International markets are caught between conflicting forces. On the one hand, there is a new soaring oil prices above $96 due to the escalation of the conflict in the Middle East, fueling fears of a rise ininflationOn the other hand there are the accounts US quarterly reports, with Google Alphabet which has once again surprised investors with the announcement of mind-boggling capital expenditures – this same figure, which worries those who wonder whether it will then translate into corporate profits, causing a stocks plummet in the after-hours, benefits the underlying infrastructure, especially the Asian chipmakers which in fact this morning I am in sharp increase.
Today the focus will be on the European Central Bank which will announce its monetary policy decision later in the day, with the near certainty that will keep interest rates unchanged. However, the ECB is unlikely to rule out a rate hike. September, as the renewed surge in energy prices threatens to put further upward pressure on inflation.
The new escalation in the Middle East pushes Brent above $96.
L'escalation and widening of the conflict they pushed up the price of Petroleum at its highest level since early June, as investors see double jeopardy from simultaneous disruptions at both Bab al-Mandeb than in Strait of Hormuz, after the militants Houthi, backed by Iran, said they had targeted two Saudi oil tankers in the Red Sea, threatening further supply disruptions, while the stocks they are running out. Yesterday Trump He has promised to destroy an Iranian bridge or power plant every time Iran fires at a ship in the Strait. In Asian trading, oil futures Brent rose 2,3%, surpassing $96, the highest level since June 8, after closing the previous session at $94,07, up more than $3, just below the six-week high. U.S. crude oil West Texas Intermediate rose $1,65, or 1,9%, to $88,48, after a 3% increase on Wednesday.
The surge in oil prices has reignited the fears of inflation, pushing short-term Treasury yields to a 17-month high as traders bet on an imminent rise in rates by the Federal ReserveOperators are now fully pricing in a September increase.
Yesterday, Wall Street closed lower. In the after-hours, Alphabet lost more than 3%, Tesla 4%.
Yesterday was especially the Nasdaq dragging Wall Street down by -0,57% at the close amid nervous trading ahead of quarterly data, which would arrive after the close of official trading, to assess the strength of the market rally fueled by enthusiasm for artificial intelligence. S & P 500 recorded a slight decrease (-0,14%), while the Dow Jones The Philadelphia Semiconductor Index closed almost unchanged (-0,01%). The Philadelphia Semiconductor Index closed up 0,4%, recovering from early losses and recording its third consecutive session of gains, after three days of decline that confirmed the entry into a bear market at the end of last week.
Super Micro Computers has registered a rise of 19,8% after the server maker said it secured more than $60 billion in new orders in the fourth quarter, pushing its competitors higher. Dell Technologies closed up 9,3% while Hewlett Packard Enterprise gained 3%. Also noteworthy AT&T, rose 3,5% after the telecommunications company acquired more subscribers than expected in the second quarter. Philip Morris International rose 3,3% after higher demand for cigarettes helped the company beat quarterly earnings estimates.
With the rise in oil prices, investors have moved towards utility, but their concerns are growing about the risks of inflation and therefore of an increase in Fed rates. According to the FedWatch tool of the Cme Group, market operators estimate a probability of around 66% that the Federal Reserve will leave the rates of interest unchanged at next week's meeting.
But a lot was played in the after-hours trading with A, the first of the so-called “Magnificent Seven” large-cap companies to report results, which after closing down 1,5%, lost more than 3% after the official close and after announcing higher-than-expected capital spending plans. Texas Instruments lost ground in after-hours trading after closing the regular session up 1% ahead of the release of its earnings and forecast of higher-than-expected revenue for the current quarter. After closing the regular session down 1,3%, Tesla deepened losses in after-hours trading, falling 4% after reporting negative free cash flow in the second quarter for the first time in more than two years.
A has increased its capital expenditure forecasts For the year, revenue reached an unprecedented $200 billion (at the midpoint), fueling fears that fiscal discipline is being abandoned in the race to dominate AI. The company's cloud revenue reached $24,77 billion in the period ended June 30, up 82% from the previous year and exceeding the $22,46 billion analysts had forecast, demonstrating some progress in generating new growth from AI investments.
Asia rises, led by chipmakers
Asian stocks are rising this morning as investors read into the important spending plans on capital account of the US technology companies un advantage for chipmakers in the area. The Kospi South Korea's economy surged more than 3%, driven by SK Hynix and Samsung Electronics which both recorded an increase of more than 2%. Nikkei Japanese rose 0,7%.
On the currency market, the yen Japanese yen settled at 163,07 per dollar, erasing gains from the previous session after Bloomberg reported the availability of the officials of the Bank of Japan ad raise rates interest rates at a faster pace. On Tuesday, the currency weakened to its lowest level since December 1986, at 163,24, as traders were on high alert for possible intervention by Tokyo. Japan's finance minister repeatedly issued verbal warnings, but these had little effect on the yen.
European stock markets are expected to open slightly lower. At the Milan Stock Exchange, Eni, Unicredit, Stm, and Saipem are all eyes on the stocks.
European futures point to a decline in the start of the stock market. The Euro Stoxx 50 fell 0,3%.
Amplifon – Citi raises its rating to Buy, with a target of €16,50.
Eni – Could benefit from rising crude oil prices
Leonardo According to CEO Lorenzo Mariani, any additional country joining the GCAP fighter jet program is expected to happen by the end of 2026 or within the next 12 months. The United Kingdom, Italy, and Japan are currently participating in the program.
Moncler Jefferies closed the first half of the year with revenues up to €1,29 billion, up 9% at constant exchange rates. EBIT amounted to €245,4 million, with a margin of 19%. Net profit reached €164,7 million, compared to €153,5 million the previous year. Jefferies cut its target price to €53 from €60, with a hold rating confirmed.
Saipem The EU Antitrust Authority has opened an investigation into the merger with Norway's Subsea7, as the deal could lead to price increases and a decline in innovation. Rothschild raised its target from €4,2 to €5,8 and strengthened its Buy rating.
stm – Net revenues for the second quarter amounted to $3,49 billion, up 26% year-over-year. The company further increased its data center revenue estimates, now expected to exceed $1 billion in 2026. Guidance was lower than expected.
Unicredit The bank closed the first half of the year with a net profit of €6,12 billion, up from €6,11 billion on June 30, 2025. Net profit reached a record €6,1 billion. Net interest income accelerated sequentially, recording 2% growth quarter-over-quarter, supported by the performance of loans and deposits. In the press release, the company emphasized that this is "a turning point marked by the best second-quarter and first-half results in our history."
Unipol – Barclays raised its target price to 27,50 euros, from 23,50 euros previously, with an Overweight rating confirmed.
