European stock markets closed the last session of the week in the red, reflecting the earthquake that has hit Wall Street in recent days. Among the reasons for risk aversion is uncertainty about what the Fed will do in December (Bets on a further cut are now at 50%, and the risk of an artificial intelligence bubble is high. The Milan stock exchange fell 1,7% (43.994 basis points), the worst performer in Europe, after opening the week strongly, reaching the 45-point mark, and defending itself like a lion until yesterday. Bank stocks weighed on the Milan stock exchange, although Azimut recovered 3,5% after the previous day's losses. Elsewhere in the continent, Frankfurt fell 0,7%, London fell 1,11%, Paris 0,76%, Amsterdam 1,36%, and Madrid 1,59%.
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Wall Street: Tech stocks are back in the swing
Meanwhile, overseas, the US stock market, after a scary start, is recovering sharply and moving in a mixed fashion (DJ -0,37%; S&P 500 +0,27%). The Nasdaq is leading the way, +0,69%, which is also on track to close out its second consecutive week of decline. The risk of a bubble in artificial intelligence still looms large over the market, but the prospect of Nvidia's quarterly results (+1,75%) due in the next few days is adding a bit of excitement to trading and perhaps suggesting it's worth keeping bets on the sector high.
Dollar slightly recovers
On the foreign exchange market, the dollar appears to be recovering slightly. The euro is still trading above 1,16, but is down about 0,15%. Recent statements from Fed bankers are raising many doubts about a further rate cut by the US central bank in December. It's now a 50-50 bet, and in the meantime, the greenback is recovering, and T-bond prices also appear to be rising.
Among commodities, gold and silver are falling after recent gains. Spot gold, in particular, is down about 2%, to $4089,82 an ounce. Oil bounces, a week after the balance sheet was in the red. Texas crude is trading above $60 and Brent is at $64,44 a barrel.
Piazza Affari, banks at the bottom of the list
Bank stocks are currently the anti-heroes of the FTSE MIB: Unicredit -4,45%, Bper -3,81%, Popolare di Sondrio -3,55%, Banco Bpm -3,27%, Intesa -3,09%. In the sector Mediobanca stands out in positions +0,57%.
The pink jersey of the day goes to managed savings, with Azimuth, which rebounded by ensuring that the TNB project would receive approval within the first half of the year, following concerns raised by the Bank of Italy that had fueled uncertainty about the timing of the spin-off of a new-generation wealth management bank. Recordati rose by 1,34%, Terna by 1,03%, and Snam by 0,67%.
Enel closes with progress of 0,26%, after a turbo start. The driving force was the quarterly accounts, released last night, and the stock rose this morning to new all-time highs of 9,11 euros, before falling. In a statement, Barclays reported better-than-expected results, appreciating the increase in its full-year net profit guidance.
Spread rising with rates
The spread widens and interest rates rise: the session is also in the red for Italian paper, which sees the differential with the German 10-year bond. widen slightly to 75 basis points, with rates for the BTP of 3,46% and for the Bund of 2,72%.
