EU stock markets close on a subdued note amid US inflation and uncertainty over the Strait of Hormuz; Prysmian stands out in Milan (-0.01%)
On Wall Street, earnings reports from CoreWeave and Super Micro Computer are bolstering the tech sector. Oil prices are volatile, with OPEC having further reduced its forecast for demand growth in 2026
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Hormuz: Trump, gli Usa hanno controllo totale, "penso che ce lo terremo"
(Il Sole 24 Ore Radiocor) - The surge in tech shares and US inflation in line with expectations were not enough to lift the European stock markets, which, after a cautious start, mostly closed in negative territory. Milan (-0.01%) was no exception, finishing just below par, whilst remaining close to the highs reached in recent days. The focus of the day was on US consumer price data, a key indicator for the Fed’s upcoming decisions. The figure came in as expected at 3.4 per cent year-on-year in July, as expected, easing fears of monetary tightening in September by the US central bank. In the background, tensions between the United States and Iran persist, along with uncertainty over the reopening of the Strait of Hormuz. “I think we’ll keep it!” US President Donald Trump commented on Truth. “Everyone calls our naval blockade ‘a wall of steel’, and Iran can’t do a thing about it,” he added.
Wall Street rises on the back of quarterly results
Wall Street indices are on the rise following positive quarterly results from Coreweave Inc-Cl A and Super Micro Computer, as well as US inflation figures. In particular, the Consumer Price Index rose by 3.4 per cent year-on-year, following June’s 3.5 per cent, in line with expectations. On a month-on-month basis, it rose by 0.1 per cent. ‘Core’ figures – excluding energy and food – stood at 0.2% month-on-month and 2.5% year-on-year. Turning to the equity market, Corewave, a cloud infrastructure company, closed the second quarter of the year with an adjusted operating margin of 5 per cent, exceeding expectations. Meanwhile, Super Micro Computer, a manufacturer of AI servers, forecast revenue for 2027 to be higher than expected.
Tech stocks shine on the Milan Stock Exchange, whilst luxury shares take a hit
Technology stocks are once again leading the buying on the Milan Stock Exchange, with Prysmian (+3%) topping the Milan index, after the quarterly results from the US firms Super Micro Computer and CoreWeave gave a fresh boost to confidence in AI. Unipol (+1.9%) is also performing well, as are defence stocks such as Avio (+1.7%) and Leonardo (+1.4%). At the bottom of the index, Diasorin (-3.3%) slipped, whilst the sell-off also hit the luxury sector, following a report by Deutsche Bank on the sector. Consequently, Cucinelli (-2.8%) and Moncler (-2.3%) are taking a heavy hit.
Oil prices volatile, OPEC cuts demand forecasts
