Uncertainty about Artificial Intelligence Returns and the one making it come back is the same company, Meta, which just two days ago had gained 9% following the announcement of a new activity for the commercialization of AI computing power, dragging the entire sector upwards. Now instead Mark Zuckerberg himself acknowledges shortcomings in the radical corporate restructuring: Wall Street is closed today for the Fourth of July holiday., so only on Monday will we have the markets' response on this issue. Meanwhile, investors' eyes continue to be focused on central banks following the cooling of the American labor market which it distances the possibility that the Fed might raise interest ratesAttention also shifts to the half-yearly reports, which come into full swing in July.
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The dollar sees its sharpest weekly decline since April.
In Europe, Milan rose 0,75%, Frankfurt 0,85%, Paris 0,4%, London 0,2%, and Amsterdam 1%. The euro continued its recovery against the US dollar, after returning to its year-old levels at the end of June: today, the European currency trades at 1,145. The dollar is on track for its sharpest weekly decline since AprilThe BTP Bund spread is stable at 77 basis points, with the yield on the benchmark 10-year BTP rising to around 3,70%. Speaking of government bonds, The 10-year US Treasury also remained stable at around 4,5%., after having risen dangerously to 5% in recent weeks.
Gold recovers towards $4.200 an ounce
This favors the Gold recovers, closing the week on the rise after four consecutive weeks of declineThe precious metal, which is approaching $4.200 an ounce, was again buoyed by weak US employment data, which reduced expectations of an interest rate hike by the Federal Reserve: according to CME FedWatch, the probability of a hike in September has fallen to 50%, from the 66% previously estimated. Silver rises by more than 2%, which today trades at 62 dollars an ounce, the value it had about ten days ago.
Oil prices remain stable, while air conditioning causes gas prices to soar.
Oil also stops its decline, stabilizing on the consolidated values of the last few days: WTI Crude Oil remains below the 70 mark at 69 dollars per barrel, while Brent crude surged above $72 a barrel todayThe value of European natural gas is significantly increasing, returning to its highest level in almost a month above 45 euros per megawatt hour, as the increase in consumption due to the heat wave has negated some of the benefits of reopening the Strait of Hormuz. Extreme heat continues to hit Europe, causing surge in electricity demand for air conditioning precisely in a phase characterised by low inventory levels.
At Piazza Affari, stocks bounce back in a mixed fashion, while Stellantis plunges.
Milan's FTSE MIB nears record high of 53.000 points thanks to a series of strong performances: Amplifon +4,7%, Lottomatica +4%, Saipem +3,6%, Prysmian +3%. However, it collapsed Stellantis -3,55%, penalized by the significant cut in its target price by EquitaDespite positive June registration data, analysts are downgrading their 2026 estimates. Luxury goods remain weak: Moncler -0,35%, Brunello Cucinelli -1%. The sector is weighed down by the flop of benchmark stocks in ParisEssilorLuxottica -1,8%, Kering -1,6%, L'Oréal -1,4%. Banks generally in the green: MPS +1,85%, Unicredit +0,1%. A2A purchases up 2% after the data center deal. In the STAR segment, after a nosedive a few trading sessions ago, Banca Ifis is attempting a laborious recovery, up 2,5%.
