CEST by the trade balance. At 1200 CEST, the European Union economic forecast report is due.

From the U.S., at 1430 CEST the data on initial jobless claims will be due, while at 2230 CEST the Federal Reserve's weekly balance sheet will be released.

Among companies, results from Beewize, Caleffi, e-Novia, Ferretti and Industrie Chimiche Forestali are expected.

By Maurizio Carta, Alliance News senior reporter

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