Milan European stocks started to rise again on the last trading day of the week. Wall Street is waiting for a series of quarterly reports from US banks: they will be among the big banks that will publish their accounts today. JPMorgan, Citigroup Egypt FuGuo bankThe release of US inflation data continues to influence the market, with the dollar weakening sharply yesterday and the yen strengthening sharply on the concrete prospect of a September rate cut by the Federal Reserve, weighing against Tokyo this morning. Exporting companies are more vulnerable to the appreciation of the yen. The Nikkei fell 2.45% this morning, the worst financial market in Asia.
Lufthansa cut its profit forecast for the full year 2024, saying the situation was “increasingly challenging” due to rising unit costs and falling fares. Adjusted operating profit will be between $1.4 billion and $1.8 billion, down from a previous forecast of about $2.2 billion. Adjusted cash flow will be well below $1 billion, compared with a previous target of at least $1 billion. Lufthansa also expects to launch a “comprehensive turnaround plan”
According to the European Commission, X (formerly Twitter) violated the EU’s Digital Services Regulation (DSA) with a misleading interface, low transparency in advertising and insufficient access to data for researchers. The results of the investigation have now been sent to X so that the company can defend itself against the allegations, we read in a note.
The enthusiasm of Italian customers for cryptocurrencies has not stopped. According to data from the virtual operators registry Oam, in March last year, the total balances exceeded 2.7 billion euros, “an increase of 85% compared to the last quarter of 2023”. The number of customers holding them (+13%) and registered operators (+9%) is also increasing. Oam also reports an increase in conversion operations from fiat currencies to virtual currencies and vice versa, as well as in the number of customers performing these operations.
The takeover bid for Saras by Varas, a vehicle set up by Dutch company Vitol to acquire Moratti’s stake, is underway and has been completed.
The offer, aimed at delisting Piazza Affari, concerns 54.52% of the share capital at an issue price of €1.60 per share (total value of over €532 million).
On the Milan Stock Exchange, Saras shares were little changed (-0.09%) at 1.61 euros.
European stocks opened higher after U.S. inflation slowed more than expected in June, boosting confidence that an interest rate cut could come as early as September.
Frankfurt’s DAX rose 0.19% to 18,574.55 points, London’s FTSE 100 rose 0.55% to 8,268.75 points, Paris’ Cac 40 rose 0.50% to 7,664.94 points, and Madrid’s Ibex-35 rose 0.23% to 11,196.00 points. Milan scored +0.35% to 34,407.80 points