The last week of July starts with a marked improvement in sentiment in the markets, favored by the signs of easing between the United States and Iran emerged over the weekend. The halt in attacks and the reopening of diplomatic channels have, at least for now, eased fears of a renewed squeeze on energy supplies through the Strait of Hormuz, drawing investors back into risky assets. The most obvious reaction comes from commodities.
Il oil retreats decisively after the tensions of the last few weeks: Brent returns under pressure in the 91-92 dollar per barrel area, while WTI falls to around 84 dollars. The movement on the European gas, with the Amsterdam TTF falling by around 8-9% to 58 euros per megawatt-hour. The slowdown in energy prices is easing inflation fears, although the geopolitical environment remains fragile and will continue to drive market sentiment in the coming sessions.
The caution of investors also moves to the week of central banks and quarterlyThe Federal Reserve's rate decision is expected on Wednesday, while the financial statements of Big Tech companies, including Microsoft, Meta, Apple, and Amazon, will be released from the United States. The market will be looking for signals not only on quarterly results, but especially on investment plans in artificial intelligence, following recent profit-taking on semiconductors.
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The most favorable climate has already been seen in Asia, where the main stock markets closed higher. In Tokyo The Nikkei gained 0,66% to 65.038 points. The main drivers of the move were airline and auto stocks, boosted by the slowdown in oil prices. China also positive, where attention remains high on the technology sector. In Shanghai, the debut of ChangXin Memory Technologies, China's leading memory chip manufacturer, attracted the market's attention with an initial jump of approximately 500% compared to the offering price.IPO confirms strong investor interest For the Chinese semiconductor industry, at a time when global competition in AI continues to reshape capital flows. The Asian macroeconomic outlook is mixed. In China, industrial profits grew 15,1% year-over-year in June, albeit slowing for the second consecutive month, while in Japan, the leading indicator for May was revised downward to 116,5 points. Singapore, meanwhile, has tightened monetary policy further, taking early action to counter the risk of renewed pressure on energy prices.
European stock markets thus opened on the riseIn the morning, the FTSE MIB rose, while Paris, Frankfurt, Madrid, Amsterdam, and London also advanced.
At Piazza Affari, however, the Falling crude oil prices weigh on energy stocksEni retreats sharply, while Tenaris moves downwards and Saipem remains weak despite the announcement of two new contracts awarded by Eni for approximately 800 million euros. In evidence instead Amplifon, thanks to JPMorgan's rating, which raised its recommendation to Overweight from Neutral, confirming the target price of €16,70. Buzzi and Brunello Cucinelli are also being bought, while the market awaits guidance from European luxury goods companies this evening, including LVMH's financial statements.
The banking game remains heated. Unicredit moves upwards, supported by positive reports from Morgan Stanley and JPMorgan, with the latter raising the target price to 94 euros confirming the Overweight rating and from the opening of the president of CommerzbankJens Weidmann, discussing the terms of a potential transaction. Investors in Milan are also following the new speculation surrounding Banco BPM and MPS, including a merger and possible alternative approaches to credit consolidation.
On the currency the euro returns above 1,14 dollars, benefiting from the weakening of the greenback following the easing of tensions in the Middle East. The single currency is hovering around $1,1409, while remaining little changed against the yen. The dollar loses ground. Gold is also recovering, which rises together with other precious metals and reaches the area of 4.094 dollars per ounce. bitcoin advances by about 1% to 65.416 dollars, in a context of greater risk appetite.
On the bond market, it BTP-Bund spread drops to around 80 basis points, two less than the previous close, while the yield on the 10-year BTP retreats towards 3,93%.
