(Alliance News) – European stock markets are poised to open in negative territory on Thursday, as investors await a slew of key economic data. Among the most anticipated are France’s final July inflation figures and eurozone employment numbers.

In the second quarter, the UK economy outperformed expectations, paradoxically complicating the Bank of England’s scope for further interest rate cuts.

Data released Thursday by the Office for National Statistics shows that Gross Domestic Product grew by 0.3%, outpacing both the 0.1% forecast by economists and the Bank of England. Notably, June alone saw a 0.4% uptick–twice the anticipated growth.

This uncertainty in European markets follows a wave of global optimism sparked earlier in the week by weaker-than-expected US inflation data. The numbers suggested that tariffs imposed by President Donald Trump are not fueling price growth, thereby boosting expectations for a Federal Reserve rate cut next month.

As a result, the FTSE Mib–after closing up 0.6% at 42,186.37 last night–is currently down by 5.00 points.

London’s FTSE 100, the sole gainer among major indices, is up by 14.00 points, while Paris’s CAC 40 slips by 13.50 points and Frankfurt’s DAX 40 retreats by 34.40 points.

Among smaller indices, the Mid-Cap closed up 0.4% at 55,931.83 yesterday, the Small-Cap gained 0.2% to 33,212.62, and Italy Growth advanced 0.7% to 8,421.49.

Back in Milan, on the main board, Banca Popolare di Sondrio led the way, ending up 3.3% at EUR12.70 with nearly 1.5 million shares traded, marking its second consecutive positive session. The stock hit a new 52-week high of EUR12.75 during the day.

BPER Banca followed, closing up 2.1% at EUR9.148 and setting a new annual high of EUR9.220 per share.

Eni–up 0.1%–announced Wednesday it had purchased 3.4 million of its own ordinary shares between August 4 and 8, for a total of EUR50 million. The company now holds 134.0 million shares, representing 4.3% of its share capital.

Among the most traded stocks, UniCredit slipped fractionally to EUR68.38, erasing midday gains. During the session, it set a new 52-week high at EUR68.81.

Other heavily traded names included Intesa Sanpaolo, up 1.6% following Tuesday’s gains, and Leonardo, up 1.7% after previous advances.

STMicroelectronics closed down 1.0% from Tuesday’s close. D. E. Shaw & Co. reduced its short position in STM to 1.59% from 1.69%.

Among the decliners, Interpump Group dropped 0.6%, while Tenaris fell by 0.9%.

Prysmian ended at the bottom of the main list, down 1.4%, after closing up 2.2% on Tuesday.

On the Mid-Cap, Fincantieri performed strongly, closing up 7.1% at the top of the index, marking its fourth consecutive positive session.

d’Amico International Shipping closed down 0.4%. Marshall Wace reduced its short position in the stock to 1.08% from 1.16%, while Voleon Capital Management increased its short position to 1.04% from 0.90%.

Lottomatica Group–up 0.7%–announced Wednesday it had bought back 220,857 of its own ordinary shares for a total of EUR5.3 million. The company now holds 1.8 million shares, or 0.7% of its share capital.

Moltiply Group and WIIT saw declines of 2.1% and 3.2%, respectively.

At the bottom of the Mid-Cap index, MAIRE fell 3.4% after two consecutive sessions of gains.

On the Small-Cap, Trevi Finanziaria Industriale closed up 6.2% at EUR0.4630 after hitting a new 52-week high of EUR0.4770 per share.

Safilo Group posted solid gains, ending up 3.0% at EUR1.328, and set a new annual high of EUR1.41 per share during the session.

Landi Renzo led the index, gaining 7.7%.

Eems Italia–down 3.6%–reported it closed 2024 with a loss of EUR3.6 million, compared to a loss of EUR3.0 million as of December 31, 2023.

Consolidated revenues for the year stood at EUR892,000, down from EUR1.2 million in 2023.

EuroGroup Laminations fell 0.2%. D. E. Shaw & Co. reduced its short position to 0.49% from 0.57%, while JPMorgan Asset Management cut its short position to 0.43% from 0.73%.

Among the decliners, Tessellis dropped 3.5%. Notably, GSA Capital Partners increased its short position in the stock to 1.20% from 1.11%.

Softlab and EPH ended at the bottom of the list, down 9.0% and 9.1%, respectively.

Among SMEs with the highest trading volumes, Destination Italia jumped 13% in its fourth consecutive positive session, while Next Geosolutions Europe advanced 5.2% for a fifth straight gain.

Double-digit gains were seen for Sostravel.com, up 18%, and ISCC Fintech, which soared 16%.

Among the losers, expert.ai slipped 1.4%, while VNE fell 4.1%.

In New York, the Dow rose 1.0%, the Nasdaq gained 0.1%, and the S&P 500 advanced 0.3%.

In Asia, the Nikkei is down 1.3%, the Hang Seng is off 0.3%, while the Shanghai Composite is just above the flatline.

On the currency front, the euro is trading at USD1.1700, down from USD1.1718 at Wednesday’s equity close, while the pound is at USD1.3571 versus USD1.3572 previously.

In commodities, Brent crude is at USD65.91 per barrel, up from USD65.31, while gold stands at USD3,359.09 an ounce, down from USD3,406.22 on Wednesday evening.

Thursday’s macroeconomic calendar features France’s consumer price index report at 0845 CEST.

At 1100 CEST, eurozone employment, GDP, and industrial production data are due, followed by the Eurogroup meeting at 1200 CEST.

In the afternoon, at 1430 CEST, the US will release continuing jobless claims, initial unemployment claims, and the producer price index.

No major corporate events are scheduled today for companies listed on Piazza Affari.

By Maurizio Carta, Alliance News reporter

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