After the heavy Friday's collapse, triggered by disappointing US labor market data and fears over the Trump administration's protectionist push, European stock markets are seeking a rebound. Today's session opens in Europe with a more cautious but recovery-oriented climate, supported by expectations of a possible monetary easing by the Federal Reserve and attention to new macroeconomic data and upcoming quarterly results.
Europe recovers, Milan leads the rise
Le The main squares of the Old Continent open the session with a plus signParis rose 0,49%, Frankfurt 0,42%, and London 0,24%. Milan led the way, gaining 1,56% and returning above the 40 point threshold after dropping more than 2,5% on Friday.
Zurich bucks the trend, which opens sharply lower with the main index losing 1,5%, weighed down by trade tensions with Washington. failure of the tariff agreement This prompted the United States to impose tariffs on Switzerland of up to 39%, among the highest in the world. The Swiss franc weakened 0,5% against the dollar, trading at 1,2368. The Swiss stock market was also weighed down by President Trump's renewed pressure on major pharmaceutical companies to lower drug prices. Novartis and Roche Holding, which together represent about 30% of the index, were particularly affected, with their stocks declining 1,3% and 1,7%, respectively.
La the day is devoid of significant data, but operators are already looking ahead to Thursday, when the ECB meeting is expected, which could announce a further reduction in the cost of money. Under scrutiny, the new data on theemployment in Spain (still falling but below expectations), the decisions of the Turkish central bank, and the long-awaited meeting of the Bank of England, which could proceed with a rate cut from 4,25% to 4%.
Banks shine at Piazza Affari, while Ferrari continues to fall.
Supporting the Milanese list are in particular the bank stocks, galvanized by the stress test results EBAs that rewarded Italian institutions, which are better positioned than their French, German, and Spanish counterparts. Banca Popolare di Sondrio (+ 2,92%), Mediobanca (+ 2,44%), Leonardo (+ 2,41%), Intesa Sanpaolo (+ 2,26%) and Unicredit (+2,22%). Well too Banco BPM (+ 2,21%) and Finecobank (+ 2,15%).
Focus right on Mediobanca, which obtained the green light from the Antitrust and the EU Commission for the takeover bid su General BankAccording to rumors, Unicredit – which still holds 1,9% of Piazzetta Cuccia – could strengthen its stake and support the operation.
On the political front, Deputy Prime Minister Antonio Tajani tries to reassure the markets on the hypothesis of an extraordinary contribution from the banks, proposed by his colleague Matteo Salvini“Banks must do their part but cannot be labeled public enemy number one.”
Highlights too Fincantieri, which, according to CEO Pierroberto Folgiero, will present a new industrial plan focused on expansion in the defense sector by the end of the year.
Stellantis In July, it recorded a 13,1% decrease in car registrations in Italy, compared to a 5,11% decline in the market. The group's market share rose to 25,8% last month from 24,55% in June.
Among the few negative signs, the following stands out: Classic Ferrari for sale, at the third consecutive session in red complicit disappointment over the quarterly results and the team's performance in Formula 1. Weak also Campari.
Oil: OPEC+ increases production, prices fall
On raw material, spotlight on oil. TheOpec + announced a new increase in production from 547 thousand barrels per day in September, effectively eliminating the cuts decided in 2023. The goal is to regain market share, while geopolitical tensions remain high with Washington threatening new sanctions against buyers of Russian crude, particularly China and India.
Prices, however, remain weak: the WTI gives up 0,13% to dollars 67,24 to the barrel, while the Brent slide to dollars 69,53 (-0,20%). The natural gas TTF stands at 33,79 euros/MWh, down 1,1%.
On the currency, the euro it is stable above dollars 1,15, dealing with 1,1569 (-0,16%). Slightly appreciating against the yen instead 171,00 (+ 0,12%).
Bonds stable, spread at 86 points
On the government bonds front, the BTP-Bund spread remains stable at 86 basis points, while the yield on the Italian 10-year bond stands at 3,55 %, up slightly from 3,53% on Friday.
Asia in chiaroscuro, Tokyo in trouble
Contrasting session in Asia. Tokyo The stock market fell 1,25% to 40.290 points, following Wall Street's losses and disappointing U.S. employment data. Chinese stock markets bucked the trend: Shanghai (+ 0,6%) and Hong Kong (+0,3%) are moving in positive territory, supported by purchases in the banking and defense sectors. Alone rises by 1,2%, while Sydney it is unchanged.
Wall Street: All eyes on interest rates and earnings
After Friday's crash, too Wall Street try to bounce. I futures su Nasdaq e S & P 500 are gaining around 0,4%, supported by expectations of an imminent rate cut. FedWatch Tool indicates a probability of the80 % for an expansionary move already in September, up sharply from 40% last week. Treasury yields are recovering slightly (10-year at 4,24%), while the dollar weakens against the euro (1,1569).
The season continues quarterlyThe accounts are expected this week. Palantir, Disney, AMD, Amgen, McDonald's ed Eli Lilly.
