Milan sinks as Europe drifts lower
(Teleborsa) - A dismal session for the Italian Borsa, amid a Europe-wide downslide, as market sentiment remains negative. On Wall Street the S&P-500 is basically stagnant, posting a paltry -0.06% change.EUR / USD trades fractionally lower in this session, shedding -0.32% so far. Caution prevails as gold continues the session slightly lower (-0.38%). Crude oil rises in an upbeat session, with Light Sweet Crude Oil gaining as much as +4.22%.
The Spread flatlines, remaining at +134 basis points, while the Italian ten-year BTP is at +3.48%.
Among the European indices, Frankfurt plunges -0.78%, London lacks momentum, trading with a -0.1% change, and Paris declines by a notable -1.32%.
Investors rush to sell as the Milan stock exchange ends with heavy losses (-1.5%): the FTSE MIB thereby cements its negative run, with four consecutive declines recorded since last Monday; similarly, it's a gloomy day for the FTSE Italia All-Share, which ends the session at 35,286 points, down -1.5%.
The FTSE Italia Mid Cap closes downbeat (-1.53%), as the FTSE Italia Star descends -1.26%.
Telecom Italia is Milan's only blue chip to perform significantly well, achieving +1.62%.
DiaSorin has the worst performance, closing -4.05% down.
A dramatic session for Stellantis, which suffers a -4% collapse.
Saipem is struggling, -3.59% down.
A2A suffers losses of 3.33%.
Intercos (+0.78%) and Philogen (+0.51%) are among the best performing stocks in the FTSE Italia Mid Cap basket.
Cementir has the worst performance, closing -3.84% down.
Investors hurry to sell as GVS declines -3.71%.
Ferragamo plunges -3.46% on intense selling.
Investors are selling as MFE A records a -3.2% fall.
Among the macroeconomic rendez-vous that might have high influence on the markets:
Thursday, 10/3/2024
10:00 AM European Union: services PMI (expected 50.5 points; prev. 52.9 points)
10:00 AM European Union: composite PMI (expected 48.9 points; prev. 51 points)
11:00 AM European Union: producer price index, monthly (expected 0.4%; prev. 0.7%)
11:00 AM European Union: producer price index, yearly (expected -2.4%; prev. -2.2%)
1:30 PM USA: challenger job cuts (prev. 75.89K units)
2:30 PM USA: initial jobless claims, weekly (expected 222K units; prev. 219K units)
3:45 PM USA: composite PMI (expected 54.4 points; prev. 54.6 points).
(Teleborsa) 10-03-2024 06:02 PM