September has started in the name of volatility And today, the first day of the month in which Wall Street is also open – after the long Labor Day weekend – the financial markets sky is tinged with red: on both sides of the Atlantic, stocks are falling, government bond prices are collapsing, and yields are rising. Gold is celebrating, having significantly surpassed $3500 an ounce for the first time. European stock markets are closing a negative session, while government bonds are falling, dragged down by French and British government bonds, which, on their 1,4-year maturities, have hit yields they haven't seen in decades. Wall Street continues in the red, with the Nasdaq down XNUMX%.
Piazza Affari loses 1,61% and fell below the 42 basis point threshold (to 41.727), with nearly all blue chips in the red, starting with Leonardo (-3,93%) and banks. Only Ferrari (+1,9%) and Buzzi (+0,27%) were able to survive. Among the rest of European stock markets, Frankfurt lost 2,19%, Madrid 1,49%, and Amsterdam 1,38%. London (-0,91%) and Paris (-0,7%) limited the damage, although they experienced some terrifying debt pressures.
Tensions over British and French debt. Spreads are rising.
In Great Britain, the yield on 5,7-year bonds briefly soared to 27%, hitting a XNUMX-year high and higher than any other eurozone country. The source of the unrest is reportedly the government's actions announced by Prime Minister Keir Starmer, specifically the creation of the task force in Downing Street to oversee the economy, a move that undermines Chancellor of the Exchequer Rachel Reeves. It also caused the pound to plummet, which today lost more than 1% against the dollar, in a day of recovery for the greenback.
On the other hand the France, in these weeks, is defined “the sick man of Europe” And amid growing political uncertainty, with a vote of confidence looming over the government (September 8), French government bonds are also experiencing a heated exchange rate. Today, the 30-year bond yield surpassed 4,5%, a level it hadn't crossed since November 2011, when the eurozone sovereign debt crisis was raging.
Risk aversion and the heavy bond sell-off However, it also penalized Italian paper on the secondary market. The benchmark 92-year BTP saw its spread widen to 3,2 basis points (+3,71%) with its German counterpart, while yields rose to 2,79% and XNUMX%, respectively.
Dollar recovers
In this context the dollar appears to be recovering against a basket of currencies. The euro is trading below 1,17, down approximately 0,5%. Eurostat's flash estimate of August inflation also contributed to the day's price swing, forecast to stand at 2,1%, up from 2% in July. Among the region's major economies, Italy has an estimated inflation rate of 1,7%; Germany 2,1%; France 0,8%; and Spain 2,7%.
On the other hand, expectations for a 25 basis point rate cut by the Fed at its September meeting are now around 90%, according to the CME Group's FedWatch tool. Investors' dovish stance followed disappointing employment data in July, with the US central bank president, Jerome Powell who, at the Jackson Hole symposium, acknowledged the growing risks to the labor market, helping the S&P 500 and the Dow record their fourth consecutive month of gains in August.
September is traditionally a negative month for the US stock market, which today seems to confirm this tradition, while in the background there remain concerns about the legal disputes underway by the White House, with the Fed on one side and tariffs on the other, after a federal appeals court ruled most of the tariffs imposed by President Donald Trump were illegal, and he plans to appeal to the U.S. Supreme Court.
Gold updates record high, oil rises
On a dark and stormy day, gold stands out, attracting a wave of buying and becoming increasingly expensive, updating its record above $3500 an ounce. After touching a high of $3513,68, spot gold is currently trading at dollars 3511,18, up 1%. The December 2025 futures contract pushes further, reaching $3575,70, up 1,7%.
Even black gold is progressing today and sees contracts of Brent and WTI gain sharplyNorth Sea oil (November 2025) rose 0,94% to $68,79 a barrel, while Texas crude (October 2025) appreciated 1,92% to $65,24.
Piazza Affari in reverse with STM, Leonardo and banks
The reverse gear of Piazza Affari starts from Leonardo, penalized by profit-taking after yet another rally yesterday. On this "bad" day, Stm fell 3,92% in a tech world often at the mercy of doubts coming from overseas. The mood also darkens for Interpump (-3,2%) and financial stocks. In particular, Popolare di Sondrio (-3,74%) and Finecobank (-3,12%) fell.
They follow the general trend Mps -3,01% and Mediobanca -2,85%, after Siena has relaunched its offer on Piazzetta Cuccia, also offering a cash component of €0,90 for each share tendered, a move that bridges the gap between the takeover bid and the market price. The goal is to acquire at least 35% of the capital, a crucial milestone for the validity of what has now become a public purchase and exchange offer. Meanwhile, today, in addition to the already announced subscriptions, the following has been added: Tortora family, a prominent name in the Piazzetta Cuccia shareholders' agreement. Press sources report that Pierluigi Tortora, with his holding company PLT, has contributed all 9,5 million shares held by the family, which translates to approximately 1,1% of Mediobanca's total capital. Mediobanca's board of directors will meet on Thursday to update its assessment of MPS's offer in light of the relaunch. Reuters and Radiocor report this, citing financial sources.
Out of the main basket Fincantieri retreats, -3,88%, which yesterday, during the session, reached its historical highs. The shipbuilding company announces that it has signed a Memorandum of Understanding (MoU) with Polska Grupa Zbrojeniowa (PGZ) to support the modernization process of the Polish Navy, with particular attention to the program of acquisition of the Orka submarinesUnder the agreement, Fincantieri and Poland's leading state-owned defense industrial group will explore joint opportunities in the design, construction, and lifecycle operational support of advanced naval platforms, including submarines.
