Da Paris a Frankfurt, via Milan, all the stock markets of the old continent are down today. Down also London after that Bank of England, left rates unchanged, but with an accommodative tone that heralds further cuts in the coming months. Only Madrid is safe. Investors, however, seem to have overcome their fears of a possible artificial intelligence bubble and they look to the quarterly results for direction. Even Wall Street is negative.
On the macro front, the data released yesterday by the US on private sector employment gave some optimism, while today all eyes are on Challenger data, on job cuts, which in October showed a sharp worsening: 153 layoffs announced, up 175% compared to the same month in 2024 and the highest in over twenty years. Numerous speeches by members of the ECB board are also expected. Anticipation is growing over the decision of the Supreme Court on the duties decided by the Trump administration, with the first indications showing critical position of the members.
Meanwhile, on the stock market, we look at the quarterly. In Milan it's in free fall Diasorin, which reported declining profits and cut its guidance for 2025. At the top is instead Stm, followed closely by Stellantis. Positive Bper and Pop Sondrio, after the green light for the merger and the accounts. Good Bpm bank waiting for the quarterly report which will be published today, while it falls Mediobanca that has approved a quarter with profits down 2,5% due to the costs associated with the operations of Ps (also falling) and on Banca Generali. Mediolanum also rises after the accounts. Also slightly down Tim despite profitability returned in the third quarter.
On the currency market, the dollar slows down With renewed interest in riskier assets, the euro re-attains the 1,15 threshold at 1,1508 (from 1,1477 yesterday's close). Gold purchases continue, with the precious metal returning above the $4.000 per ounce threshold ($4.009, +0,72%). On the energy front, oil prices are rising, while gas prices are falling. BTP-Bund spread is stable at 75 basis points, with the yield on the Italian 10-year bond slightly down to 3,41%.
