Stock markets: fears over the tech sector resurface in Europe. Asia is deep in the red

(Il Sole 24 Ore Radiocor) - European stock markets are trading lower, whilst volatility in the tech sector is rising following the surge in memory chip costs, highlighted by the price rises announced by Apple yesterday. Tech stocks are also being affected by rumours of a possible delay to OpenAI’s IPO, which could be postponed until next year – a development that, amongst other things, would weigh on SoftBank’s returns, with its shares falling as much as 13% (SoftBank is one of OpenAI’s main investors, and expectations of a massive windfall linked to the IPO had driven its shares to record levels). Consequently, the FTSE MIB in Milan, which, having fallen below the 52,000-point mark, is now slipping towards 51,000, and the CAC 40 in Paris, the DAX 40 in Frankfurt, the IBEX 35 in Madrid, the AEX in Amsterdam and the FTSE 100 in London.

With few significant macroeconomic data releases today, investors are also turning their attention to the Middle East. A Singapore-flagged vessel was attacked by Iranian forces in the Strait of Hormuz, putting the agreement between Washington and Tehran to the test, according to two senior US officials. “We are aware of these reports and are reviewing them,” the White House said. According to the team at ANZ Research, the incident raises “new doubts about the sustainability of the recovery in oil supply”. Meanwhile, discontent is growing within OPEC, with Iraq threatening yesterday to leave the organisation if it is not allowed to produce more oil.

Banca Ifis shares plummet following profit warning and provisions

Banca Ifis has seen a sharp fall, losing over 20% after failing to find a price at the opening following the issue of a profit warning. The market did not react well to the news that the bank has launched a competitive process for the sale of its NPL business with a view to deconsolidation, aiming to accelerate the transformation of its business model into one even more specialised in financial services for businesses. At the same time, the company has revised downwards its profit guidance for the 2026 financial year, now forecast at between 100 and 110 million euros (down from the previous range of 170 to 190 million), with this reduction not including the effects associated with the planned deconsolidation of the NPL portfolio. Furthermore, a provision totalling €70 million has been approved, specifically around €30 million relating to credit exposures, equivalent to 0.20% of total credit assets (this provision was proactively adopted following the preliminary findings of the general inspection conducted by the Bank of Italy) and further provisions of €40 million relating to securitised exposures in illimity’s NPL portfolio. The transaction aims to strengthen coverage levels and supports the Bank’s de-risking strategy.

On the Milan Stock Exchange, the spotlight is on the tech sector, with sell-offs in Asia spilling over into Europe and causing Stmicroelectronics among the worst performers on the main index. Also down are Saipem and Azimut . The focus is also on the banking sector, whilst questions mount over the future of interest rates, and as developments in the ‘Risiko’ case are awaited. Unipol has convened an extraordinary general meeting for 30 July to approve a capital increase of up to €2.5 billion, which will be used to finance the acquisition of 635 MPS branches in partnership with Intesa, following its public takeover bid for the Siena-based bank.