Le European stock exchanges raise their heads after the heavy sell-off of the day before, supported by the return of the Petroleum and from the recovery of the titles banking, but remain exposed to the geopolitical unknowns and doubts about the rush to invest in artificial intelligence.
The escalation between the United States and Iran and the spread of tensions beyond the Strait of Hormuz, with the new front opened in the Red Sea from the Houthis Yemenis, supported by Tehran, and threats to strategic trade routes such as Bab el-Mandeb, the passage connecting the Indian Ocean, the Red Sea, and the Suez Canal. The Houthis, however, have ruled out a complete closure of the strait, specifying that the announced blockade will only affect activities related to Saudi Arabia and not international traffic.
Attention also remains high on the technology sector after the correction in US stocks linked to artificial intelligencee. Doubts about the profitability of Big Tech's large-scale spending plans contributed to the "Magnificent Seven" losing approximately $800 billion in market capitalization in the previous session.
In the background there remains the theme of new US tariffsThe Trump administration has announced tariffs of between 10% and 12,5% on major trading partners as part of its crackdown on forced labor, fueling renewed concerns about the outlook for global trade.
European stock markets recover, with oil prices weaker and earnings in the spotlight.
The return of oil prices below the 100 dollar mark has favoured the recovery of European stock markets: Milan ended the session up 0,94%, while Frankfurt gained 1,25%, Paris 0,69%, Madrid 1,51%, London 0,91% and Amsterdam 0,29%.
In Frankfurt, the market focused mainly on quarterly results. Temple Size The European technology sector is supported by stronger-than-expected cloud growth, with the stock rising sharply and purchases also being made in other software operators. On the other hand, the trend is opposite. Volkswagen, which weighs on the automotive sector after a difficult quarter: profits fell by a third, penalized by the weakness of the Chinese market, growing competition from local manufacturers and rising costs.
On the front macro Encouraging signs are coming from the Eurozone: the preliminary manufacturing PMI for July rose to 52 points from 51,4 in June, while the services PMI reached 51,9 points, the highest level in five months according to S&P Global.
Wall Street remains weak: Nasdaq under pressure from the new wave of chip selling.
Overseas Wall Street proceeds mixed, between relief from the drop in oil prices and renewed pressure on the technology sector. After the sharp decline the day before, the Dow Jones attempts to recover, while theS & P 500 remains just above parity and the Nasdaq retreats, penalized by semiconductor stocks.
Caution about artificial intelligence continues to weigh heavily. Yesterday, oil prices rose and the sell-off on Tesla e A After the quarterly results, the stock markets were dragged down: the Dow Jones lost more than 500 points, around 1%, marking the fifth negative session in the last six, while the S&P 500 and Nasdaq recorded their worst daily drops since June 23.
The market was hoping for a rebound in the tech sector after the better-than-expected results of Intel, but the stock remains weak. The company closed the second quarter with revenue of $16,1 billion and adjusted earnings per share that were higher than expected. Despite the positive figures, the semiconductor sector remains under pressure, with sales on Micron, Nvidia e Marvell Technology, as doubts grow about the sustainability of the AI-related rally.
Among the big tech, Tesla is trying to recover after the sharp drop on the eve caused by earnings below expectations, while A rebounds after the slowdown linked to the increase in expected investments. Also doing well Oracle infrastructures , supported by the nearly $7 billion, 10-year agreement with the Pentagon, while American Express remains weak after revenues fell short of expectations despite better-than-expected profits.
From the front macro Positive signs, however, are arriving: the S&P Global US Composite PMI rose to 53,6 in July, the highest level since November, driven primarily by services. Sales of new single-family homes also rose, exceeding analysts' expectations.
Piazza Affari closes in positive territory: banks shine, Moncler recovers
A Business Square The FTSE MIB closed higher at 51.800,57 points, supported primarily by the banking sector. B for Bank (+ 2,75%), Understanding St. Paul (+ 2,50%), Mediobanca (+2,17%) and MPS (+2,14%). Also doing well Unicredit (+1,48%), supported by the openness to dialogue on the part of Commerzbank on the possible consolidation between the two institutions. The stock also benefits from analysts' positive assessment, with Mediobanca confirming its "outperform" recommendation and raising its price target. A partial rebound for Moncler after the sharp drop the day before following the publication of the accounts.
After a volatile morning, he remains under pressure Poste Italiane, among the worst performing stocks on the list with a decline of 3,65%. The group led by Matteo Del Fante nevertheless recorded growth in profits and revenues in the first half of 2026, confirming its targets for the full year. Sales continued to rise. stm (-2,64%), penalized by caution in the semiconductor sector after the sharp correction of the previous session. The company is nevertheless aiming to strengthen Italian production: according to CEO Jean-Marc Chery, approximately €2,4 billion in investments are planned in Catania between 2026 and 2028 for 8-inch silicon carbide and another €1,4 billion in Agrate Brianza. Also declining is Tim (-2,67%) And Buzzi (-1,5%); on the latter, Jefferies confirms its “hold” rating, but reduces the target price from 49,5 to 46,5 euros.
Oil prices fall, gas hits two-year high
After the blaze of the day before, the Petroleum Slowing: September Brent futures fell to around $97 a barrel, while WTI held close to $90. Despite the decline in crude oil, traffic through the Strait of Hormuz remains severely limited, keeping the geopolitical risk premium high.
Instead, it runs gas European natural gas: Amsterdam's TTF for August exceeds 64 euros per megawatt-hour, its highest since the beginning of 2023.
On the currency front, theeuro is trading at $1,137, stable compared to the previous close. The bitcoin, which returns below the 65 thousand euro mark. The price of the , a traditional safe haven in times of uncertainty: the precious metal loses 0,8% and reaches 4.060 dollars an ounce.
On the bond market, slight improvement for the spread BTP-Bund spreads, falling to 84 basis points from 85 the day before. The yield on the 10-year Italian BTP rises to 4,03%, compared to 4,06% previously.
