Il slowdown in US inflation at 3,4% in July strengthens expectations of a Less aggressive Fed on rates and gives new momentum on Wall Street. The reaction of the European stock exchanges, which in the end almost all close in the red, with Milan who defended parity at around 53.700 points in a photo finish. Frankfurt -0,2% Paris -0,5% and London -0,1%.
US inflation at 3,4%, the Fed takes a breather
In July, the consumer price index in the United States was increased 3,4% On an annual basis, slowing from 3,5% in June and in line with expectations. On a monthly basis, the increase was 0,1%, while core inflation, adjusted for the more volatile energy and food components, rose by 0,2% monthly and 2,5% annually.
The data reduces the pressure on Federal Reserve, which is preparing for the meeting of September with a slightly more favorable price outlook. Investors, however, remain divided on the next moves: some see room for a 25 basis point rate cut, while others expect the Fed to keep interest rates unchanged.
Wall Street accelerates, Nasdaq leads the way
Supported by inflation data and some particularly positive quarterly results in the technology sector, the Nasdaq Composite Index is the one that is rising in the United States, up 0,4%, while the Nasdaq-100 basket is gaining almost 1%. On the corporate front, CoreWeave marks a strong rise after better-than-expected results, while Super Micro Computers, which specializes in artificial intelligence servers, provided better-than-expected 2027 revenue guidance. The AI sector is thus back in the spotlight, with investors looking to see whether AI-related demand can continue to support revenues and earnings.
Among the liveliest titles are Nebius, up 16,6% after better-than-expected results in revenue, EBITDA and margins. Cava Group rises by 16,8%, supported by better-than-estimated profits and turnover, while Lumentum Holdings earns 7,9% after a quarterly results above expectations. Kontoor Brands However, it remains unchanged: revenues disappointed forecasts, but annual profits and estimates were better than expected.
Piazza Affari, Prysmian and Unipol in the spotlight
A Business Square, in the wake of the American tech market, is doing well with Stm +0,6%. Other stocks are doing much better: the best are Prysmian +3% and Unipol +1,9%. Among other stocks, Eni (-0,8%) is in the spotlight after reaching an agreement with Apa Corporation to enter further exploration blocks in Uruguay, following the agreements signed with Argentina's YPF in November 2025. Mediobanca (+0,2%), however, held 5,07% of Nexi as of August 3, according to the latest Consob figures. On the downside, Diasorin down 3,3% as sales hit luxury with BRUNELLO CUCINELLI (-2,8%) And Moncler (-2,3%). Also declining Stellantis (-2,5%).
Outside the main price list, it goes up Pirelli (+1,25%) following rumors of a possible further disengagement by Chinese partner Sinochem, which, following the sale of its 14% stake to Czech entrepreneur Michal Strnad, is reportedly considering further reducing its stake.
Raw materials and BTP-Bund spread
On the energy front, volatility remains high Petroleum, with Brent below $90 a barrelConflicting news from the Middle East and the outlook for global demand are weighing heavily. Meanwhile, OPEC has cut its forecast for global oil demand growth in 2026 for the fourth consecutive year, to 580 barrels per day. The International Energy Agency has also revised its forecasts, estimating a contraction in demand of around 1,6 million barrels per day for next year, compared to the 1 million barrels per day previously forecast. Gas prices continue to rise in Amsterdam., which once again brings the price above 60 euros per megawatt hour.
Among the raw materials, the price of which has surpassed $4.400 an ounce, the highest since the beginning of June. But what is capturing attention above all is thesilver, which benefits from the more favorable climate on the markets and rises by 1,73% to 66,06 dollars an ounce in futures in September. On the currency market,euro/dollar remains above 1,15, while on the bond market the yield on the 10-year BTP is practically unchanged at 3,94%. The spread between BTP and Bund remains around 78 basis points.
Last updated at 17:50 PM on Wednesday, August 12
