Buying returns to technology stocks and European stock markets closed the session higher, with Piazza Affari breaking a four-day losing streak. The FTSE MIB benefited from the tech sector's recovery, while investors remained cautious about tensions in the Middle East and Donald Trump's new threats to Iran.
On the commercial front, Trump is back on the attack with tariffs, announcing 50% rates on some Canadian goods "in response to Canada's discriminatory treatment of American products." Canadian Prime Minister Mark Carney said he was ready for talks. According to the Ft but it wouldn't end there because the commander-in-chief would intend to impose new tariffs on dozens of other countries already this week, despite his advisers warning him against risking a repeat of the economic shock of his initial trade war ahead of the midterms.
In the meantime the work continues quarterly season and the anticipation is increasing for the results of Alphabet and Tesla (Wednesday) and Intel (Thursday). Today it was the turn of 3M, which jumped on Wall Street after reporting better-than-expected second-quarter earnings. General Motors reported better-than-expected quarterly results, but the stock is struggling to take off.
In this context, tech and defense stocks are running high in Milan. The rebound in tech is good for Prysmian – also supported by the positive opinion of Jefferies, which raised the target price to 180 euros from 178 – and stm. Sale Leonardo, also boosted by the additional order of 11 helicopters in Saudi Arabia; positive Fincantieri following Prime Minister Meloni's announcement of Portugal's purchase of three Evo frigates from the Italian group. On the rise Tim on the second day of the takeover bid launched by Italian post.
On the rise Eni celebrating the acquisition of the Danish company BlueNord by the Norwegian subsidiary Var EnergiIn the banking sector, they are rising Unicredit and Mps, Banco Bpm and Fineco. Sales hit instead Diasorin, Inwit and AmplifonUtilities are weak.
Moving on to other markets, the euro is trading at $1,142. On the energy front, prices are rising. gas and oil.
