Record-breaking EU stock exchanges dragged by banks, pending Nvidia. In Milan (+1.1%) the Mps-Mediobanca duo runs

(Il Sole 24 Ore Radiocor) - A record session for the European stock exchanges, which consolidated the upward trend supported by purchases in commodities and the banking sector, with the Eurostoxx600 continuing to update the historical record (the last one five days ago) at 633.48 points (+0.69%). The Milan Ftse Mib thus ended trading up 1.11% at 47,170.44 points, at the highest level since the end of 2000, as investors await the release of Nvidia's quarterly report after Wall Street closes. The artificial intelligence giant, considered the true 'thermometer' of demand for the sector, "must demonstrate that demand for chips is set to remain solid enough to justify the enthusiasm of recent years and the sector's high valuations," note analysts at Bnp Paribas. 'A set of positive results may not be enough,' they explain, 'the goal is to surprise, to revive the technology sector and push the stock to new highs'. Meanwhile, on Wall Street, tech stocks look set to consolidate their eve's gains, while in the Old Continent the market is also rewarding the sector, with the sector's Euro Stoxx 600 up 2.66%.

Positive closes, therefore, also for the CAC 40 in Paris, the DAX 40 in Frankfurt, the IBEX 35 in Madrid, the AEX of Amsterdam and the FT-SE 100 of London.

Wall Street closed positive. The Dow Jones rose 0.63 per cent to 49,482.27 points, the Nasdaq advanced 1.26 per cent to 23,152.08 points, and the S&P 500 advanced 0.81 per cent to 6,946.19 points. Wall Street was buoyed by Nvidia and Oracle, with the techs looking to consolidate yesterday's gains ahead of the release of the earnings report, due after market close, along with results from software giant Salesforce. The report by Nvidia comes at a time when investors are recalibrating the high valuations of tech stocks and are increasingly sceptical about high investment in artificial intelligence. Oracle, another player in the artificial intelligence sector, gains 2.5 per cent and leads the ongoing rebound in software stocks, after the stock was revalued by Oppenheimer, which sees a 'favourable' risk-return profile, in the wake of its recent decline. At the same time, investors are keeping an eye on the tensions between the US and Iran and uncertainties over tariffs this week.

On European equities, the upward revision of the targets of the British giant Hsbc has driven the brilliant performance of the banking sector on the various financial markets. Milan is no exception: the 'pink jersey' goes to Mediobanca (+4.58%) followed by Mps (+4.27%), while the focus is on the board of directors that will have to decide on the merger. Campari (-5.02%) ended at the bottom of the list after worse-than-expected data and the downward revision of the targets of British competitor Diageo (-12.86% in London). Sales also on Defence: Leonardo lost 3.79% after the quarterly report, despite the fact that the accounts beat the guidance, while the market's wait is for the targets of the new Plan, due on 12 March.

On the currency market, the greenback remained weak, with the euro/dollar cross pegged at $1.18 (+0.24%). Among the commodities, while waiting for the resumption of talks between the US and Iran, oil was little moved (Brent future unchanged at $70.8, Wti future -0.3% at $65.45). Spot gold was well bought (+1.45% to $5,206), as was silver which was trading above $90 (+4.18% to $90.7). European gas also stopped at 30.9 euros per MWh in Amsterdam.