Stock market: Europe in a holding pattern as it awaits US inflation figures; Avio stands out in Milan (-0.1%)
Oil prices rise slightly, whilst gas prices fall by 2.6 per cent
(Il Sole 24 Ore Radiocor) - European stock markets are trading higher at midday, but remain largely subdued as investors await the key US inflation figures for September. Paris and Frankfurt are up 0.4 per cent, Amsterdam is up 0.7 per cent, whilst Madrid is up 0.6 per cent and London 0.35 per cent. Milan’s FTSE MIB, however, has weakened and is trading just below par (-0.1 per cent), though it remains above 50,000 points. The BTP-Bund spread stands at 106 basis points, whilst the yield on the 10-year BTP has fallen to 4.52 per cent. Meanwhile, the quarterly results season is in full swing. Asset management giant BlackRock has just released its results, reporting diluted earnings per share of $10.57, up from $8.43 in the same period of 2025. BlackRock’s assets under management rose to a record $15.5 trillion. In Europe, the Dutch technology giant ASML announced strong growth, driven by robust demand linked to artificial intelligence. Specifically, net profit rose to €5 billion in the third quarter of 2026, up 138 per cent from €2.1 billion in the same period of 2025 and 38 per cent from €2.9 billion in the second quarter of 2026. The group has also revised its revenue forecasts upwards. ASML shares are up 1.3 per cent, below this morning’s highs. On the Milan Stock Exchange, the Dutch group’s positive results are supporting STMicroelectronics (+0.7 per cent), although its gains have slowed compared with the opening. Technoprobe, too, after a strong start to the session, has reversed course (-0.7 per cent). Moreover, the comments by Broadcom’s chief executive, Hock Tan, who yesterday warned of the speculative nature of investments in artificial intelligence, continue to weigh on the market. “Many investors have no idea what they are investing in,” said Tan, adding that “very high expectations are created, only to discover that it is almost like being in a casino”. The FTSE MIB is being dragged down by weakness in the banking sector, with MPS down 0.3 per cent and Intesa Sanpaolo down 0.8 per cent. Avio, however, stands out, rising by over 5 per cent, buoyed by its strategic alliance with Lockheed Martin.
On the energy front, crude oil prices remain relatively stable: North Sea Brent rose by 0.8 per cent to $106.5 per barrel, whilst WTI rose by 1.3 per cent to $95.36. Gas stands at €84.8 per megawatt-hour, down 2.6 per cent. On the foreign exchange market, the euro is trading at $1.1191 (yesterday $1.1193) and 177.3 yen (177.28 yen). The dollar-yen exchange rate stands at 158.25, compared with 158.44 in the previous session. Finally, Bitcoin is stable at $83,315 (+0.13 per cent).
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