Stock market: Europe rebounds on the back of tech shares; Milan (+0.7 per cent) as SocGen boosts the banking sector

The French group makes its debut in Paris. Oil and gas prices fall

(Il Sole 24 Ore Radiocor) - European stock markets opened higher, although the performance of government bonds continues to cause concern, with yields remaining at multi-year highs, despite having edged down slightly in recent days. This morning, the yield on ten-year Bunds stands at 3.48 per cent, slightly below the levels seen in recent days, despite the fact that the German state elections in Mecklenburg-Western Pomerania have raised numerous questions, given that the CDU, Chancellor Friedrich Merz’s party, was excluded for failing to clear the 5 per cent threshold, whilst the AfD won by a landslide. In the state of Berlin, too, the CDU came second, overtaken by Die Linke.

In early trading, Frankfurt is up 0.57 per cent, Paris 0.52 per cent, Amsterdam 0.53 per cent, Madrid 0.6 per cent and London 0.3 per cent. Milan is leading the way, up 0.7 per cent.

All eyes will be on the Trump-Xi meeting this week, scheduled for Thursday in Washington. There is also anticipation surrounding the UN General Assembly, during which Trump will meet the leaders of the Gulf states.

The Milan Stock Exchange is being buoyed by the banks, all of which are performing strongly in anticipation of developments in the global economic landscape and bolstered by the figures released by the French bank Société Générale (+4% in Paris) on the day it unveiled its plan up to 2029. In particular, Banco BPM is the top performer, up 2.4 per cent, whilst MPS gains 1.2 per cent, Intesa Sanpaolo 1.4 per cent and UniCredit 1.5 per cent. STMicroelectronics is the top performer on the FTSE MIB, rising by 2.7% in the wake of tech shares, with the Korean KOSPI index posting a gain of 1.6%. Technoprobe, on the day of its debut on the main index in place of Diasorin (+0.7%), is up 2.6 per cent. Oil shares are underperforming, with Eni down 1 per cent. Moreover, the price of crude oil is falling: WTI is down 1.9 per cent at $98.35 per barrel, whilst Brent is down 1.7 per cent at $102. Gas prices also fell by 2.6 per cent, reaching €77.39 per megawatt-hour.