Stock market: Uncertainty in Europe; Eni surges in Milan, Kering plummets in Paris
Oats up 10 per cent, crude oil up, gas over 83 euros
(Il Sole 24 Ore Radiocor) - European stock markets got off to an uncertain start following the previous day’s slowdown. After all, there are numerous issues to be resolved. Investors are weighing up the possibility that US President Donald Trump is considering a new attack on Iran following the mid-term elections, as reported by the New York Times. Meanwhile, attacks in Ukraine show no sign of abating, whilst in Israel anticipation is mounting ahead of next week’s elections. Against this backdrop, there is concern in Europe over the demonstrations scheduled for tomorrow in both France and Italia. Similarly, European bond yields continue to cause concern, particularly those of French 10-year bonds, which remain above the 5 per cent mark, with the spread at around 172 basis points. Moody’s is due to issue a rating on France’s public debt this evening. The yield on 10-year BTPs also stands at 4.59 per cent, with the spread above 125 basis points. In early trading, Frankfurt is down 0.37 per cent, Paris 0.4 per cent and Amsterdam 0.16 per cent, whilst Madrid is up 0.06 per cent and Milan 0.2 per cent. London is down slightly (-0.1 per cent).
In Milan, Eni shares are up 3.6 per cent following the publication of its results for the first nine months of 2026 and the announcement of an extra dividend, as well as an increase in the share buyback programme. Other shares in the oil sector are also performing well, namely Saipem (+1.7%) and Tenaris (+2.5%). Meanwhile, banking shares are largely unchanged, whilst Moncler is down by over 2 per cent following the rise recorded in reaction to its first nine-month results. The luxury sector is struggling following the January–September turnover figures announced yesterday after markets closed by Kering: the figures proved weaker than expected, with Gucci still showing no signs of recovery, which is why the French group’s shares are down 10 per cent. The strong revenues posted by Prada and Zegna have taken a back seat (Prada’s shares rose by 0.8% in Hong Kong, whilst Zegna’s shares jumped by 7% yesterday on Wall Street).
In the currency markets, the euro is trading at 1.1192 dollars (1.1201 yesterday) and 175.73 yen (176.11). The dollar-yen exchange rate has risen to 157 (157.20). Oil prices are rising (WTI up 1.2% to $100.72 per barrel, Brent up 1% to $114.36). Gas prices have jumped above €93 (+3.1%). Finally, Bitcoin is trading at $81,646 (+0.3 per cent).
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