European stock markets found their best pace today in the final stages, after Wall Street's in-tune start and closed the session on the rise, also thanks to some quarterly results and cautious optimism about the evolution of US-China trade relations.
Piazza Affari appreciates by 1,12% and gained 42.374 basis points, supported by Tim (+5,76%) and Campari (+5,7%). Quarterly earnings and forecasts from Pernod Ricard (+3,79%) and Nestlé (+9,22%) contributed to the European and Milanese markets. Nestlé rose 1,67% on the Zurich stock exchange, with the market fully supporting new CEO Philipp Navratil's decision to cut 16 jobs worldwide, aiming to boost the multinational food company's growth.
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Paris did well, +1,38%, after the new Prime Minister Sebastien Lecornu survived unscathed two motions of no confidence, thanks in part to the decision to shelve the pension reform. Luxury stocks are rising again, following the previous day's rally led by LVMH. Essilux (+1,81%) is shining, among others, as it awaits its financial statements. Elsewhere in Europe, Frankfurt (+0,24%) and Madrid (+0,32%) are also seeing growth in the final rounds. Amsterdam (+0,4%) and London (+0,09%) are up.
The Athens stock exchange bucked the trend, losing more than 1,5%, while the Greek Parliament approve a bill which enables private sector employers to extend working hours up to 13 hours a day, compared to the current 8. A choice that is sparking protests and strikes across the country.
Wall Street, tech in focus
Wall Street is moving ahead in tune after the first hours of trading, supported by a start to the earnings season that is warming investors' hearts and wallets. scarcity of macro data And without giving too much weight to the ongoing shutdown, after the strong quarterly results of the major banks, the focus returns to tech stocks and in particular to AI, even if not a day goes by without someone warning about the risk of a bubble.
Nvidia rose 1,3%, Broadcom gained 1,7%, after Taiwan Semiconductor, which makes chips for Nvidia, raised its 2025 revenue guidance and reiterated its plan to spend up to $42 billion in capital expenditures by the end of the year. Taiwan Semiconductor reported a nearly 40% increase in third-quarter earnings. Salesforce shares jumped 7,5%, becoming the second-best performer on the S&P 500, after the software company announced better-than-expected long-term goals, forecasting revenue of over $60 billion by 2030. Arm (+1,5%) and Meta (+0,4%) reached a multi-year agreement on artificial intelligence.
Gold and silver, new records
Demand for gold and silver continues unabated, in a market that appears risk-averse but also concerned about protecting itself from overly bold moves, in a context in which Wall Street's VIX fear (or volatility) index has remained high. The bullion is available for immediate delivery. It is currently trading around $4272 an ounce. and the December 2025 futures are at $4289.
Silver is making its presence felt and setting a new record, rising above $53 an ounce, up more than 3%. Oil, however, appears to be failing to recover: Texas crude slips below $58 a barrel and Brent is trading at $61,44. On the currency market, the euro is slightly up on the dollar, for an exchange rate of 1,167.
Piazza Affari, banks doing well
It stands out in Piazza Affari today Telecom Italy, upgraded to "buy" by Deutsche Bank, which considers it an attractive investment, regardless of whether a consolidation process takes place. Campari is shining, in the wake of the rises in European food and beverage giants. The banks appear to be in good sync, while the government is busy drafting the budget and Forza Italia distances itself from a potential tax not agreed upon with the banks: "We will not vote on any tax on excess profits," it wrote in a statement.
Among all the best is Popolare di Sondrio Up 2,01%, but major stocks such as Intesa (+1,6%) – on which RBC initiated coverage with an outperform – and Unicredit (+0,89%) also performed well. MPS was timid, up 0,16%, despite Jefferies initiating coverage with a buy. Ferrari performed well, up 2,36%, and Stellantis (+2,27%). Among the utilities, A2A appreciated, up 2,41%. Profits weighed down Buzzi (-1,7%), which fell to the bottom of the list. Saipem, down 1,35%, Generali, down 1,09%, and Banca Mediolanum, down 0,88% all fell.
Declining spreads and rates
The Italian paper closes a session to be framed, with spreads and rates fallingThe yield spread between the 10-year Italian benchmark and its German counterpart has narrowed to 79 basis points (-2,71%), with the BTP rate slipping to 3,35% versus the Bund's 2,56%. This trend is being driven by Paris, which today saw the spread narrow to 77 basis points and the 10-year OAT rate at 3,33%.
