Another cautious but positive session closed today for the European stock markets, only partially influenced by the weakness at the start of Wall Street and the risk of a shutdown in the United States. This event could push back the highly anticipated US jobs report scheduled for Friday, while the market is eager for confirmation from macroeconomic data on the Fed's expected rate cuts. In a still uncertain geopolitical context (the Gaza peace plan has not yet been agreed upon by all parties), Milan rose 0,4% (to 42.725 basis points), Frankfurt 0,32%, London 0,46%, Paris 0,19%, Amsterdam 0,11%, and Madrid 0,71%.
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The risk of a Washington government shutdown is holding back the dollar, worsening the burden of tariffs for countries affected by US tariffs. Today, US President Donald Trump announced 10% customs duties on wood and 25% on imported furniture. Gold hit new highs, then flattened to yesterday's levels. Oil prices continued to decline, weighed down by the possibility that OPEC+ might decide on further production increases on Sunday. Energy stocks fell in response. On the macro front, Inflation data is awaited in Europe coming out tomorrow, while today there were some light and dark previews in Italy, France and Germany.
Piazza Affari rises with Azimut
Piazza Affari took a small step forward today, but it puts aside a quarter of gains of nearly 7%. Leading the rise today is Azimut, up 4,04%, hitting new all-time highs thanks to a favorable report from Mediobanca, which maintained its 'Overweight' rating, but raised the target price to 40 euros, from the previous 35 euros per share. At the other end of the price spectrum is Piazzetta Cuccia, down 6,86% – in a mixed banking sector – with its parent company MPS down 0,76%.
Il Toto names for the top positions at Mediobanca Vittorio Grilli is the new president, with Francesco Pascuzzi, Riccardo Mulone, and Alessandro Melzi d'Eril vying for CEO. The sector's biggest banks are rebounding, with Unicredit (up 1,3%) and Intesa (up 1,04%).
Among the titles under the spotlight these days is BRUNELLO CUCINELLI, +2,04%, closing a volatile session in which selling ultimately prevailed. The stock has been on a rollercoaster ride in recent sessions. due to a report by Morpheus Research, which has assumed a bearish position, accusing the Umbrian company of sales in Russia, despite the sanctions. The company has thus decided to bring forward the release of its preliminary third-quarter results to tomorrow, also to further address the accusations. The stock had again fallen in the red this morning due to the news, emerging from Consob communications, that the Helikon fund has short positions on the shares amounting to 0,61% of the capital. Bernstein, however, raised its rating to Outperform, with a target of €119.
Prysmian is doing well, up 1,08%., after being selected as the preferred bidder for the Eastern Green Link 4 project, a high-voltage cable connection between Scotland and England estimated at approximately €2 billion. Utilities were up 2,16%. Among the worst performing blue chips of the day were oil stocks, reflecting the decline in crude oil: Saipem -3,56%, Eni -1,43%, Tanaris -0,59%.
Amplifon fell 2,02% today, while Stellantis fell 1,56%. in a weak automotive sector at European level and while the Agnelli-Elkann legal saga is enriched by a new chapter and a secret will from lawyer Gianni Agnelli.
Spread slightly improving
The secondary market also closed an improving session, with the spread between ten-year BTPs and Bunds drops slightly to 85 basis points and rates of 3,56% and 2,71%, respectively. The climate appears stable, ahead of the European inflation data, which were previewed today with the preliminary September estimates from Italy, France, and Germany. In Italy, the monthly change is negative, -0,2%, and the annual change is stable at +1,6%. In France, the year-on-year increase accelerated to 1,2% (from 0,9% in August), but with a monthly negative figure of 1%.
In Germany they rise to 2,4%, slightly above the ECB target. Eurotower President Christine Lagarde said, however, that with interest rates at 2%, the ECB "has the margins to respond if inflation risks were to change or if new shocks were to emerge." The central bank's head also called on the bloc's countries to accelerate a European reform process, along the lines indicated in the reports by Mario Draghi and Enrico Letta.
Oil down
Oil is losing ground today: Brent crude, December 2025, is trading at $65,97 a barrel, down 1,67%, while the November contract for Texas crude is down 1,73% to $62,35. Gold is still shining, although spot gold prices are currently flat at yesterday's levels. $3833,33 an ounce, after hitting a new record high of $3871,72. On the foreign exchange market, the euro-dollar exchange rate is little changed, with the cross trading around $1,173.
