MILAN – Eyes focus on results from Nvidiascheduled for today with investors waiting to see if the artificial intelligence race still has room to breathe. This could lead, they say in the operating rooms, in updating the positions regarding the riskier assets.
“The markets are largely still relative to a few weeks ago, and that’s all due to waiting for the most important quarterly report to be released, the Nvidia report,” XTB analyst David Pascucci wrote in a note of the morning “Nvidia, only at the end of 2022, it was worth a tenth of what it is worth now: a very high race that recalls the technical dynamics of a very high bubble but it seems that a ‘ price is very tight in terms of dynamics, so this one night seasonality could be decisive for the performance of the markets in the near future.
The Bloomberg that analysts, on average, expect the chipmaker to record revenue growth of more than 70% for the current quarter, but there is no shortage of estimates for even higher growth: we’ll see. Nvidia shares are up 160% this year and 1,000% from October 2022 lows, and with better-than-expected results the rally could continue. Profit is expected at 15.1 billion, more than double the 6.2 of the same period last year.
At this time, there has been a warning in Asia, especially for the disappointing results from Chinese companies. After the case Sincewhich lost 28% or more due to the weak situation explained in terms of consumption, Chinese mainland shares fell to their lowest level since the beginning of February especially after the collapse of the bottled water company Nongfu Spring Co, which posted its slowest half-year earnings. growth in four years. There The Tokyo stock market closed higher changed so far 0.22% to 38,371.76 points.
Spain, Ganz suspends takeover bid for Talgo due to warning about links with Russia
The Spanish government yesterday suspended the takeover bid for 100% of the Talgo company – a train manufacturer for the public railway company Renfe – by the Ganz Mavag group for “national security” reasons, based on a report by services the secret of the National. Information Center (Cni) which warns about the connection of the Hungarian coalition with the government of Viktor Orban and Russia. This was reported by sources who received information about the record that El Pais announced today.
A negative close for the Hong Kong stock exchange
The Hong Kong Stock Exchange closes the session with a sharp correction triggered by the weakness of technology stocks, awaiting the release of second quarter accounts of Nvidia, the world leader in AI microchips: the Hang Seng index is falling on 1 .02%, sliding to 17,692.45 points.
Maire Tecnimont rushes to the stock market thanks to the “buy” of Jefferies.
The ‘buy’ from Jefferies analysts, who thus begin their coverage of Maire Tecnimont, pushes the industrial plant engineering group’s stock to the top of the stock exchange, where it is the favorite with a gain of 8% at 7.81 euros. The investors’ purchase comes after the broker’s decision to start coverage with a ‘buy’ recommendation and a target price of 10 euros. “The significant growth in the traditional portfolio of the e&c sector” and the offer on the energy transition front “accelerated by m&a” are the basis of a “ten-year strategic plan that aims to multiply the ebitda up to around 1 billion euros , with industry-leading dividend yield potential,” the experts write. The company, they said, is operating at “unchallenging” multiples and at a discount of around 15% compared to peer Technip Energies on both EBITDA and EBIT.
Istat, business turnover rises 0.1% in June
In June, it is estimated that industrial turnover, net of seasonal factors, will increase in economic terms by 0.1% in value and decrease by 0.7% in volume. There was a decline in the domestic market (-1.0% in value and -1.6% in volume) and an increase in the foreign market (+2.2% in value and +1.0% in volume). For the services sector, a decrease of 0.7% in value and 1.0% in volume is seen. This was published by Istat, adding that, on a trend basis, industrial turnover, corrected for calendar effects, recorded a decline both in value (-3.7%) and in volume (-3.3% ), a synthesis of reductions of 6.0% on the domestic market (-5.6% in volume) and an increase of 0.6% on the foreign market (+0.8% in volume). There were 20 calendar working days compared to 21 in June 2023.
Lego, profit for the half year growing by 16% to 800 million
Lego from Denmark, the world’s leading toy company, has announced a 16% increase in net profit for the first half of its fiscal year to 6 billion kroner, equivalent to 800 million euros. In the first six months of the year the company grew despite a slow market. The turnover increased by 13% to 31 billion crowns (equivalent to 4.15 billion euros) and “this growth is due to the increase in the market share of the Lego group”, he explained in an interview with the CEO of the Group, Niels B Christiansen.
Air France-KLM completes the purchase of 19.9% of SAS
Air France-KLM has announced that it is ready to acquire a 19.9% stake in the troubled Scandinavian airline SAS, a $144.5 million investment for the Franco-Dutch group.
Announced in October, the deal has received regulatory approval in Europe and the United States and will take effect on September 1.
Fincantieri led by orders of Vard
The new orders push the stock of Fincantieri, which moves up on Piazza Affari where it registers a gain of 1.4% in a day that has not seen much movement so far for the Milanese stock. In fact, the Vard company, a Norwegian subsidiary of the Fncantieri group, has signed a contract with Island Offshore, a Norwegian shipowner operating in the oil and gas and renewables market, for the design and the construction of a second Ocean Energy Construction Vessel (oecv) in hybrid propulsion. The new agreement concerns the exercise of an option provided in the contract for OECV and the option for two units announced by Island Offshore in May 2024. According to market estimates, the value of the order is around one hundred million euro (and even more).
European stock markets open higher
Positive opening for European stock markets. Milan initially rose 0.16%, London grew 0.23%, Frankfurt 0.24% and Paris advanced 0.29%
Futures slightly rising for European stock markets
After yesterday’s slight rise (with the exception of Paris in the middle of a political storm), European stock markets are expected to open the session in a slightly optimistic range. Investors await results from tech giant Nvidia tomorrow and inflation data from Europe and the United States on Friday. Income on the Eurostoxx 50 is ahead with 0.12%, those on the Dax and Cac 40 get 0.14% and 0.09% respectively.
Typhoon coming, Toyota suspends production in Japan
The Japanese car giant Toyota has announced that they are suspending production at all plants in Japan due to the approach of a powerful typhoon. From Wednesday evening to Thursday “we will stop all production lines at domestic factories,” said a spokesman for the manufacturer.
The Euro exchange rate is going down against the Euro
Euro down slightly in the morning on the currency markets: the single European currency changed hands at 1.1143 dollars with a fall of 0.37% and at 160.9500 yen with a fall of 0.04%
An uncertain future on Wall Street
Wall Street futures are trading weak and mixed after closing slightly higher yesterday and due to the publication of Nvidia’s quarterly accounts (+1.46% at 128.30 dollars per share) which will be published tonight. Also expected on Friday when the data related to the American labor market and inflation will be published, which should provide the latest useful indicators on the level of the rate cut by the Fed announced by Jerome Powell . For analysts, however, it seems completely obvious that the Fed will choose a cut of 0.25% at the meeting on September 18th. Contracts on the DJ and the S&P 500 advanced 0.04% and 0.01% respectively while those on the Nasdaq lost 0.14%.
2024-08-28 08:28:59
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