I European markets closed in the red (only Madrid was saved), with investors busy digesting a flurry of quarterly on both sides of the Atlantic: from Meta to Microsoft, both above expectations, to the major European banks (Crédit Agricole, BBVA and Société Générale).
Read EVEN Stock markets toast Meta and Microsoft's accounts today di G. Bruschi
The Federal Reserve's decision to keep interest rates unchanged remains in the background. The president's cautious approach Jerome Powell It dampened expectations for a rate cut as early as September, putting Wall Street on edge in the final stages. The Fed acknowledged signs of slowing growth, while highlighting the strength of the labor market and still-high inflation. The spotlight is now on the PCE data, a key indicator of American monetary policy.
In Milan, under the spotlight Iveco, penalised by the cut in estimates and by theannouncement of the sale of commercial vehicles Tata Motors (value 3,8 billion) and the Defense division at Leonardo (1,7 billion), which revised its guidance upwards after solid half-year resultsAt the bottom of the Ftse Mib there is however Ferrari, -11,65% in deep red after the accounts, despite rising profits and revenues.
It also runs Prysmian, driven by a better-than-expected half-year result and an improvement in the 2025 forecast. Amplifon attempts a rebound after the collapse of the day before.
Positive too Fineco and the banks, led by Banco Bpm. Intesa is weaker (in the aftermath of the accounts) to Mediobanca, despite record profits and confirmation of 2026 targetsThe Piazzetta Cuccia bank, at the center of the MPS takeover bid, is accelerating its move to approve the Banca Generali deal and is aiming to bring forward the meeting to approve the transaction by a month.
On the negative side, nexi suffers despite double-digit growth in normalized profit. Tenaris loses ground due to the decline in volumes and prices of pipes in the first half of the year. Also subdued Stellantis, hit by allegations in the Netherlands of using software to evade emissions tests.
spread BTP-Bund stable at 84 points, with the yield on the Italian 3,53-year bond at +XNUMX%.
On the currency market, weakness continueseuro, which trades at $1,145. On the energy front, the Petroleum is little changed: Brent at 73,1 dollars a barrel, WTI above 70 dollars. Down gas European which trades at 35 euros/MWh on the Amsterdam TTF.
