Mixed market performance; TSMC’s record results fail to halt chip sell-off. St underperforms in Milan (-0.1%)
New tensions in the Strait of Hormuz and uncertainties in the semiconductor sector are weighing on the market. On the Milan Stock Exchange, all eyes are on the MPS board meeting. Oil prices are losing momentum.
Le ultime da Radiocor
Mps: cda, prima valutazione su Opas Intesa, e' a sconto (RCO)
Borsa: conti record Tsmc non fermano vendite su chip, a Milano St -5%
*** BTp: spread chiude in rialzo a 80 punti, rendimento decennale sale al 3,94%
(Il Sole 24 Ore Radiocor) - Following a session of falls, European stock markets closed mixed. TSMC’s record profits have failed to halt selling in the semiconductor sector. The Taiwanese giant’s record quarter and solid outlook were not enough to dispel renewed doubts about the sky-high valuations of tech stocks and the return of massive investment in artificial intelligence. Spending by the sector’s four largest companies — Alphabet, Amazon, Microsoft and Meta — is expected to reach $725 billion this year, a staggering figure that is causing some concern amongst investors.
On the geopolitical front, tit-for-tat attacks between the United States and Iran continue. Reports in the Wall Street Journal are causing concern, suggesting that US President Donald Trump is considering expanding military operations against Iran following a series of briefings with his closest advisers.
So, at the closing bell, the following are in the red: the FTSE MIB in Milan, which is, however, performing better than the other markets, closing just below par, as is the CAC 40 in Paris, the DAX 40 in Frankfurt and the IBEX 35 in Madrid. By contrast, the AEX in Amsterdam and the FTSE 100 in London.
Mixed trading on Wall Street, with chip shares weighing on the market
The US stock market is showing mixed performance, due to the difficulties faced by shares in the semiconductor sector. The Dow Jones is up, thanks to a rise of over 6 per cent in UnitedHealth, which significantly exceeded earnings expectations, whilst the S&P 500 and, in particular, the Nasdaq are down, weighed down by a generalised decline in semiconductor stocks. On the macroeconomic front, retail sales rose by 0.2% in June, in line with expectations, whilst claims for unemployment benefits fell more than expected,
All eyes on MPS in Milan on the day of the board meeting
On the stock market, all eyes are on banking sector shares on the Milan Stock Exchange, on the day the board of directors of Banca Monte Paschi Siena is due to meet to assess the bid from Intesa Sanpaolo. The market is awaiting developments regarding the banking crisis which could reshape the balance of the Italian credit market. Buying interest is favouring Fincantieri, led by Deutsche Bank, which has raised its target price to 19 euros (from 18.5) ahead of the publication of the second-half results on 29 July. Moncler and Generali are also performing well. Cautious Recordati Ord, after the board of directors deemed the takeover bid price of 51.29 euros per share to be fair. Bringing up the rear is Stmicroelectronics is at the bottom of the list, following the fall in tech shares. Outside the main index, Sesa has taken a tumble, despite the company reporting improved results for the 2025–2026 financial year.
