Le European stock markets consolidate gains after a positive start, supported above all by the technology sector, which remains the brightest sector of the Old Continent. Milan the Ftse Mib rises by 0,89% to 52.217,98 points, while Frankfurt earn 0,61%, Paris 0,24%, Madrid 0,63% and London 0,36%.
The technological sector is mainly supported by the renewed optimism about artificial intelligence, powered by Nvidia's record buyback and by indications arrived from AnthropicIn the prospectus prepared for the potential IPO, the company led by Dario Amodei also highlights the risks associated with AI development, but plans to invest approximately $520 billion in cloud services, computing capacity, and infrastructure. This plan, according to analysts at Banca Akros, supports the entire AI supply chain and helps rekindle buying in technology stocks.
However, two other dominant themes remain on the market: rising energy costs , pressure on government bond yieldsThe lack of signs of a breakthrough in negotiations between the United States and Iran on the reopening of the Strait of Hormuz is keeping tensions high over oil. Rising energy prices are in turn fueling inflation fears and making government bonds more vulnerable, pushing up yields.
Wall Street, futures remain muted. Eyes on T-bonds.
Against this backdrop, Wall Street is preparing for a relatively calm opening, with a slightly more positive outlook for the technology sector. Dow Jones futures are down 0,07% at 51.800 points, while S&P 500 futures are virtually unchanged at 7.745 points (-0,02%). Nasdaq futures, however, are up 0,12% at 30.604 points.
The US bond market also remains under scrutiny. Treasuries have stabilized after reaching particularly high levels: the yield on the 10-year note has reached 5,27%, its highest level since 2007. Investors are therefore watching the Federal Reserve's next moves and the risk that more persistent inflation may necessitate further tightening.
The next macroeconomic data, starting with the PCE inflation index, due on September 30, and the non-farm payrolls on October 2, will provide the most guidance on the Fed's path.
Meanwhile, artificial intelligence remains at the center of the American political and economic agenda. A meeting is expected today at the White House between the sector's key players, US President Donald Trump, and House Speaker Mike Johnson. Among the topics of the meeting will be AI oversight, a central topic of debate within the presidential majority.
According to CNN, Meta's Mark Zuckerberg, Google's Sundar Pichai, and OpenAI president Greg Brockman will be in attendance. AFP also confirmed, citing sources familiar with the matter, the participation of Anthropic's Dario Amodei and Nvidia's Jensen Huang. Elon Musk is also expected in Washington, where he will participate in the launch of a new website designed to unify various federal government services using artificial intelligence.
Piazza Affari: Technoprobe and STM rise, oil stocks down
Tech stock rally pushes Piazza Affari above the psychological threshold of 52 points, where purchases are mainly concentrated in sectors related to artificial intelligence and semiconductors. Techno probe leads the list with a rise of 7,53%, while stmicroelectronics rises by 2,9%. Positive results also Prysmian (+1,92%), supported by growth prospects linked to the development of data centers.
In Milan it also runs Avio (+3,72%), following Equita's upgrade to "Buy" on the stock. Utilities, on the other hand, are weaker, while the oil sector is suffering from the slowdown in oil prices: Eni loses 1,34% e Tenaris 0,89%. At the bottom of the list are also Tim and Poste Italiane.
Among the bankers, Unicredit (+0,52%) is proceeding with greater caution. The market continues to watch the group's next moves on the dossier. Commerzbank. According to Financial TimesThe Italian bank aims to take control of the German bank by the end of February and renew its supervisory board. In a more favorable scenario, control could arrive as early as January.
Further back Mediobanca, while Ps remains substantially stable pending the extraordinary meeting on October 29th, called to deliberate on the merger by incorporation of Mediobanca. Also to be followed Bank Ifis, up more than 5%, as the intervention plan continues following the Supervisory Authority's findings. Regarding non-performing loans, the data room with the bidders admitted to the tender should continue throughout October, with the goal of reaching binding offers and awarding the exclusive rights in November.
Among the luxury stocks, Classic Ferrari for sale The stock gained about 1% after Jefferies confirmed its "Buy" recommendation and price target of €400. The brokerage highlighted the group's earnings visibility in a context where luxury goods remain exposed to financial market volatility.
Pirelli However, it rose by approximately 1,92% after the Council of Ministers exercised the special powers provided by the golden power over the group's and Abet High Tech Solutions' defense-related activities. The measure includes technical and organizational requirements to protect industrial property, know-how, and strategic data.
Oil still above $100
After the strong rise in the last few sessions, the Petroleum reverses course and moves into negative territory. The Brent crude futures contract expiring in November falls to $105 a barrel (-0,2%), while the WTI futures contract with the same expiration falls to $92,3 (-0,3%).
The market continues to monitor the risks for supplies from Middle East linked to the conflict between United States and IranAccording to preliminary data from Kpler, crude oil exports from major Middle Eastern producers rose to 12,8 million barrels per day in September, the highest level since February, thanks mainly to increased shipments from Saudi Arabia and the United Arab Emirates. However, some flows continue to be managed through alternative and more costly solutions, such as ship-to-ship transfers. The gas natural gas traded on the Amsterdam TTF platform, in the 71 euro per megawatt hour area.
Euro hits three-month low, gold also falls
Energy tensions are also reflected in the currency market.euro It remains close to three-month lows and below the $1,14 mark, while the greenback benefits from both the volatility of crude oil prices and the rapid rise in Treasury yields.
The euro/dollar exchange rate stands at 1,1364, compared to 1,1367 at Monday's close. The euro/yen is little changed, at 178,8, while the dollar/yen remains just above the 157 level. The , a traditional safe haven in times of greater uncertainty: the price dropped 0,3% to $4.180 an ounce.
Italian government bonds (BTPs) hit their highest yields in nearly three years.
Completing the picture is the pressure on the bond market Italian. The Treasury placed a total of €8 billion across three securities: the new five-year BTP, maturing in February 2032, yielded 4,08%, a sharp increase from the 3,44% at the end-August auction and the highest level since October 2023. The yield on the ten-year BTP due in October 2036, allocated for €3 billion, rose to 4,58%, also the highest level since October 2023, from the previous 4,10%. €1,5 billion of CCTEUs due in April 2036 were also placed at 3,38%.
After the auction, the BTP-Bund spread rises to 97 basis points, while the yield on the Italian 10-year bond remains around 4,57%.
