Le European stock exchanges they try to get back on their feet after a weak start marked by the collapse of Asian markets and by new tensions in the Middle East. Halfway through the session Business Square leads the attempt to reboundThe FTSE MIB rose 0,31% to 52.775,61 points, supported by the banking sector and energy stocks. The main markets of the Old Continent are also trying to reverse course, with Frankfurt up 0,16%, Paris by 0,02% and Madrid of 0,06%. However, they remain in negative territory London (-0,11%) And Amsterdam (-0,17%).
However, the market sentiment remains cautious. The renewed tensions between the United States and Iran, following the attacks on Iranian targets and Tehran's subsequent response, have brought energy and inflation risks back into focus. Petroleum returned to almost 80 dollars a barrel before paring some of its gains, but remains the main watch point of the day. Investors are in fact looking at the Strait of Hormuz, a strategic hub for global energy trade and a potential source of new market turbulence.
Asia in the red as SK Hynix chip crash spreads to global markets
The negative day started from Asia, where the sector of semiconductors It has been hit by sell-offs. Investors have begun reducing their exposure to technology stocks after the strong rally of recent months, reviewing the sector's valuations and the risks associated with the slowdown in the race for artificial intelligence.
Leading the correction was Sk Hynix, which fell by more than 15% in South Korea, the worst daily decline in the history of the stock. The decline comes after the rally that had accompanied the debut its Adr on Nasdaq last week, prompting many investors to take profits. The weakness also spread to Samsung Electronics, contributing to the Kospi's decline of around 9% and the temporary suspension of trading for 20 minutes.
The sell-off quickly reached Europe: stm loses about 1,08%, Infineon retreats by 2,1% e Asml by 1,4%, while other semiconductor manufacturers are also feeling the effects of fears over the high valuations reached by the sector.
The pressure is also reflected in futures Wall Streett, with declines for technology and chip stocks: Western Digital loses 6,5%, Micron 5,4%, SanDisk almost 7%, Seagate 5%, while Amd e Intel are yielding about 3%. Overall, the futures indicate a negative start for the main indices: Dow Jones -0,02% S & P 500 -0,29% and Nasdaq -0,96%, waiting for the next corporate data and the start of the trading season quarterly of the major American banks.
Piazza Affari rises thanks to banks, luxury goods do well
At Piazza Affari the Ftse Mib is supported above all by banks, energy e luxury. Among the protagonists FinecoBank, up 1,71%, on the rumours reported by L'Economia del Corriere della Sera relating to a possible interest on the part of Unicredit (-0,8%).
According to reconstructions, the institute led by Andrea Orcel is returning to look at the Italian market for new consolidation operations after strengthening its presence in Germany with CommerzbankFineco, with a market capitalization of approximately 14 billion euros and a public company structure, would be among the most attractive options.
Stay in the spotlight too Monte dei Paschi di Siena Bank, which rose 1,44% to 11,43 euros. The CEO Louis Lovaglio reiterated that the bank has the duty to evaluate any alternative proposals in the interests of the shareholders, in relation to the dossier involving the offers of Intesa Sanpaolo e Bpm bankAmong the banks, Intesa (+0,99%) and B for Bank (+ 0,99%).
Oil stocks are doing well with Eni up 2,14%, boosted by the rally in crude oil linked to tensions in the Middle East, although oil pared some of its initial gains. The CEO Claudio DescalzHe underlined how recent global crises, from the pandemic to the war in Ukraine to the Strait of Hormuz crisis, have structurally changed the energy landscape.
In negative territory Saipem (-1,22%): the group is also weighed down by the possibility that the EU Antitrust Authority may open an investigation into the merger with the Norwegian company Subsea 7 due to possible competition concerns.
Also declining Prysmian (-0,96%) And Leonardo (-1,25%), the latter pending developments on the European defense front. The Coalition of the Willing meeting in Paris aims to strengthen commitments to Ukraine, with possible interventions on the Franco-Italian Samp/T air defense system and Patriot interceptors.
On the other hand, the luxury sector is highlighted, with Moncler (+ 2,52%) and BRUNELLO CUCINELLI (+1,84%) among the best blue chips of the day.
Slightly up Stellantis following the announcement of second-quarter delivery estimates: the group expects 1,6 million vehicles delivered, with 10% growth year-on-year driven mainly by North America and Europe.
The other markets
On the currency market theeuro remains stable around 1,14 dollars, while the bitcoin falls below the $63 threshold.
On the energy front, geopolitical tensions continue to support the PetroleumCrude oil returned to nearly $80 a barrel for the first time since the agreement, now called into question by renewed tensions, but then reduced its gains. Brent is trading at $78,38 a barrel, up about 3,12%, while gas rises by 4,16% to just above 50 euros per megawatt hour.
Limited movements on the bond market: the spread The spread between 10-year BTPs and Bunds returns to 74 basis points, while the yield on the Italian 10-year bond stands at 3,83%.
