Mixed performance on the stock markets as oil prices fall. Nexi soars in Milan
The Italian fintech firm is on a high following yesterday’s EU vote on the digital euro. Meanwhile, the markets are turning their attention to the Middle East, with the White House reportedly preparing for a ‘prolonged but controlled escalation’ with Tehran
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(Il Sole 24 Ore Radiocor) - The European stock markets are trading cautiously and hoping for a continuation of negotiations between the United States and Iran, despite the tit-for-tat attacks recorded in recent days in the Middle East. According to some sources, the White House is preparing for a ‘prolonged but controlled escalation’ with Tehran, rather than a full-scale conflict. As a result, oil prices have fallen back below the $80 per barrel mark reached by Brent the previous day, settling at around $76. Aside from geopolitics, investors’ attention is focused on the imminent start of the quarterly results season. Next week, the major US banks will announce their results, whilst the spotlight will subsequently shift to the hyperscalers and companies most exposed to the artificial intelligence sector.
Against this backdrop, the FTSE MIB in Milan is edging cautiously higher, just below the 53,000-point mark, driven by financials and industrial stocks. The IBEX 35 is also performing well, whilst the other European indices remain fairly mixed – although close to parity.
Wall Street largely unchanged; SK Hynix makes its debut
Wall Street is trading largely unchanged in the final session of the week. Yesterday was a positive day thanks to the fall in oil prices, with attention remaining (and still focused) on relations between the United States and Iran. Meanwhile, anticipation is building today for the US debut of shares in SK Hynix, the South Korean chip manufacturer. The group, which is already listed on the Kospi, closed today’s Asian trading session down 0.27 per cent.
On the stock market, much like its London counterpart, shares in the Vodafone Group soared by over 10 per cent on news that the French billionaire Xavier Niel (Iliad) had acquired a 16 per cent stake, worth around 6 billion dollars. The tycoon has thus become Vodafone’s largest shareholder. The tech sector remains in the spotlight following the recent announcement by Micron Technology, which will invest over $250 billion by 2035 to meet the growing demand for memory chips used in artificial intelligence. The group has also announced investments of up to $3 billion to strengthen the US semiconductor supply chain.
Nexi shines on the Milan Stock Exchange
On the Milan Stock Exchange, industrial shares are leading the way, such as Stellantis and Buzzi. Banking shares remain firmly on the rise: all the major banks are up, starting with Mediobanca and Unicredit. A report by Deutsche Bank is also helping to bolster the sector; according to the report, the quarterly results season, now just around the corner, will confirm the solidity of Italian banks. Among the best performers on the market, Amplifon stands out. But the star of the day is Nexi, which soars to the top of the main index, partly on the back of the favourable vote the previous day in the European Parliament on the digital euro dossier. Profits Stmicroelectronics are in line with the chip sector, despite renewed enthusiasm for the sector the day before. Weak performers included, amongst others, Leonardo and defence stocks, as well as Diasorin.
