Stock markets in Europe are mostly still maintaining an increase, even if they have slowed down the run that saw them set new records: at the top there are the indexes of Germany and Spain which have reached historic levels. Investors remain confident in the economic outlook despite growing geopolitical tensions, while the US raid and the capture of Venezuelan President Nicolas Maduro have not dampened the risk appetite of traders, who are rather waiting for economic data key from the United States to imagine a trajectory on Fed rates for 2026.
The pan-European Stoxx 600 index At mid-session it is still up about 0,1% at 602,9 points, the day after having surpassed for the first time the historic level of 600 points. Goldman Sachs has raised its 12-month European index forecast, now targeting to 625 points, citing stronger global growth, improving corporate profits and attractive valuations, implying an upside of 3,86% from the pan-European index's last close yesterday at 601,76.
Among the regional stock exchanges, the index Dax of Germany andSpanish Ibex they changed little at half-session after touching historical highs in the first negotiations, while the Ftse Mib of Milan is up 0,3%, paring some of its gains after reaching a new peak at 46.193,75 points. The London's Ftse 100 rises to a record level thanks to gains in the sectors energy and defense.
Worth noting about the Frankfurt DAX Adidas which lost up to 7,6% after Bank of America downgraded the stock, predicting a “significant slowdown” in growth in the sportswear sector.
The energy index recorded an increase of 1,2% and stood at levels never seen before from 2008. L'health index rose 1,4%, reaching its highest level since March last year. The pharmaceutical manufacturer Novo Nordisk posted earnings of 5,8% after the Danish company launched its anti-obesity pill Wegovy in the United States, after receiving the green light before Christmas from the FDA, intensifying competition with its rival Eli Lilly.
Attention was focused on a dense series of data published today. The growth of the Eurozone services sector has been revised downwards, although theindicator confirms growth of the European economy for the seventh consecutive month, according to the survey of corporate purchasing managers' expectations, conducted by Hamburg Commercial Bank for S&P Global. As regards the most important economies of the Euro Area, theItaly sees the services PMI fall to 51,5 points from the previous 55 points and below the preliminary of 54,2. The composite PMI is indicated at 50,3 from 53,8. Germany sees the services PMI rise to 52,7 points from a preliminary 52,6, but is down from 53,1 the previous month, with a composite PMI falling to 51,3 from 52,4. France records a deterioration in the services PMI to 50,1 points from 51,5 in the preliminary estimate and compared to 51,4,5 in the previous month, while the composite PMI falls to 50 from 50,4. France, consumer prices In December, they increased slightly less than expected, according to preliminary data. Data on theinflation in the German statesThis situation reinforces the idea that the European Central Bank may keep rates unchanged this year, excluding the possibility of an increase.
Diasorin, Stm, Saipem, and Italgas saw sharp gains at Piazza Affari.
Halfway through the session Ftse Mib rises by 0,3%together with Diasorin (+3,3%), StM (+2,6%), Saipem and Italgas. Lottomatica and Prysmian are down (-1,1%), Amplifon and Nexi (-0,9%).
Fastweb (-0,1%) refinanced its debt as part of the integration with Vodafone Italy, through a major maneuver worth over 9,3 billion euros: 4 billion converted into net equity, residual debt extended beyond 2030 and waiver of 79 million in 2025 interests by the parent company Swisscom, reports the Sole24OreRefinancing allows debt to be brought back to levels consistent with the sector.
A2A (+0,4%). The Italian Antitrust Authority has launched an investigation into the company, regarding possible competition violations in the provision of electric vehicle charging services. The company emphasizes "that it has acted in full compliance with the principles of transparency, fairness, and free competition" and offers "full cooperation in providing all the information necessary for any further investigation."
Eni (0,4%). Morgan Stanley has reduced its target to 16 euros. Sun 24 Hours reports that Eni's credit towards Venezuela would have exceeded 3 billion US dollars at the end of 2025, compared to the previous 2,3 billion dollars reported in the first half of 2025. Instead, the Financial Times he says it is Eni both the Spanish Repsol They are struggling to recover 6 billion from gas payments in Venezuela.
Generali (+0,2%) Announced the early redemption of its £350 million fixed/floating rate perpetual bonds, maturing in June 2026.
Leonardo (+0,8%). Bernstein raised the target price to 60 euros from 55 euros previously. The price, which reached the levels of October 2025, was driven by geopolitical tensions. The same reasons underpinned the rise in Fincantieri (+ 1,30%).
Pirelli (+2,56%). According to the Financial Times, The government, Pirelli, and their shareholders are seeking to terminate Sinochem's stake in the company. If no compromise is reached by January, the Meloni government's "last resort" would be to suspend the Chinese shareholder's voting rights by applying the golden power legislation.
Stellantis(-0,8%). In the fourth quarter, total sales in the US increased by +4% year-over-year. North America (US + Canada) saw a +2% increase.
Unicredit (+0,04%) – As expected, after receiving the ECB's approval, the bank exercised some derivatives, increasing its stake in Alpha Bank from 10% to just under 30%. UniCredit also announced that, following the second tranche of the 2024 share buyback program (along with the first tranche), it now holds 2,88% of its capital. UniCredit's interest in CBK has been confirmed.
Recordati (+1,35%) as part of the share buyback program launched on December 17, announced that it had purchased a total of 51.977 treasury shares from December 22 to 30, 2025, at a weighted average price of €48,5540. As of December 30, the Company held 4.769.267 treasury shares, equal to 2,281% of the share capital.
Il Italian bond market moves in positive territory, following the trend of core government bonds in the Eurozone. The yield on the ten-year BTP stands at 3,55%, down from 3,60% this morning. spread with the Bund remaining stable at around 69 basis points.
