Stock markets are still mostly selling, especially on chip-related sectors, following strong earnings in the quarter just ended, while investors remain cautious ahead of the long American holiday weekend. Sales were particularly strong in Asia in the night after the news that Meta is building a cloud business for sell excess AI computing power: this on the one hand sent the shares of Facebook's owner up by 8,8%, but it triggered the worst deep-seated fears in the industry in general for the excessive spending on AI and more specifically that they come Asian hardware purchases reduced.
Investors remain cautious about talks between United States and Iran. US President Donald Trump said talks with Iran went well in Qatar, as more oil tankers transited through the Strait of Hormuz. Trump appeared more optimistic and does not rule out extending the terms of the memorandum of understanding beyond the August 18 deadline, in order to then reach a final peace agreement. The prices of Petroleum hit new four-month lows, with Brent down 0,8% to $71 a barrel,
Today the main event is more than expected monthly U.S. employment report, which could support increases in interest rates, while the markets will remain closed on Friday in anticipation of the July 4th holiday celebrating the 250th year of American independence.
Wall Street fell yesterday: Meta throws a stone into the tech pond
Yesterday a Wall Street a volatile session closed slightly lower, with the chip manufacturers which were among the biggest drags on the S&P 500 and the Nasdaq, although Meta Platforms' gains limited the damage. Dow Jones closed down 0,03%;'S&P 500 of 0,2%; the Nasdaq by 0,7% with the semiconductor index closing down 6,3%.
MetaPlatforms recorded an increase of 8,8% after Bloomberg News reported the news of the creating a cloud business to sell excess computing capacity dedicated to artificial intelligence, but this same news has fueled fears that even a giant like Meta feels the need to reduce its AI spending, which has become excessive. These fears have also spread to the US memory manufacturer micron Technology and the data storage company SanDisk They both lost more than 10% overnight.
Statements by the Chairman of the Federal Reserve also provided some support. Kevin Warsh, according to which i inflation risks have eased Warsh recently said he will firmly stick to the U.S. central bank's 2% inflation target and will "disappoint" anyone expecting accommodative monetary policy, despite President Donald Trump's call to cut interest rates. Investors still expect at least a rate hike. rates by the central bank this year.
An indication will come today from key data onoccupation. The economists interviewed by Reuters They expect a 110.000 job gain in June, but forecasts vary widely, from gains of 25.000 to 200.000, suggesting a high probability of a surprise. The unemployment rate is expected to remain stable at 4,3%. A particularly positive figure could increase bets on a job gain. rates in the short term.
For this i U.S. government bond yields Two-year yields rose 1 basis point (bp) on Thursday, reaching 4,1785%, and have risen 9 bp since the start of the week. Ten-year yields held steady at 4,4811% after rising 10 bp this week.
Asia is all in the red, driven by tech. There are fears of a decline in Asian hardware purchases.
Le asian bags all slipped into the red this morning as investors exited their positions on chip manufacturers after an exceptional quarter. Sales added to those of yesterday after the announcement of Meta of wanting to sell off excess AI computing capacity, fueling fears that big tech companies will have to find ways to make AI investments actually profitable, risking slowing down thepurchasing hardware from Asia to contain costs.
The MSCI Asia-Pacific index fell 0,8%. Nikkei The Japanese 225 lost 1,9%, compounding losses from the first day of the quarter. The Topix, on the other hand, rose 0,4%. The memory manufacturer kioxia Holdings plunges more than 13%.
Also Taiwanese producers of semiconductors have come under pressure including Tsmc (-1,6%).
In ChinaThe Shanghai Composite fell 0,9%, while the Shanghai-Shenzhen CSI 300 lost 1,8%, despite improved manufacturing activity and expectations of further support measures from the authorities, which initially helped cushion the impact of the tech sell-off. The Hang Seng Index Hong Kong It is up 1%, yesterday this stock exchange was closed due to a holiday.
Australia's ASX 200 fell slightly after the country reported an unexpected trade deficit in May, fueling fears of a slowdown in foreign demand for commodities following a particularly strong year so far.
Il Kospi South Korea's stocks fell as much as 7% before limiting their losses to -4%, extending yesterday's 2% decline after a staggering 68% surge in the second quarter. Sentiment was also weighed down by rumors that Apple is reportedly considering purchasing memory chips from Chinese suppliers, raising concerns for major South Korean memory makers. SK Hynix it dropped 7,7% and Samsung South Korea's consumer price index rose 3,2% in June from a year earlier, reaching its highest level since December 2023.
On the currency market theeuro lost 0,4% overnight against the dollar after European Central Bank President Christine Larson said Lagarde, said inflation and growth risks are now more broadly balanced. Today, during Asian trading hours, the euro remained stable at $1,1379. yen The dollar remained virtually unchanged at 162,59 per dollar, after yesterday hitting a new 40-year low of 162,84. The collapse had prompted the usual warnings of intervention from Tokyo. Moreover, the impact of the April and May interventions proved short-lived, despite the Japanese authorities spending nearly 12 trillion yen.
European stock markets saw their opening near parity. At the Milan Stock Exchange, eyes were on Banco BPM, UniCredit, and Stellantis.
European stock markets are expected to open around parity: Eurostoxx 50 futures up 0,1%.
Banco Bpm, Unicredit The Davide Leone & Partners fund, which holds approximately 5% of the bank, believes that the industrial partners for Banco BPM could be Crédit Agricole Italia or Unicredit. In an interview with The Corriere della SeraDavide Leone declared that Intesa's offer for MPS is "by far the best".
DEFENSE – In 2026, Italy will increase defense spending to 2,8% of GDP.
Stellantis – The group's car registrations in Italy grew 22,4% year-over-year in June to 39.733 vehicles, with a market share of 27,1%. This is according to Reuters calculations based on data released by the Ministry of Transport. In the second quarter of 2026, registrations in the U.S. increased 6%, but were lower than estimated;
Unicredit – Sources cited by La Repubblica They estimate that the takeover bid for Commerzbank will reach 15%, which, combined with the 26,7% it already holds and 3,22% in derivatives, brings UniCredit's stake to 45%. This percentage will allow the Italian bank to control the meeting that will renew its management in April 2027. JP Morgan has raised its target price from 89 to 93 euros, confirming its overweight rating.
Juventus – An agreement has been reached with Genoa CFC for the sale of the registration rights of the player David Puczka for €6 million. The financial impact is positive, amounting to approximately €5,4 million. The club also acquired the registration rights of the player Jeff Osayuki Ekhator for €16 million.
Tip: – The strong start of Bending Spoons on the Nasdaq (+40%) supports the increase in the NAV (Net Asset Value).
