The stock market gains seen in the United States and Asia are stalling at the gates of Europe, with European stock markets declining amid concerns about developments in the Middle East after US President Donald Trump told Axios he was close to a "big decision" on whether to re-escalate attacks on Tehran. However, oil concerns are easing, as Saudi Arabia is expected to soon restore the East-West pipeline to the Red Sea coast, aiming to restore about half its capacity within a few days. Meanwhile, some oil tankers continue to pass through the Strait of Hormuz. Thus, crude oil prices are falling for the third consecutive day. Brent is at 102,74 dollars a barrel (-2%) and the wtf at 100 dollars (-1,87%). The trend reverses gas which in Amsterdam is close to 78 dollars per Megawatt hour, +2%.
European stock markets down
In this context, all European stock markets are falling and are not following the positive trend of the Asian markets with the Nikkei which closed trading up 1,66% after the Bank of Japan raised the interest rate from 1,0% to 1,25%, the highest level in 31 years. However, this move was met with the opposition of two members of the board and was met with a drop in the yen.
Paris loses 0,78%, Madrid 0,87%, Frankfurt 0,75%. Same trend at London (-0,7%), while Amsterdam tries to limit sales (-0,4%). Milan, on the other hand, loses 0,84% and falls below the 52 point mark.
Tech is running, luxury is weak
Widespread buying in the European tech sector after yesterday's rally in New York, where the Nasdaq closed up 1,7%, thanks to reassurances about the outlook provided by Nvidia CEO Jensen Huang, who expects to sell double as many chips next year thanks to developments in artificial intelligence.
The sector's rebound follows recent sell-offs linked to fears of a slowdown in AI investment, with investors returning to bet on chips and AI. Added to this are a series of macro factors, starting with the easing of tensions in bonds, particularly the 10-year US Treasury, which fell to 4,93% from 5,01%. For tech stocks, lower yields are generally favorable for valuations.
So in Milan it's going up st, which advances by 2,1%. In Amsterdam a solid increase Asml (+ 1,2%), Asm (+ 1,8%) and Be Semiconductor (+2,3%). The same pattern prevailed in Frankfurt, where Infineon rose by 4% and Aixtron by 3,3%.
On the other hand, European luxury is weak: in Milan Ferragamo falls by 2,4%, also weighed down by the cut in estimates by Barclays, while Moncler is down 0,5%, while in Paris lvmh marks a -1,3%, Hermes a -1,8% and Kering Essilorluxottica, active in the eyewear sector, lost 0,6%. And again, the Swiss Richemont it's tied and the British burberry, after a heavy start, it drops 0,3%.
At Piazza Affari it is going against the trend Brunello Cucinelli, which gained 1% following the reassurances given yesterday by the founder, who, on the sidelines of a conference organized by the Italian Stock Exchange, reiterated his forecast of 10-11% growth in 2026. In addition, Equita analysts today reiterated their 'Buy' recommendation on the Umbrian company's shares, while adjusting the target price from 115 to 110 euros.
Utilities and financial services down in Milan
In Milan, in addition to St, we reward purchases Diasorin (+ 2,4%) and Avio (+1,7%). Well Prysmian (+1,5%) benefiting from Intermonte's decision to raise its target price to 154 euros and its Outperform rating.
Sales hit utilities with Hera (-2%) at the bottom of the list and Enel and A2a which are recording declines of more than 1%. Investors' attention continues to be focused on the banking risk game. Unipol is down 1,59% and Intesa Sanpaolo 1,5%. Generali lost 1,45% after CEO Donnet sold 350 shares and collected 15,8 million euros. There were also declines for Unicredit (-1,4) Mediobanca and MPS, both down 1,1%.
Stellantis drops 1,5%: according to the French online newspaper The Informed The company is reportedly considering selling its controlling stake in the French used car platform Aramis Group. Stellantis currently holds a 60,5% stake in Aramis and 67,4% of the voting rights, while the company's founders own 17,9%.
