The international scenarios that only a few days ago had given a boost to risk appetite are worsening and today the European stock markets are closing in a scattered order while Wall Street moves weakly Mid-session. Investors are currently trying to navigate the maze of quarterly results and are blinded by macroeconomic news from the United States, still in shutdown. Consumer price data, eagerly awaited for its ability to gauge inflation, will arrive on Friday.
Meanwhile it seems to be Trump-Putin summit cancelled in Budapest and the meeting between the US and Chinese presidents in Korea seems to be in doubt. In this context Piazza Affari loses 1,03% (at 42.209 basis points) and is suffering more than others from the decline in banking stocks, while the Minister of Economy Giancarlo Giorgetti reiterates that the government plans to raise around 4 billion euros next year from banks and insurance companies through a package of measures included in the 2026 budget. In Milan even Unicredit shares are falling by 2,32%, on the day of record results.
The sector is little moved in the rest of the continent, with the exception of Barclays +4,31% The stock market celebrated its quarterly results in London, Europe's leading market, with a gain of 0,99%. This was driven by lower-than-expected inflation (3,8% versus 4%), which opens the door to monetary easing by the Bank of England.
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I'm almost Amsterdam (-0,06%) and Madrid (+0,09%) were flat, while Frankfurt and Paris fell by 0,72% and Paris by 0,63%. Among the stocks in focus for the results are Germany's Adidas (-2,89%) and France's Hermès (-2,93%). The latter also suffered from sales, although global demand for Birkin and Kelly bags continues. The growth in results, however, has not satisfied analysts.
In the American morning, Wall Street appears nervous and down (DJ -0,26%, S&P 500 -0,48%, Nasdaq -0,98%), waiting for Tesla (-1,95%) to lift the veil on its quarterly numbers this evening, before the so-called Magnificent Seven do so. Netflix loses almost 10%, after disappointing the market yesterday with its first nine months numbers
Gold is in the red, but remains at $4.000
The general picture is worsening, risk appetite is decreasing, but gold is not taking advantage of this this time, on the contrary it is falling sharply again today, even though it is safeguarding, at least for now, $4.000 an ounceThe December 2025 futures contract is currently trading at $4037,05 (-1,75%), while spot gold is dropping even further to $4019,34, a loss of 2,58%.
Instead, oil is raising its head again, which appreciates by more than 2% with both December 2025 contracts. Brent is worth $62,64 a barrel, while WTI is $58,64. The euro-dollar exchange market is calm, with the single currency at 1,16.
Piazza Affari, Diasorin and oil stocks perform well
On a bad day they moved Diasorin +2,61% and oil stocks buck the trendTenaris +2,04%, Saipem +1,31%, Eni +1,52%. Nexi +0,98% and asset management stocks performed well, starting with Banca Mediolanum +0,54%, while Leonardo (-0,63%) disappeared from the radar of the day's best blue chip performers, having started off at a high rate this morning on expectations of the announcement of its satellite joint venture with Airbus and Thales.
The list of the biggest losses opens with Popolare di Sondrio -4,34%, after yesterday's rally and in a banking sector that sees Bper -3,07%, Unicredit, Banco Bpm -1,27% in losses. Tech companies are also suffering On the Milan stock exchange, STM fell 4,03% and Prysmian fell 2,8%, following Texas Instruments' results (-5,5% on the Nasdaq) released yesterday evening, with revenue and profit forecasts falling short of market estimates for the fourth quarter. Equita commented: "The results are slightly better than expected in terms of revenue, but with lower margins."
Le sales on luxury stocks, spread across Europe, did not spare Milanese stocks in the sector: Moncler -2,51% and Cucinelli -2,57%. The automotive sector performed poorly, with Stelantis -2,07% and Ferrari -1,31%.
The spread is stable
While the debate is ongoing on the maneuver adjustments, the secondary market remains stable: the spread between 10-year BTPs and Bunds of the same duration remains at 79 basis points, in a context of yields stuck at the levels of the day before (BTPs +3,35% and Bunds +2,57%).
