European stock exchanges buoyant despite the absence of Wall Street, closed for Presidents' Day. Leading the caravan of increases are Frankfurt and Milan, driven by Defense stocks, while we wait to see what will come out of the informal summit called by the French president Emmanuel Macron to decide how to proceed on Ukraine after the moves of the Trump administration. According to rumors, before the start of the summit, Macron had a telephone conversation with the tenant of the White House, while the Ukrainian president Volodymyr Zelensky He said his country will not take part in the talks between the United States and Russia to end the war and will not accept the outcome of the negotiations if Ukraine does not participate.
European defense stocks soar
In this context, the European index of aerospace and defense sector jumps 3,8% to a new record, dragging European stock markets higher. Since Russia's invasion of Ukraine three years ago, the value of the index has more than doubled. While the United States continues to ask the region to increase military spending on security, a position also supported today by NATO Secretary General Mark Rutte, the proposal by the President of the European Commission is pushing the sector higher in today's session Ursula von der Leyen to exempt the defence sector from EU limits on public spending.
The European Commission is working on the “modalities and details” of the proposal to activate the suspension clause of the Stability and Growth Pact with regard to defense spending by European Union countries. More details on this front will be provided “in the coming days or weeks,” European Commissioner for Economy Valdis Dombrovskis said in the afternoon.
In this context, the British stock shines on European stocks Bae Systems with a +8,96%, Hensoldt with +16,98% and Color which jumps by 15,5%. In Paris Thales gains 7,5%, while in Frankfurt the arms manufacturer Rheinmetall advances by more than 13%. In Milan it runs Leonardo (+8,14%), closely followed by Avio (+ 5,66%).
European stocks rise without Wall Street
With Wall Street closed, it is defense that is supporting trading on the continental markets. Frankfurt is the best, with a rise of 1,26% followed closely by Milan. At the end of the day, the Ftse Mib gained 0,92%, returning impetuously above 38.000 points and to its highest level since the beginning of 2008 thanks to Leonardo's exploit and the rush by banks to play the game of risk.
The other price lists are positive, but more backward: Madrid closes at +0,55% Paris 0,23% salt, Amsterdam of 0,22%. Also on the rise London which at the end of the session marked +0,41%.
In Milan, eyes also on Tim and banks
The performance of the Milan stock exchange is not only driven by Leonardo's rally, but also by the excitement surrounding the banking risk game, with the stocks involved under the spotlight: Unipol (+ 4,23%), Bper (+ 3,4%), Pop Sondrio (+2,4%). Purchases on Unicredit (+1,63%), after the bank released a note in which it announced that the increase in the price of the takeover bid on Anima (+0,07%) by Bpm bank (+0,58%) could lead to the ineffectiveness or termination of the Piazza Gae Aulenti offer. Outside of the risk zone it is also positive (+1,6%) Intesa San Paolo.
It closes in negative territory (-0,65%) Telecom Italy, after it was decided over the weekend that Poste Italiane (+0,88%), will take over the 9,8% share of the company held by Cdp, to which it will instead cede 3,78% of nexi (+ 1,38%)
Worst title of the session is still in Interpump (-3,14%), after Friday's 15% drop. Profit taking on Moncler (-2,55%), which on Thursday had risen by more than 10% following the publication of the 2024 accounts which beat analysts' expectations.
Btp Più: demand for 5,6 billion
Great debut for the Btp Plus, on the first day of placement: demand exceeded 5,6 billion euros. 160.734 contracts were signed, for an average value of 34.866 euros. For comparison, the average number of requests for the four placements of the Btp Valore on the first day was 5,09 billion euros, with a peak of 6,44 billion euros for the BTP Valore May 2030.
It is travelling down at 106 basis points. spread (was at 109 on Friday), with the yield on the benchmark Italian 3,54-year BTP at 3,51% from XNUMX% at the previous closing
Euro/dollar stable, gold still runs
The US bond market is also closed today for Presidents' Day, while the dollar continues to trade on international markets. In this context, theeuro is trading at $1,0468, after hitting a 1,051-day high of $XNUMX last week.
The situation is also substantially stable. Petroleum, with WTI at 70,8 dollars a barrel (+0,08%) and European Bretn at 74,69 dollars (-0,07%).
Keep running l'gold, with the spot contract at $2.900 an ounce and the futures contract targeting $3.000.
