Le European stock exchanges They closed a day marked by caution, with investors divided between the relief that came from the data on theUS inflation, which reinforce expectations of a more restrictive Federal Reserve, and fears linked to a new rise in the Petroleum against the backdrop of geopolitical tensions in the Middle East.
A Milan The FTSE MIB managed to recover ground late in the day and closed up 0,10% at 52.862,50 points, after a weak morning in which it lost more than half a percentage point. Movements were also limited on other major European markets: Frankfurt 0,12% salt, Madrid e London of 0,2%, Paris 0,03% brighter Amsterdam, with the Aex up 0,4%.
The market climate remains influenced by the trend of energy raw materials and the evolution of relations between the United States and Iran, while operators are carefully watching the quarterly season and the next moves of central banks.
Wall Street rises as inflation falls and U.S. banks beat expectations
Optimism prevails overseas. Wall Street moves into positive territory after the slowdown in US inflation, which reinforces expectations of a less restrictive Federal Reserve and pushes down the Treasury yields.
The consumer price index (Cpi) has grown of 3,5% On an annual basis in June, this was a sharp slowdown from May's 4,2% and below the 3,8% forecast by analysts. On a monthly basis, however, the index fell 0,4%, compared to the 0,2% decline expected by the market.
The American indices thus remain in positive territory: the Dow Jones is trading at 52.508,83 points (+0,02%),S & P 500 rises to 7.551,73 points (+0,48%), while the Nasdaq advances to 26.140,70 points (+1,03%), supported by the recovery of technology stocks and semiconductors after the correction of the previous session.
The launch of the new agreement also contributes to supporting the climate of confidence. quarterly season. The Major US banks beat expectations analysts, supported above all by the good performance of trading and investment banking: JP Morgan recorded a 41% increase in profits, Goldman Sachs the 78% Bank of America by 27% e Wells Fargo of 17%.
Bucking IBM, which fell about 26% after preliminary second-quarter results fell short of expectations. The group reported adjusted earnings of $2,93 per share and revenue of $17,2 billion, both below analyst consensus.
Warsh: The Fed will not tolerate high inflation
Investors' attention now remains focused on the speech by the Federal Reserve Chairman, Kevin Warsh, before the Financial Services Committee of the Chamber.
In his remarks, Warsh reiterated that the U.S. central bank "will not tolerate persistently high inflation" and that the goal remains to bring price dynamics back under stable control. According to the governor, the sharp rise in inflation in recent years must become "just a memory."
Despite the slowdown in inflation, a significant portion of the FOMC continues to believe that a further rate hike is possible by the end of the year.
Piazza Affari breaks even: all eyes on the banks
In Milan, the strong performance of American banks is failing to boost the Italian banking sector, which is still awaiting developments in the sector's consolidation. Bpm bank (-0,58%), on the day of the board of directors called to take stock of the merger proposal sent to Ps last June 6th. Also decreasing Bper e Fineco, while they remain just above parity Siena e Unicredit.
Among the best of the Ftse Mib, the following stand out: Prysmian (+ 2,89%), Fincantieri (+ 2,83%), A2a (+1,94%) along with the utilities sector. Energy-related stocks also performed well, with Eni (+0,95%) supported by the rise in crude oil.
Difficult sitting for Inwit (-2,8%), black sheep of the Ftse Mib after the rejection, by the Court of Milan, of the request for suspension against the withdrawal of Fastweb+Vodafone from the Master Service Agreement (MSA). The tower company has filed a complaint, challenging the decision and arguing that the genesis of the contract within the sale and leaseback transaction and the framework of joint control over Inwit were not adequately considered.
Among the decreases also Campari (-1,64%), BRUNELLO CUCINELLI (-1,46%) And Saipem (-1,17%), Generali (-0,76%) And Classic Ferrari for sale (-0,66%).
Outside the Ftse Mib debut on Euronext Milan for Gens Aurea, the first IPO of 2026 on the main market of the Italian Stock Exchange. After a positive start, the stock lost momentum and closed in negative territory (-0,71%).
Oil prices are rising, gas prices are above 53 euros. The euro, gold, and silver are recovering.
The energy market remains the protagonist. Petroleum The rise continues, albeit with more limited movements, as investors monitor the possibility of an agreement between the United States and Iran. WTI remains around $79 a barrel, while Brent remains above $85. The U-turn by Donald Trump, which has abandoned its proposal for a 20% tax on goods transiting the Strait, replacing it with the possibility of trade and investment agreements with the Gulf countries. However, the gas European natural gas, back above 53 euros per megawatt hour (+3,95%).
On the currency market theeuro recovers ground and returns above the 1,14 dollar mark. Among precious metals, the (+1,99%), at 4.081,33 dollars per ounce, and thesilver (+2,69%), to 59,203 dollars.
BTP-Bund spread on the rise
It also rises slightly spread The BTP-Bund spread rose to 78 basis points, up from 76 the previous session, reflecting the increased caution on international markets. The yield on the 10-year Italian bond also rose, rising to 3,90% from 3,86% the day before.
