The US-China trade war is less scary, but today's rebound on Wall Street is only partially affecting European markets, which closed the first session of the week with cautious gains. On other markets, silver and gold update their record pricesOil recovers while the dollar outperforms other currencies. Piazza Affari rose 0,29% to 42.167 basis points, divided between buying on Stm (up 3,23%), Buzzi (up 3,1%), Stellantis (up 2,72%), Interpump (up 2,65%) and selling on Ferrari (down 4,13%), Diasorin (down 1,11%), Hera (down 0,72%), and Snam (down 0,54%). The winds of peace in Gaza also suggest caution on Leonardo (down 0,19%).
In the rest of the continent, Paris is moderately positive, +0,21%, while we wait to see what luck it will have. the second government of Sébastien LecornuFrankfurt is up 0,53%, Madrid 0,33%, and London 0,15%, but Amsterdam is the clear winner, up 1,21%, boosted by a stronger presence in technology stocks and a surge in US indices. Speaking of the tech sector, The Dutch government intends to take control of Nexperia, which makes computer chips for the automotive and consumer electronics industries, due to concerns about the possible transfer of crucial technologies to its Chinese parent company, Wingtech.
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Relations with Beijing remain a focus of investors on both sides of the Atlantic. On Friday, stock markets plummeted following heated remarks by US President Donald Trump, who threatened 100% tariffs on China starting November 1. However, over the weekend the tone toned down. The Middle East is also being considered, with Hamas's release of the 20 Israeli hostages still alive and Israel's release of Palestinian prisoners. This morning, Trump was hailed by the Jerusalem parliament, while in the afternoon he flew to Sharm el-Sheikh to sign the peace agreement with numerous world leaders, including Meloni, without Israeli Prime Minister Benjamin Netanyahu in attendance.
Wall Street rebounds sharply; bond markets close
In the American morning, Wall Street is travelling in a strong recovery, after the losses of the last session of last week, while the bond market is closed for the Columbus Day holidayIn stocks, the DJ is currently up 1,33%, the S&P 500 is up 1,5%, and the Nasdaq is up 1,96%. There's a clear return to buying in big tech, in the hope that US-China relations will clear up, so much so that US Treasury Secretary Scott Bessent sees a meeting between Xi Jinping and Donald Trump in South Korea, scheduled for the end of October, as "still possible."
Stock markets are rebounding on the eve of earnings season, which kicks off tomorrow with the big banks. This week, Washington is also hosting earnings calls. the IMF and World Bank meetings, where speeches are scheduled by Jerome Powell, Chairman of the Federal Reserve (tomorrow) and Christine Lagarde, President of the European Central Bank (Thursday).
Gold and silver in rally
The gold rally restarts today, which is now trading around $4100 an ounce, at new highs and up 2%. The December 2025 futures contract is even above that threshold at $4120,42 an ounce (after touching $4124,10). Spot gold is trading not far from that mark, at $4099,93 (after touching $4103,84). Silver is also moving to record highs: the December contract is trading at $50,430 an ounce, up 6,74%.
According to some analysts, the debt levels in major regions like the United States, Japan, and Europe are causing concern, a situation that also favors the purchase of bitcoin. Oil is attempting a timid recovery, with Texas crude currently failing to break above $60 a barrel ($59,93, up 1,75%); Brent crude is at $63,67, up 1,5%. The dollar is leading the way on the currency market and the euro is trading down 0,5%, at 1,156.
Piazza Affari uncertain with mixed banks
The session of Piazza Affari was marked by uncertaintyDespite a timid rise in banks, led by MPS (up 1,44%) and Intesa (up 0,92%). The leading stock exchange, STM, is in line with the global chip sector. Buzzi continues to gain traction, amid a favorable trend for cement stocks, given the potential for participation in the Gaza reconstruction effort. Cementir, however, is down 5,79%. Among the day's biggest gainers on the FTSE MIB are Telecom Italia shares, up 2%, benefiting from a positive rating from Kepler.
Meanwhile, Reuters reports that four sources familiar with the situation have informed it that the U.S. investment firm KKR is at loggerheads with the Meloni government. Last year Kkr and the Italian Treasury have reached a 19 billion euro agreement euros to acquire fixed-line operator FiberCop from Telecom Italia. The transaction helped TIM reduce its debt by 14 billion euros, but current tensions surround Rome's push for a merger between FiberCop and its smaller rival, Open Fiber, controlled by Cassa Depositi e Prestiti (CDP) and Australia's Macquarie.
Many industrial stocks are being boosted by the more conciliatory tone between the US and China on tariffs. Stellantis, Interpump, and Cucinelli are particularly strong, up 1,83%. The opposite trend is for Ferrari, which records a new flop Following last week's "capital markets" day, when the company released its 2030 estimates, which analysts said were disappointing. Citi also cut its target price for the stock to €340.
Declining spreads and rates
The political easing across the Alps is also helping Italian bonds today, with the spread falling to 83 basis points amid falling interest rates. The 10-year BTP is closing at 3,46%, while the 10-year Bund is closing at 2,63%. Friday S&P affirmed the rating BBB+, with a stable outlook, on the Belpaese, while on the regional elections front there is a confirmation of President Eugenio Giani in Tuscany, the center-left candidate. There's also been a cautious recovery in confidence in French bonds: the spread with the Bund drops to 83 basis points, and the yield on the 10-year OAT also aligns with the BTP, at 3,47%.
