Stock markets: tech stocks stage a comeback. Milan up 1.3 per cent, buoyed by a surge in ST shares and quarterly results. Wall Street up 1.2 per cent
Oil prices are volatile as all eyes are on the Middle East. On the Milan Stock Exchange, Campari shares are also seeing buying interest following its results, whilst Stellantis shares are down
Le ultime da Radiocor
Risparmio: Camilli, per manovra 2027 proposte per convogliarlo verso imprese
Auto: Mit, esenzione bollo interessa 24,6 milioni di italiani
Borsa: premia l'indipendenza Fed dopo la stretta, Milano chiude a +0,8%
(Il Sole 24 Ore Radiocor) - European stock markets have closed firmly higher, thanks to a resurgence in chip buying following the turbulence the sector has experienced in recent weeks. Investors continue to monitor the tensions in the Middle East, which remain high, and the quarterly results season, which is now in full swing, in the wake of a Fed that offered no surprises (even if it is divided) and has postponed any rate rise until September. No news either from the BoE which, as expected, left interest rates unchanged.
Thus, Milan closed the session up 1.3 per cent; Paris up 0.92 per cent and Frankfurt up 0.45 per cent. The London stock market hit a new intraday high of 10,981 points, coming within a hair’s breadth of reaching the 11,000-point mark for the first time.
Wall Street rises, driven by chip stocks
Wall Street rebounded and ended the session with solid gains, buoyed in part by falling oil prices despite the uncertainties in the Middle East: the Dow Jones rose by 1.19 per cent to 52,208.06, whilst the Nasdaq jumped by 2.78 per cent to 25,122.18. Finally, the S&P 500 rose by 1.66 per cent to 7,437.63 points.
The US stock market was buoyed by shares in Microsoft Corp, up by almost 10 per cent following better-than-expected quarterly results, and the semiconductor sector, which benefited directly from Microsoft’s results. By contrast, shares in Meta Platforms is down in pre-market trading, after the company published disappointing revenue forecasts and a 91 per cent drop in free cash flow for the second quarter. On the macroeconomic front, it is worth noting that the number of workers claiming unemployment benefits for the first time rose by 9,000 in the week ending 25 July, to 197,000 (against expectations of 200,000). In the second quarter, GDP grew at an annualised rate of 1.5%; theconsensus among economists surveyed by FactSet had forecast growth of 1.8%. Still on the macroeconomic front, the PCE figure, the Federal Reserve’s preferred measure of inflation, fell by 0.1% in June compared with the previous month, in line with expectations. In June, PCE inflation recorded a monthly fall of 0.1%. This was the first decline since April 2020. Returning to the quarterly figures, which are due to be released by Amazon and Apple after markets close.
St surges in Milan, Stellantis falls after results
The undisputed star of the Milan Stock Exchange was St, which closed the session up 6.35 per cent, buoyed by the chip sector. Azimut performed well (+3.92%) on the back of its results and an upward revision to its year-end fund-raising target; and Prysmian (+4.49%), with the market reacting positively to its record results and the upward revision of its targets. Stellantis (-4.3%) slipped to the bottom of the list despite its results showing a return to profit. Also in the red were Amplifon (-3.11%) and Diasorin (-2.68%). Outside the main index, Webuild (+2.7%) is under observation following its results and the announcement of the takeover bid for Trevi (+8.26%).
