Santa Claus is just around the corner and European stock markets have been dragging their heels today, after strong gains in 2025. The session was particularly animated by the jump in US GDP in the third quarter (+4,3%, against 3,2% expected and 3,8% in November), but the market was treated with caution, because between gaps and delays it is believed that the shutdown has undermined its full credibility. Consumer confidence also fell in December (89,1 from 92,9 in November) and this It's a puzzle for the Fed to solve and which has induced some volatility in stocks both in Europe and on Wall Street which, at the moment, is still moving positively.
Thus Piazza Affari, on the eve of the long Christmas weekend, closed flat (+0,03% at 44.606 basis points), still supported by the dazzling defense stocks, in particular today Fincantieri +2%, but weighed down by some profit takingFrankfurt appreciates by 0,19%, roughly the same as London (+0,21%) and Madrid (+0,1%). Paris loses 0,22% and Amsterdam loses 0,1%.
New records for gold, silver and copper
Meanwhile, to avoid geopolitical surprises, unreliable data and wandering AI bubbles, investors remain focused on gold, silver (and copper) which are once again updating their highs. Spot gold, for example, reached $4497,82 an ounce, before paring its gains and currently trading at $4.458,26.
However, stocks have little to complain about in 2025, given the robust progress and record levels reached this morning by the pan-European STOXX 600 index. Novo Nordisk shares (+9,24% in Copenhagen), after the U.S. Food and Drug Administration approved Wegovy – obesity treatment – in pills
Treasury yields rise
The 10-year Treasury yield rose to 4,19%, its highest in more than a week, and the dollar pared its losses after US economic growth proved so robust. Traders, however, continue to anticipate at least two 25-basis-point interest rate cuts in 2026, according to LSEG data, and assign a 15% probability of a first rate cut as early as January, down from an 18% estimate before the data was released. The euro is now trading at 1,174 (+0,15%) after touching 1,18 before the macro data. Among raw materials, oil is trading at yesterday's levels, with Brent crude priced at $62 per barrel, while Texas crude is $58.
Piazza Affari: Utilities and banks perform well
Among the best blue chips of the day today there are some utilities and banksSpecifically, Italgas rose by 1,51%, Terna by 0,85%, Enel by 0,76%, MPS MPS by 0,68%, BPER by 0,39%, and Banco BPM by 0,35%. In the pharmaceutical sector, Recordati rose by 0,54%, while in the telecommunications sector, Telecom Italia posted another gain of 0,39%.
On the contrary, Stellantis, which had started with a certain enthusiasm, ended the session down 0,43%, completing six consecutive sessions of decline. Realizations sink Saipem -2,1% and Cucinelli, -1,75%, while Campari remains in the red, -1,25%.
Out of the main basket Officina Stellare is appreciated by +2,7%, after having been awarded, with Leonardo (+0,08%) a three-year contract for the supply of optical systems for high-resolution telescopes with a total value of approximately 9,2 million euros.
Spreads down
The spread between the Italian and German 10-year bonds is back in line, after yesterday's small rise and closes at 65 basis points (-1,9%). Interest rates are set at 3,52% and 2,87%, respectively. Meanwhile, the Italian Senate has approved the budget plan, which now moves to the Chamber of Deputies for consideration.
