US banks are not driving European stock markets higher, but Milan is holding steady at 50,000
Tech shares are under pressure as fears about the sector resurface. The IMF’s growth forecasts offer some reassurance, although inflation remains a concern. The price of Brent crude is falling, whilst gas prices have risen above 87 euros per megawatt-hour
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(Il Sole 24 Ore Radiocor) - Mixed results from major US banks, coupled with pressure on artificial intelligence chip stocks, are holding back buying activity on the stock markets. European stock markets closed below par, whilst Wall Street continued to trade weakly, with indices weighed down by tech shares. Milan is holding its own, with the FTSE MIB (+0.04%) managing to defend the 50,000-point mark (50,057), which it had regained the previous day.
Once again, it was the doubts surrounding the resilience of the semiconductor sector that stole the limelight from the US credit giants. Cxmt’s technological advances in memory chips have, in fact, reignited fears about Chinese competition, with China ‘potentially taking business away from some of the best-known companies’, as the experts at Dakota Wealth explain. This prospect was enough to trigger a sell-off in chip stocks across Asia – particularly among the leading South Korean giants Samsung and SK Hynix – as well as on Wall Street and in Europe.
Not even the encouraging projections from the International Monetary Fund, which forecasts global GDP growth of 3.1 per cent for this year. However, concerns remain about inflation, which is set to halt its steady decline, mainly due to the negative supply shock caused by the war in the Middle East.
The FTSE MIB in Milan closed flat, whilst the CAC 40 in Paris and the DAX 40 in Frankfurt, with German inflation in September standing at 3.3 per cent year-on-year, accelerating from 2.9 per cent in August.
Wall Street closes slightly lower: DJ down 0.33 per cent and Nasdaq down 0.15 per cent
Wall Street closed slightly lower, following the start of the earnings season for major US banks, weighed down by tech stocks. The Dow Jones fell by 0.33 per cent, the S&P 500 was down 0.01 per cent, and the Nasdaq was down slightly by 0.15 per cent.
