Bags still confused between the price of oil going up and down, artificial intelligence still sailing by sight and fears of further interest rate hikes by the Federal Reserve and other central banks, which are putting pressure on government bond yields, starting with the 10-year US Treasury bond. Asia had already closed mixed, with Tokyo's Nikkei -0,6%, Shanghai +0,18%, and Seoul's Kospi -0,27%. Europe followed, with Milan +0,09%. Frankfurt +0,1%, Paris -0,5%, and London -0,45%. Even Wall Street was undecided: The Nasdaq is struggling, but semiconductor stocks are regaining momentum., while the Dow Jones is currently losing half a percentage point, weighed down by the fall of Walmart -2,7% and the banks, starting with Goldman Sachs -1,3%.
Technology stocks, on the other hand, seem to be in a good, albeit mixed, vein, just as President Donald Trump invited CEOs to AI-themed lunchExpected participants include Jensen Huang (Nvidia), Mark Zuckerberg (Meta), Sundar Pichai (Google), Dario Amodei (Anthropic), Greg Brockman (OpenAI), and Alex Karp (Palantir). Meanwhile, Micron (+1,5%), Nvidia (+0,5%), Palantir -1%), Apple -2%, Meta +0,7%, and Alphabet -1%. SpaceX up 2% after Starship launch, successfully lifted off on September 28, 2026, from Starbase in Texas, marking a historic milestone: for the first time, SpaceX's giant rocket reached Earth orbit. During the flight, the first 26 next-generation Starlink V3 satellites were successfully deployed. Some AI titles are very good: Lumentum +5,6%, Nebius +4%, Marvell +4%.
The yield on T-Bonds remains well above 5%.
On the bond and currency front, always The yield on the 10-year US Treasury bond is under very high pressure., close to 5,3%, while the thirty-year bond touched 5,6%. Also pay attention to the BTP-Bund spread which is now effectively around 100 basis points, with the yield on the benchmark 10-year BTP above 4,6%. The spread between Italian and German government bonds is the highest since June 2025. The OAT-Bund spread reaches 116 basis points. The US dollar continues to strengthen against the euro, with the exchange rate today at 1,133. Bitcoin appreciates by 1,5% and once again surpasses the $84.000 valuation.
Oil slows but Brent remains above $100
Oil, on the other hand, is taking a breather, but remains above the 100 mark with Brent trading today at 104 dollars a barrel, while WTI Crude Oil is worth less than $92 a barrelThe climate in the Middle East is trying to ease: US and Iranian officials have continued separate talks with mediators, including indirect contacts through Qatar, while regional governments are pushing for ceasefire negotiations and the reopening of the Strait of Hormuz. Meanwhile, Saudi Arabia has restored about half of the flow through its East-West pipelineEuropean natural gas fell below 70 euros per megawatt-hour for the first time since late August. Gold gained a small edge at $4.150 an ounce, while silver remained stable at $60.
Tech and industry soar at Piazza Affari, while banks suffer.
Finally Piazza Affari, where the exploit of the day is that of Technoprobe +6,8%, above 32 euros per share. The stock rose to around 32,44 euros, after Goldman Sachs raised its target price from 40 to 44 euros, maintaining a Buy rating. Another tech stock, Stm, also performed well, with +2,55%, and industrial stocks with Fincantieri +4,56% and Avio +2,85%. TIM shares fall by 3,67% and Poste Italiane shares by 3% after the closing of their takeover bids. This led Matteo Del Fante's group to acquire an 85,82% stake in Telecom Italia, the decline in which is therefore largely a return to normality after the takeover bid. For Poste Italiane, however, the market is likely pricing in the cost and risk of TIM's integration. Banks are generally in the red: Finecobank +1,5%, Unicredit -0,57%, Intesa Sanpaolo -0,13%, Mps -0,35%, Banco Bpm -0,8%.
