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Stock Market Closes October 8: New Nvidia Jump Pushes Nasdaq Up But Milan and Europe in Red

China sends luxury into the red, especially in France. Oil companies suffer from the drop in crude oil prices. Banks mitigate losses on Piazza Affari. Nasdaq is effervescent

Stock Market Closes October 8: New Nvidia Jump Pushes Nasdaq Up But Milan and Europe in Red

Il oil crash (-5%) weighs today on European lists, which close in drop after suffering the advance of the trade war with China in the morning. It is trying to rebound instead Wall Street, positive at the end of the morning.

Square Business loses 0,24%, with oil stocks at the bottom of the list, while Campari falls 1,66% after Beijing announces new provisional anti-dumping measures on imports of European brandy as a first response to the green light from Brussels to import duties on electric cars from the dragon. This choice adds to the disappointment for the lack of announcement of new stimuli. A silence that cost Hong Kong its worst session in 16 years (-9,41%).

The big oil majors weigh on the market London -1,37% and luxury makes the Paris stock exchange blush -0,72%. Frankfurt limits losses to 0,11% on an encouraging day for macro data from the main EU economy. German industrial production rose 2,9% in August after falling in July and against an estimate of +0,8%.

Wall Street Tones With Tech; Nobel Prize in Physics Goes to AI Pioneers

Wall Street moves upwards at the end of the morning, with the Nasdaq up 1,2% as confidence in AI rises, with the Nobel Prize rewarding the fathers of this new technology. The tech sector is buoyant, despite the US 4-year rate remaining above 0,25%, in the perspective that the Fed will be more cautious in cutting rates (today it is leaning towards XNUMX in November).

Salt Nvidia, +3,74%, on the day the Stockholm Academy decided to award the Nobel Prize in Physics to two pioneers of theartificial intelligence, John Hopfield e Geoffrey E.Hinton that paved the way for the creation of neural networks and laid the foundations for machine learning and AI. British Hinton regretted his steps in this direction a few years ago, resigned from Google and issued a warning about the “too many dangers” of the new technology.

Oil price drops by 5%

Oil has recovered some lost ground in this period, driven by risk of escalation in the Middle East and the possibility that Israel would hit Iranian sites. Today, however, demand concerns, due to China's silence on new economic stimulus, are compounded by supply concerns, as the possibility of a ceasefire between Israel and Hezbollah is gaining traction and the likelihood that Hurricane Milton will not hit any of the major production areas in the Gulf of Mexico is rising.

Brent and WTI futures are down about 5%. Petroleum North Sea crude is moving away from the recently regained $80 threshold and is trading below $77 a barrel.

Weakness grazes thegold, which loses about 1,1% in the spot version, for a price of 2611,5 dollars an ounce.

On the foreign exchange market the dollar remains awaiting further news in the macro sphere, given that the minutes of the last Fed meeting (when the cost of money was cut by 50 basis points) will be published this week and the data on US inflation will be released.

The latest US employment report, with jobs created well above expectations, has dampened expectations of a central bank in the field to support the economy. Instead, it is assumed that the economy will remain solid and that inflation may pick up, complicating Jerome Powell's job.

THEeuro-dollar It is flat in the 1,097 area and the greenback appears little moved even against the yen and the pound.

Piazza Affari, holds with Mps and Italgas

Piazza Affari holds up today with purchases on Ps +2,4%, in view of the further privatization of the Treasury. Investors are also buzzing around Bper +1,03% and Unipol +0,56%, possible candidates to play a role in this game, despite numerous denials.

In the banking sector, the big ones are slightly negative, Understanding -0,45% and Unicredit -0,42%.

Among the best blue chips stands out Italgas, +3,31%, which yesterday presented the new strategic plan to 2030, with investments expected for 15,6 billion.

The healthcare sector remains in focus with Diasorin +1,81% and Amplifon +1,79%, while the realizations weigh on Recordati -1,7%, well bought in recent days after the announcement of the purchase of the rights to a drug for a rare disease.

The automotive sector is contrasting: Ferrari rises +1,68%, while it falls stellantis -1,85%.

Luxury darkens with Moncler -1,38%, while oil stocks are the worst, Saipem -2,48% Eni -2,14% Tenaris -2,04%.

Spreads down

Lo spread falls slightly and near the close it is indicated at 130 basis points (-1,06%), with rates little moved. The ten-year BTP is at 3,55%; the Bund of the same duration at 2,25%.

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