Stock markets are reviving after yesterday's Fed meeting, which cut rates by 0,25% as expected, hinting at a further rate cut next year. European markets, uncertain at the start, closed a positive session today, while Wall Street, while benefiting from lower rates And considering the jump in weekly unemployment claims, the market is mixed due to Oracle's 14,12% plunge. Last night, at the close of US trading, Oracle disappointed with its quarterly results and reignited fears of a bubble in artificial intelligence stocks. Meanwhile, the dollar weakens and the euro returns above 1,17. Silver, with a renewed surge, updates its record prices.
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Piazza Affari rises by 0,54% to 43.702 basis points, thanks to well-tuned banks and the Brunello Cucinelli jumps (+2,94%), which yesterday evening, after trading closed, announced a possible increase in revenue at constant exchange rates of between 11% and 12% in 2025, higher than expected at the beginning of the year. Equita thus upgraded the stock to "buy" following recent weakness. This upgrade is "supported by continued strong momentum, a favorable outlook, and a valuation at a discount to historical averages." Conversely, Prysmian fell 2,8%, along with other stocks looking across the Atlantic, including the chipmaker's stock, STM, down 1,17%. Among other major European markets, Frankfurt and Paris closed up 0,79%. Madrid rose 0,81%, Amsterdam +0,35%, and London +0,47%.
Wall Street is mixed, Oracle weighs on the upside. Walt Disney does well.
Overseas, Wall Street is proceeding in mixed fashion: DJ +1,02%, S&P 500 -0,33%, Nasdaq -1%. Oracle's crash is felt in tech stocks, after the cloud computing company reported disappointing quarterly revenue and raised its spending forecast, heightening concerns about the company's debt and sounding a bubble warning affecting other artificial intelligence stocks such as Nvidia and AMD. However, Walt Disney Inc. rose following the announcement of a licensing agreement with OpenAI, which includes a $1 billion equity investment by the media giant in the AI company.
Yesterday, the markets gained momentum following the Fed's decisions (rates are now between 3,5% and 3,75%) and the words of Chairman Jerome Powell, despite some reading them as hawkish, in a market that remains divided. However, on Wednesday, the Russell 2000 index of smaller-cap stocks (now up 0,73%) recorded a record close, given that small businesses benefit most from lower ratesOn the macro front, sentiment is being driven today by weekly unemployment claims (as of December 5), which rose to 236.000, up from 192.000 the previous week and above expectations of 220.000. This surge suggests a possible slowdown in the labor market and sets the stage for the reports due out in the coming weeks.
The dollar weakens, the euro rises above 1,17. Silver hits a new record high.
On the foreign exchange market Fed moves and macro data are weighing down the dollar, which is losing ground against major currencies. The euro is appreciating by about half a percentage point and is currently trading at 1,1755. The greenback is also losing ground against the Swiss franc, on the day the Swiss central bank confirmed its monetary policy stance, leaving interest rates unchanged at 0%. The eurozone, however, is experiencing some resonance in the political crisis in Bulgaria just weeks before the country joins the single currency.
Among commodities, silver continues its triumphant march, having set a record high of $64,018 an ounce, trading at a previously unseen high of $63,790 (+4,52%). Gold, which had started with the handbrake on, is finding momentum in recent hours, with spot gold pricing at $4251,83 an ounce. Meanwhile, oil is experiencing further sell-offs: Texas crude, for January 2026 delivery, is down 1,93% and trading at $57,33 a barrel; Brent crude, for February 2026, is down nearly 2%, trading at $60,98 a barrel. Bitcoin falls back below $90 and is currently worth $89,425 (-2,99%9.
Piazza Affari: Banks strong, utilities weak
Among the blue chips of Piazza Affari Cucinelli, Campari +2,79%, Buzzi +2,75%, Interpump +2,71% are in the spotlight todayBanks, the main barometer of the stock market, are showing positive signs, starting with Unicredit +2,4%, Banco BPM +1,94%, and Intesa +1,6%. A trader, interviewed by Reuters, emphasized that the likelihood of a European rate hike next year is boosting the sector, as institutions would benefit from an increase in interest margins.
The black jersey of the day goes to Prysmian, which is among the groups most committed to the electrification of artificial intelligence and a leader in network construction. Leonardo continues its week of ups and downs, down 1,58%, while Stellantis falls 1,47% after Exane BNP Paribas downgraded its rating from neutral to underperform. Ferrari, on the other hand, appreciates, up 1,26%, with Exane upgrading to outperform from neutral. In a cautious but risk-sensitive environment, utilities are weak, particularly Snam, down 1,22%, and Terna, down 1,29%.
Generali falls 0,69%, while the FT reports that BPCE, parent company of Natixis, and the Trieste-based company are ready to end negotiations for an asset management alliance. The newspaper could announce the deal as soon as the next few hours. FT highlights how the operation would have needed the government's approval (in light of the Golden Power) and which had met with opposition from some of the Lion's main shareholders. Category A (+0,89%) and B (+1,44%) MFEs are outside the main basket, in light of Pier Silvio Berlusconi's indications regarding year-end expectations.
Spread below 70
Italian paper closed a very positive session, with the spread between the Italian and German 10-year bonds narrowing below 70 basis points (around 69%). with a decrease of 2,32% Compared to yesterday's close, the BTP rate also decreased, to 3,53%, versus the Bund's stable 2,85%.
