Stocks, Piazza Affari opens September in the red, held back by Amplifon and Mps: Stellantis also down

To the 12 o’clockPiazza Affari is still negative, albeit with an improvement compared to the morning: -0.14% with 34,321.09 points at the moment.

All industrial stocks in trouble this morning remain under pressure: worsening Diasorin which marks a loss of 3.03%, dropping to 100.85 euros, as they continue to drop Brunello Cucinelliwhich goes down 2.14% with a value of 86.85 euros, and Moncler with a drop of 2.09%, bringing its value to 54.26 euros. Amplifon improved slightly compared to this morning; it is now down 1.99%, with a value of 28.55 euros. Interpump Group recorded a drop of 1.51%, reaching 39.14 euros, and Erg lost 1.47%, with a value of 24.12 euros. Iveco Group also improved after this morning’s collapse; the stock is still with a minus sign, but is now 1.47%, bringing its value to 9.384 euros. Telecom Italia recorded a drop of 1.42%, falling to 0.2358 euros, and Azimut lost 1.40%, with a value of 22.48 euros.

Among the main increases are most of the banks. Remains high Unipol, who earns it 0.99% bringing its value to 9.675 euros. Unicredit follows, with an increase of 0.87% to 37.705 euros, and Tenaris, which rises by 0.84% ​​to 13.285 euros. Bper Banca records an increase of 0.79%, reaching 5.10 euros, while Banco BPM gains 0.72% to 6.188 euros. Banca Mediolanum rises by 0.63% to 11.12 euros, and Intesa Sanpaolo grows by 0.58%, with a value of 3.7865 euros. Banca Popolare di Sondrio is also on the rise, with a gain of 0.57% to 7.025 euros.

Stocks, Piazza Affari opens September in the red, held back by Amplifon and Mps: Stellantis also down

European stock markets open the first session of September in a sign of uncertainty; at 9 o’clock Milan opens in the negative -0.36% at 34,248.50 pointsas well as Paris which loses -0.03% and London at -0.05%. Positive instead Frankfurt at +0.03. Wall Street closed for holidays. An uncertainty caused by the recent negative news on the Chinese real estate sector, despite the Beijing government’s attempts to stabilize the situation, and by the wait for the publication of data on the US labor market, from which investors hope to obtain a definitive signal for a possible rate cut by the Fed.

Amplifon and Iveco sink Piazza Affari, Mps also falls

The Milan Stock Exchange opens in the red: -0.42% at a share price 34.228,78 points.

The main factors weighing on the Milan stock market are Iveco Group at -3.40% to 9.20 euros, Amplifierdown 2.44% to 28.42 euros, Stmwhich fell by 1.53% to 28.32 euros, and Stellantis, down by 2.58% to 14.748 euros.

In the meantime, Ferrari remains stable at 446.9 euros, after reaching a new all-time high last week and winning the Formula One Grand Prix in Monza, with Charles Leclerc overtaking favourites Oscar Piastri and Lando Norris on McLaren. Ferrari also announced the conclusion of the partnership with Santander, expected to expire on December 31, 2024, upon expiry of the three-year contract. Santander has been a premium partner of Scuderia Ferrari in Formula 1 and a partner in the Le Mans Hypercar program.

Among the banks, Mps recorded a loss of 1.07% to 5.198 euros, influenced by rumours according to which the Mef is planning to sell around 7% of the capital of the Sienese bank, with the aim of reducing its stake to below 20%.

The biggest increases of the day are seen Unipol leading with an increase of 0.37%, bringing the value to 9.615 euros. Follows Enelwhich rose by 0.26% to 6.882 euros, and Eni with a gain of 0.16% to 14.698 euros. Intesa San Paolo recorded an increase of 0.11%, reaching 3.7685 euros. General marks a slight increase of 0.04% to 24.89 euros, while Banco BPM and Terna close the list with increases of 0.03% respectively, bringing the values ​​to 6.146 euros and 7.864 euros.

What to expect from this first week of September

In addition to Piazza Affari, in the rest of Europe Frankfurt lost 0.40%, Paris fell by 0.55% and Amsterdam slightly dropped by 0.05%.

European stock markets are therefore starting September cautiously, after four consecutive months of increases on global stock markets. The new negative news from the Chinese real estate sector, the lack of signals from Wall Street, closed for holidays, and the wait for a series of macroeconomic data, push investors to be cautious. On the macroeconomic front, the PMI data on manufacturing sector and car registrations in Italy, while the main event of the week will be Friday, with data on the US labor market, from which investors expect a definitive signal for a possible rate cut by the Fed.

Spread at 148 points

Eurozone government bond yields are sharply higher at the start of the week. Italy’s benchmark 10-year BTP is yielding 3.81%, up from 3.69% at Friday’s close. Core eurozone bonds are also selling off, with the German Bund yield rising above 2.30% and French OAT yields rising above 3%. As a result, the BTP-Bund spread is widening to 148 basis points, up from 143 basis points on Friday.