Gold slows down, the dollar is recovering slightly, but the balls are almost at a standstill on the stock markets today, ahead of the Fed's decisions, expected at 20 pm Italian time. European stock markets closed with little change Wall Street is moving in disarray, but in the sleepy landscape, Piazza Affari stands out negatively. The FTSE MIB is losing 1,29%, breaking below the 42 basis point threshold (41.954), after reaching 43 just a few days ago. The banking sector is weighing heavily, with investors eager to cash in on a sector that has gained approximately 50% since the beginning of the year, driven by various attempts—more or less successful—at consolidation in the sector. Also weighing heavily is the fear that the next budget will include a delay in the possibility of converting deferred tax assets (DTAs) into tax credits.
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The other major European markets closed in mixed order: Frankfurt rose 0,22%, London +0,16%, Amsterdam +0,36%. Madrid lost 0,11%, and Paris 0,4%. Across the Atlantic, the situation is volatile: the DJ is currently up 0,65%, the S&P 500 is down 0,13%, and the Nasdaq is down 0,54%. Among the mega tech companies, Nvidia is suffering., -2,8%, as, according to the FT, Beijing has blocked orders The US AI microchip giant is also gaining traction with Chinese companies. Alibaba, on the other hand, is booming (+3,4%), after Chinese media reported that it had secured a major customer for its AI chips.
Sentiment will be largely in the hands of the US central bank in the coming hours, following its two-day monetary policy meeting. An interest rate cut of 25 points The base rate seems a given (the benchmark rate would fall to the 4-4,25% range), but more aggressive action is not ruled out, and according to CME Group's FedWatch, there's a 6% chance of a deeper cut. The speech by Fed Chair Jerome Powell will be particularly monitored, as if he remains extremely cautious, it could deal a serious blow to risk appetite (also given the record highs in stocks) and the aspirations of US President Donald Trump. Meanwhile, Trump is in London to sign a series of valuable agreements on artificial intelligence with Prime Minister Starmer, whom he will meet tomorrow, while today he was received with full honors by King Charles III.
Dollar recovers slightly, but pound holds firm amid high inflation
On the currency market, the dollar appears to be slightly recovering against major currencies today. The euro, which yesterday reached a four-year high, is down about 0,15%, but holds firmly above 1,185 The pound remains in positive territory against the greenback, amid expectations that the British central bank will not raise interest rates tomorrow, given the high level of inflation in the United Kingdom: in August, the annual rate remained stable at 3,8%, the highest level among European economies.
Among the raw materials gold takes a breath, after hitting yet another record high (at $3700) yesterday. Spot gold is currently trading at $3684,81 an ounce, down 0,15% from yesterday's close. Oil is also down slightly: Texas crude is trading at $64,28 a barrel (-0,37%) and Brent crude is at $68,22 a barrel (-0,37%).
Piazza Affari crashes with Unicredit, Leonardo, and Ferrari
A difficult Wednesday ends today in Piazza Affari, which saw sharp declines for a large number of blue-chip stocks. The worst is Unicredit, -3,59%, on the day CEO Andrea Orcel said that in Italy the bank will have to grow without M&A, while in Germany he hopes the government "sees the light." He was referring to the two takeover attempts by the institution: Banco BPM (-1,41%) and Commerzbank (-2,76% in Frankfurt). In the banking sector, Bper (-1,32%), Intesa (-1,31%), MPS (-1,38%), and Mediobanca (-1,12%) also suffered.
Among the biggest drops of the day there are then Leonardo -2,52% Classic Ferrari for sale -2,56% and Tenaris -2,21%. The oil service stock is penalized by the cut in its rating to 'neutral' from 'overweight' by Piper Sandler which cites, among the factors behind the new rating, the stabilization of prices in the sector in recent months and the political risk in Argentina, where the group is particularly exposed. Among the big caps with the greatest gains are Nexi +1,89%, Telecom Italia +1,58%, and Stellantis +1,2%. Diasorin performed well, up 0,92%, with UBS's 'buy' rating raising its target price to 98 from 95 euros.
Generali is not particularly shocked (+0,06%) following rumors from Il Sole 24 Ore, according to which the company had resumed discussions with Natixis regarding a major asset management alliance. Outside the main index, MFE-MEDIAFOREUROPE stocks (A -7,48% and B -6,07%) are in deep red, dragged down by their German subsidiary ProSiebenSat.1 (-2,21% in Frankfurt), which yesterday announced a downward revision to its 2025 forecasts.
Spreads up slightly
The secondary market remains little affected, where the spread between BTPs and Bunds, over the ten-year term, is around 82 basis points, with rates of 3,5% and 2,68% respectively.
