Start of the week weak for the European stock exchanges, weighed down by the return of geopolitical tensions e from the weakness of the global technology sectorThe escalation between the United States, Iran and Israel rekindles risk aversion, with new attacks in the Middle East and the stalemate in negotiations which continues to weigh on investor sentiment. Added to this is the tech sell-off, triggered by the sharp sell-off on Wall Street on Friday, which particularly hit semiconductors and artificial intelligence stocks. On the macro front, better-than-expected US jobs data reinforced the hypothesis of a more cautious Federal Reserve on rate cuts, pushing bond yields higher and contributing to the rotation out of growth stocks. In Europe, however, the orders to German industry, down 3,8% on a monthly basis, a sign of a still fragile recovery for manufacturing.
READ MORE Stocks plunge due to tech weakness, oil rises di G. Bruschi
In this context, i price lists of the Old Continent they close below par. Paris (-0,06%), Madrid(-0,26%) And Frankfurt (-0,36%). You save London (+0,05%), good Amsterdam (+ 0,77%).
Piazza Affari plays its own game today and closes up 0,63%, limiting the damage supported by rally of Banca Monte dei Paschi di Siena e Mediobanca, which jumped by more than 13% and 12% respectively.
The Italian market is, in fact, dominated by new chapter in the Italian banking gameOn the one hand there is Bpm bank, who has put forward a proposed merger of equals on MPS and on the other, Intesa Sanpaolo, in tandem with Unipol and with the involvement of Bper, he responded with aA €30,6 billion takeover bid for the Sienese bankThe operation aims to redesign the balance of the national banking system, with implications also on Generali, which benefits from speculation. The stock market is seeing purchases in Unipol, Bper Banca, and Generali. Banco Bpm also rises, while closing down. Unicredit and Intesa.
Among other stocks under observation, Pirelli remains at the center of attention following the appeal to the TAR presented by the Chinese shareholders against Golden Power, although without impacting the meeting on June 25. Eni benefits instead from the rally in energy raw materials, also supported by the birth of the Searah joint venture with Petronas in Southeast Asia. Stellantis under pressure, penalized by rumors about new U.S. rules that could tighten production requirements for vehicles sold in the North American market. Rises STM after last weekend's declines due to the tech crisis.
On the raw materials front, the oil returns to Rising: Brent is above $94 a barrel and WTI is above $91, supported by tensions in the Strait of Hormuz and fears about global supply. European gas also rises . gold retreats slightly, while on the foreign exchange market the euro remains stable in the 1,15 area against the dollar, with the yen still weak.
Finally, on the bond market there is a increased pressure on government bonds: the BTP-Bund spread rises to the 76-77 basis point area.
