Western financial markets' reaction weakened in the final session of a week that began in the red, shaken by renewed tech concerns, uncertainty about central banks' stance, and renewed tensions between the US and Iran. From now on, however, we are starting to look towards the upcoming summer quarterly season, which will be inaugurated next week by the major US banks. On this Friday 10 July, the European stock markets are therefore mixed but the positive performance of Piazza Affari, which gained 0,44% to 52.600 points.
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Banks performed well on the Milan Stock Exchange, with spreads narrowing. Three-, seven-, and 15-year Italian government bonds (BTPs) were issued.
In Milan, it is worth mentioning Stellantis' recovery +3,4% and the good form of banking stocksNexi +6,3%, Unicredit +1,3%, Mediobanca +1,2%, Intesa Sanpaolo +1,1%. However, after the gains of the past few sessions, Defense and, to a certain extent, Energy stocks lost ground: Avio -1,8%, Eni -1,2%, Fincantieri -0,9%, Leonardo -0,7%. The government bond market was lively: several BTPs were assigned today.Specifically, the third tranche of the three-year BTP was placed for €2,5 billion, against demand for €3,933 billion, with a gross yield down 5 cents from the previous auction to 2,98%. The first tranche of the new seven-year benchmark BTP was also issued, placed for €3,5 billion against demand for €5,459 billion, with a yield down to 3,50%. Finally, the Treasury issued the fourth tranche of the 15-year BTP for €1,75 billion, with a yield of 4,23%. The BTP-Bund spread has fallen sharply to 74 basis points., with the 10-year BTP yield at 3,80%.
Other European stock markets are less buoyant, with Wall Street uncertain. Meta continues to rally on the Nasdaq, responding to the EU's demands.
The U.S. stock market opened mixed, but seemed to recover by the time European markets closed. On the Nasdaq, Meta's triumphant advance continues, adding another 6,3% today on the day the response to the European Union's accusations arrives. For violating the Digital Services Act for Instagram and Facebook's addictive design: "We disagree with these preliminary findings, which fail to adequately account for the significant measures we've taken to protect teens. Since this investigation began, we've launched Teen Accounts, which automatically protect kids and give parents control, allowing them to block Instagram access at night and limit daily usage time to just 15 minutes," the company argued. Korean company Sk Hynix also had a great debut, rising 17%..
Other traditional big tech stocks are still relatively unchanged, with Micron once again among the most traded stocks, down 2,3% today. Nvidia is rebounding, up more than 3%, while Among the stocks in the red are also Intel -4%, Marvell -3,6%, Netflix -3,2% and SpaceX, which today lost 2,6%. Around 17:40 PM Italian time. Tourism and travel-related stocks are recovering, partly reflecting a calmer geopolitical situation: Airbnb +1.4%, Booking +2,3%. Bitcoin is attempting a frantic recovery and is currently back above $64.000. The euro-dollar exchange rate is virtually stable at around 1,143. Other European stock markets are less buoyant than in Milan, with Paris, however, recovered in the final stages and closed at +0,15%, London +0,2%, Frankfurt -0,13%.
Commodities: Oil prices slide, European gas prices fall below 50 euros
Day of depreciation for oil: WTI Crude Oil is trading at $71 a barrel, Brent at around $75European natural gas, which had dangerously returned above 50 euros per megawatt-hour, is now breathing a little fresh air. Today, it has fallen below 49 euros, for now. Safe haven assets have barely moved: Gold is hovering around $4.100 an ounce, with silver trying to hold on to the psychological threshold of $60 an ounce.
