The quarterly results initially support the European stock exchanges, but the stock markets of the Old Continent lose momentum after the opening of Wall Street, weighed down by the new wave of selling in technology stocksInvestors remain focused on doubts about the returns on massive investments in artificial intelligence, following the decline in semiconductor stocks that also hit Asian markets, with Seoul and Tokyo coming under pressure. The tech sector is also being weighed down by the Nvidia, which announced a possible financial support of around 250 billion dollars to OpenAI for a major data center project in Ohio: a record sum that fuels fears about the sustainability of the rush to invest in AI and the ability to turn it into tangible profits.
In the meantime, we await the decision of the Fed on interest rates, with the FOMC meeting starting today, and on new developments in the Middle East. Talks with Iran, according to US President Donald Trump, are continuing and there is a "good chance" of a breakthrough. These words are pushing oil prices down again. Petroleum, with Brent in the 86 dollar per barrel area and WTI above 80 dollars. Already the gas,which is moving above 56 euros per megawatt hour on the Amsterdam TTF.
In this context from Paris to Frankfurt, Madrid to London and Amsterdam sales predominate, with Milan rear light ballasted by the Saipem's collapse after the accounts. Defense stocks are instead advancing, with Leonardo, Avio and Fincantieri which achieved the best performances of the FTSE MIB. The collapse of Seoul (-10%) and of Asian chips weighed down Prysmian and Stmicroelectronics.
Luxury stocks are in good shape: Ferrari and Cucinelli they rise thanks to the LVMH positive results. Well Stellantis (+1,28%) with the entire European automotive sector following the rally Mercedes Benz in Frankfurt, while the banking sector looks on the one hand at the data of Barclays (in sharp decline in London) and on the other hand to the risk game, with the hypothesis of a merger between MPS and BPM in an alternative operation to the offer of Understanding on the mountain. All three stocks involved are trading higher.
Off the main list, runs The Italian Sea Group with the confirmation of the interest of Saint Lawrence.
On other markets, the euro trading at $1,1372 from yesterday's closing of $1,1376 while spot gold falls by 0,6% to $4.052 an ounce. On the bond front, stability prevails: the spread The spread between BTPs and Bunds remains around 80 basis points, while the yield on the Italian 10-year bond is moving slightly lower compared to the previous session.
