(Alliance News) - On Friday, major European exchanges are expected to open lower according to IG futures, after a positive close and in contrast to the good finish of the U.S. after the afternoon release of U.S. inflation data that indicated a broad easing of price pressures, with the headline rate and core rate below forecasts, supporting the assumption that the Fed will soon end its monetary tightening campaign.

The U.S. annual inflation rate, in fact, rose to 3.2 percent in July from 3.0 percent in June but below forecasts of 3.3 percent, the U.S. Bureau of Labor Statistics reported Thursday. July's acceleration marks a halt to 12 consecutive months of declines, due to base effects.

On a monthly basis, U.S. inflation was 0.2 percent in July, the same as in June and in line with market expectations.

Also of note, the British economy expanded 0.2 percent on a quarterly basis in the second quarter of 2023, following 0.1 percent growth in the first three months of the year and beating forecasts of a negative reading, according to preliminary estimates released Friday morning by the Office for National Statistics.

Thus, the FTSE Mib is expected to fall 102.5 points or 0.4 percent after closing up 0.9 percent at 28,575.05.

In Europe, London's FTSE 100 is expected to open in the red 41.7 points or 0.6 percent, Paris' CAC 40 is expected down 32.6 points or 0.4 percent while Frankfurt's DAX 40 is expected to be in the red 46.8 points or 0.3 percent.

The Mid-Cap on Thursday evening rose 1.0 percent to 42,145.35, the Small-Cap up 0.3 percent to 26,933.92 and the Italy Growth in the green 0.4 percent to 8,917.05.

On the main index in Piazza Affari, the high quarters saw Moncler, which closed up 3.6 percent on the heels of eve's green, albeit with 0.3 percent.

Also doing well was Banco BPM, up 2.9 percent. The stock, which closed with price at EUR4.34, replicates eve's positive balance of 5.5 percent.

Telecom Italia equally positioned itself on the highs with a 2.8% rise, while talks between the KKR fund and the Treasury to buy Netco intensified. As Francesco Bonazzi explains in Alliance News, "the important date in the handling of the dossier, until yesterday, was September 30, by which the KKR fund must submit its binding offer for the Telecom network. An offer ranging from EUR21 billion to EUR23 billion in value, depending on how certain assets shape up. But now all the spotlight is on the next meeting of the Council of Ministers, scheduled for August 28, when government work resumes after the summer break.

"Indiscretions not denied by the executive speak of a four-way agreement between the Ministry of Economy, Cassa Depositi e Prestiti (which has 10 percent of Telecom Italia), F2i and KKR. A formal step in Palazzo Chigi is obviously needed to make the Treasury's entry into the field official. Also at the end of August, in parallel, the U.S. fund is expected to sign credit lines with a pool of 10 banks (some of which are also TIM's creditors) for about EUR10.5 billion," the Alliance News columnist points out.

Intesa Sanpaolo, on the other hand, advanced 1.9 percent, following up on the eve's green closed with 2.3 percent.

Among the few bearish performers, Pirelli gave up 0.4 percent, closing for the seventh session in a row on the bearish side.

On the Mid-Cap, Saras brought home a 3.7% green on the heels of Wednesday's 2.7% green, with the stock well driven by oil price rises.

Brunello Cucinelli, on the other hand, advanced 4.1 percent-following Wednesday's green with 1.1 percent-taking the lead.

Banca Popolare di Sondrio closed up 1.2 percent, thanks to a half-year with a record net profit of EUR207.1 million from EUR105.0 million in the same period last year. Net interest income amounted to EUR427.0 million up from EUR320.0 million in the first half of 2022.

On a negative note, Mutuionline stepped back 6.0 percent with new price at EUR28.25.

On the Small-Cap segment, Aquafil closed up 2.9%, bringing its price to EUR3.35. The stock on a weekly basis still marks a red of about 7 percent.

Autostrade Meridionali, on the other hand, picked up 5.2%, bringing its assets on a weekly basis to about 32%.

Netweek, on the other hand, gave up 5.4 percent. There was a high trading volume of more than 92,000 traded on the stock, compared with a three-month daily average of about 15,700.

SIT, on the other hand, left 2.8 percent on the parterre, after 1.4 percent green on the eve of the day.

Among SMEs, Arterra Bioscience brought home a plus 7.2 percent, turning upward after two bearish sessions.

Altea Greenpower, on the other hand, picked up 3.7 percent, following a 0.8 percent loss on eve.

Ecosuntek soared 1.3% after reporting Wednesday evening that Eco Trade, a 63.4% subsidiary, signed two preliminary agreements on July 31 to purchase the stakes held in + Energia Spa by Paolo Marinangeli for a 17.90% stake and by Soni Mar Srl for a 26.875% stake for a total share of about 45%. The purchase involves a total price of about EUR21.3 million to be paid at the closing, expected by the end of October 2023. A sum of just under EUR1.3 million was paid as a down payment on Wednesday.

At the back of the pack, Estrima gave up 4 percent, after a 0.9 percent green on the eve of trading.

In New York, the Dow closed in the green by 0.2% at 35,176.15, the Nasdaq up 0.2% to 13,737.99, while the S&P 500 finished just above par at 4,468.83.

In Asia, the Nikkei closed in the green 0.8 percent to 32,473.65, the Shanghai Composite is in the red 1.4 percent to 3,208.03, and the Hang Seng gives up 0.7 percent to 19,108.47.

Among currencies, the euro changes hands at USD1.0999 against USD1.1018 in Wednesday's closing European equities while the pound is worth USD1.2719 from USD1.2732 on Wednesday evening.

Among commodities, Brent crude is worth USD86.28 per barrel versus USD87.28 per barrel at last night's close. Gold, on the other hand, trades at USD1,917.20 an ounce from USD1,918.59 an ounce Wednesday night.

Friday's economic calendar includes, at 1000 CEST, the Italian trade balance.

From the U.S., at 1430 CEST, room for the producer price index; at 1900 CEST, will come the Baker Hughes drilling rig data; and, as usual on Fridays, at 2230 CEST, the COT Report.

On the corporate calendar, no events are scheduled.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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