Le European stock markets slow mid-session after the positive start, braked by new uncertainties over the Strait of HormuzPiazza Affari maintains a slight advantage, while Paris and Frankfurt slip below parity. Petroleum reverses course and starts to rise again, with Brent above 80 dollars, while in Milan Lottomatica, Leonardo and Unipol are running.
US futures remain positive, despite doubts about the valuation of the artificial intelligence sector that resurfaced after the results of SpaceX e Amd.
Hormuz splits markets and brings oil back above $80
The optimism that had supported the markets in the early hours of the day is losing strength with the arrival of conflicting indications from the Middle East. Donald Trump has hinted that a agreement on the reopening of the Strait of Hormuz It could be announced between today and tomorrow, but from Tehran more clarifications have arrived cautiousAccording to Iranian state television, a potential agreement between Iran and Oman on future navigation rules would not lead to an immediate reopening of the sea route. The negotiations would concern Tehran and Muscat exclusively and, according to the source cited by the broadcaster, "have nothing to do with the United States."
The increase in caution is also contributed by the new threats from the Houthis against naval traffic in the northern Red Sea, a corridor that has become even more important during the disruptions in the Strait. The statements are causing crude oil prices to rise after the sharp decline in recent trading sessions. Brent gains 1,71% and returns to 80,73 dollars a barrel, while WTI rises 1,12% to 76,62 dollars. natural gas, on the other hand, remains very volatileAfter a surge in the early hours of the day, the contract traded in Amsterdam dropped 3,39% to 54,02 euros per megawatt-hour.
The geopolitical picture remains suspended between rumours about a possible temporary truce and doubts about the timing of the reopening. The hypothesis circulating foresees a60-day agreement with two separate routes, one entering near the Iranian coast and one exiting along the Omani coast, while demining operations in the central lane continue.
Europe slows, but Milan remains positive
After a brilliant start, the main European stock markets are progressively losing groundParis and Frankfurt are hovering just above parity, while London is negative. Madrid is the leading gainer, up 0,39%, behind Amsterdam. Piazza Affari defends the plus signThe FTSE MIB gained around 0,30%, nearing 53.700 points, after updating its intraday high of 53.870 this morning. Increased investor caution, however, dampened initial momentum, in a session dominated by news from the Middle East and corporate earnings.
On the macroeconomic front, a favorable indication comes from Italy. The services PMI rose In July, the index rose to 52,5 points from 50,2 in June, exceeding expectations and marking the strongest growth in activity since January. The expansion was accompanied by an acceleration in new orders and employment, which rose to the fastest pace in 13 months.
On the international level, the trade confrontation between China and the United StatesBeijing has announced new countermeasures in response to US sanctions against Chinese technology, including tightening controls on exports of drones, strategic components, and related technologies to the United States. China's Ministry of Commerce described the measures as "limited," reiterating its interest in preserving stable economic relations between the two powers.
Lottomatica leads Milan, while Leonardo and Unipol do well.
At Piazza Affari Lottomatica confirms its position as the best-performing stock on the main index, with an increase of around 3,7%, supported by the good performance of the gaming sector. The rise of Leonardo, which earns about 2,3%, while Unipol advances by 2%. Energy stocks are recovering ground along with oil. Eni Eni rose 0,4%, with Tenaris holding just above par, at least partially reversing the opening weakness. The group led by Claudio Descalzi also announced that, between July 27 and 31, it purchased nearly 5 million treasury shares for a value of approximately €115 million, as part of the second tranche of the buyback program. Since the plan's inception, Eni has invested over €1 billion in share purchases.
On the opposite front, Unicredit loses about 0,8% Despite BaFin's approval of the possibility of exceeding 30% of Commerzbank's capital. Moncler backtracks by 0,7%, while STM and Prysmian also remain under pressure, penalized by profit-taking in the technology sector and doubts about valuations linked to artificial intelligence.
U.S. futures are positive, with Paramount and Disney doing well.
Wall Street futures still point to a positive opening, albeit with modest gains. The Dow Jones Industrial Average gained 0,46%, the S&P 500 Index gained 0,44%, and the Nasdaq 100 futures index rose 0,22%. The Russell 2000 Index gained 0,23%. The bias remains favorable after the all-time highs reached in the previous session by the Dow Jones and S&P 500, although the negative reaction to AMD and SpaceX's earnings continues to suggest caution in the technology sector. Both companies posted better-than-expected results, but the market was penalized by their high valuations and the prospect of further investments in artificial intelligence.
More favorable indications come from Paramount Skydance, which reported a 27% increase in adjusted EBITDA to $1,1 billion. Revenue rose 1% to $6,9 billion, with streaming and television production offsetting declines in traditional businesses. The group has already achieved annualized savings of over $2,7 billion following the merger with Skydance and has raised its full-year forecast. Paramount+ has reached nearly 82 million subscribers.
More contrasting quarterly results for Walt DisneyRevenue rose 7% to $25,2 billion, slightly below expectations, while adjusted earnings per share beat forecasts at $2,06. The results were supported by strong performance at the parks, ESPN's growing audience, and the theatrical success of "Toy Story 5," which surpassed $1 billion in worldwide box office.
Among other companies under observation, Kraft Heinz raised its annual organic sales forecast and announced $100 million in new investments to revitalize its brands, despite slightly declining quarterly revenue.
Eli Lilly Instead, it raised its full-year guidance due to strong demand for its diabetes and obesity drugs. Quarterly revenue grew 48% to $23 billion, driven by Mounjaro and Zepbound.
Uber closed the quarter with gross bookings up 24% to $58 billion and net income of $2,4 billion, but guidance for the third quarter fell slightly short of analysts' expectations.
On the currency market The euro remains stable against the dollar around 1,1537, after having pushed towards 1,1550 in the previous hours. The single currency also remained essentially unchanged against the yen, following the Japanese currency's strong recovery in recent sessions. The spread is at 78 basis points.
