Le European stock markets still have no clear direction at midday., with limited trading on the eve of the August bank holiday but some signs of improvement following the Eurozone macroeconomic data. The outlook remains fragile, however, amid geopolitical tensions in the Middle East, rising oil prices, and uncertainty over central banks' next moves. The market, however, remains cautious about the Federal Reserve's prospects, also because long-term Treasury yields remain high and the U.S. central bank's internal positions are not yet fully aligned.
In Europe, however, the macroeconomic picture shows more encouraging signs. Eurozone GDP grew by 0,4% in the second quarter compared to the previous three months and 1% year-on-year, confirming the preliminary estimate. In the European Union as a whole, growth was 0,5% quarter-on-quarter and 1,2% year-on-year.
The trade balance is also surprising. In June the Eurozone recorded a surplus of 8,6 billion euros, after the €9 billion deficit in May and against expectations for a new deficit. The improvement was mainly driven by the chemicals, manufacturing, food, and machinery sectors, despite the increased energy deficit.
On the geopolitical front, attention remains high on Iran. U.S. Treasury Secretary Scott Bessent has announced new economic measures against Tehran, while tensions remain high following the Houthi attack on the Saudi Aramco refinery in Jazan. oil prices are rising again, with WTI above $82 a barrel and Brent still close to $88.
Europe remains cautious, the Dax strengthens. Milan remains flat.
European stock markets are moving in a mixed order. Frankfurt is the most toned, with the DAX up 0,78%, also supported by SAP and Rheinmetall. Amsterdam gained 0,31%, Madrid 0,05%, and Paris remained just above parity. London, on the other hand, fell 0,12%. Piazza Affari remains practically unchanged, with the Ftse Mib in the 53.700 point area, after a morning spent between slight increases and brief passages into negative territory.
Among the best stocks on the Milan stock exchange, the following stands out: Amplifon, which gains almost 3%. Leonardo is doing well and also Fincantieri up more than 2%, supported by the good momentum of the defense sector. Positive also Classic Ferrari for sale, Lottomatica and Nexi.
Stellantis It also benefits from the feedback from the review of its technology strategy in South America. The group is evaluating new electrification solutions and alternative powertrains to respond to growing pressure from Chinese competitors, particularly in key markets such as Brazil and Uruguay.
On the other hand, utilities are suffering the most. Enel loses around 1,5% and Terna over 1%, while Tenaris and Stm also remain weak. Prysmian, protagonist of the previous sessions, falls by more than 1%.
The euro remains stable, with the spread at 76 points and Wall Street's expectations mixed.
On the currency market theEuro strengthens slightly against dollar and is moving around the 1,155 mark. The yen remains weak, while the dollar-yen exchange rate continues to hover just below the 160 mark. Thegold stops the race of the last few sessions and is moving little in the $4.350 per ounce area. On the bond market it The spread between Italian government bonds and German Bunds falls to 77 basis points., with the yield on the Italian 10-year bond around 3,94%.
I Wall Street futures Finally, they indicate a mixed start. The Dow Jones Industrial Average contract fell 0,15%, while the S&P 500 contract rose 0,11%. The Nasdaq 100 futures contract was more positive, up 0,23%, while the Russell 2000 remained virtually unchanged.
