Markets

European stock markets rise cautiously; tech shares continue to be sold off in Milan

Geopolitical tensions continue to undermine risk appetite in global markets, whilst in Asia, Chinese pressure on the chip sector is dragging down share prices. Oil prices are falling, whilst gas prices have risen above 85 euros per megawatt-hour

by Eleonora Micheli and Martina Soligo

13 October 2026

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(Il Sole 24 Ore Radiocor) - European stock markets are trading cautiously, whilst geopolitical tensions continue to undermine risk appetite in global markets, with US President Donald Trump stating that he is considering the possibility of joining forces with Saudi Arabia in the fight against the Houthis, who are backed by Tehran, following yet another deadly attack on Riyadh International Airport.

On the eve of the trading session, Wall Street indices closed mixed, whilst the earnings season is expected to get into full swing with several banking giants, including Goldman Sachs, JPMorgan and Citi, as well as Wells Fargo, due to report their results today. On the data front, figures for existing home sales in September are due in the United States; these will be closely watched this time round in light of the rise in mortgage rates, following the increase in government bond yields and the Federal Reserve’s hike in interest rates.

Thus, the FTSE MIB in Milan is edging cautiously higher, as is 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.

In Milan, the focus is on banking risk

On the Milan Stock Exchange, all eyes will be on the banking sector, following MPS’s late-evening response to Intesa Sanpaolo’s revised bid. Despite the criticism of the bid from the bank led by Carlo Messina, MPS’s chief executive, Luigi Lovaglio, has not yet announced any concrete counter-moves nor changed the date of the shareholders’ meeting, as some investors had expected. The spotlight is also on the luxury sector, following the French giant LVMH’s announcement of its revenue for the first nine months of the year, which some analysts have deemed disappointing. The group recorded turnover of €57.1 billion, down 2 per cent at current exchange rates and up 2 per cent on an organic basis.

Crude oil prices fall, but gas prices rise above 85 euros/MWh

On the foreign exchange market, the euro has strengthened slightly but remains at around 1.11 dollars. On the energy front, the price of crude oil is slowing despite ongoing tensions in the Middle East: Brent is back at $105 a barrel, whilst WTI is hovering around $92. natural gas in Amsterdam continues to rise, exceeding 85 euros per megawatt-hour.

Asian indices

Asian stock markets are down today following yesterday’s mixed close on Wall Street. South Korea’s benchmark Kospi index has fallen by more than 7 per cent due to a sell-off in chip sector shares. US futures are also trading mixed, and oil prices are falling despite the continuing escalation of tensions in the Middle East.

The Kospi index fell by as much as 7.4 per cent, closing at 5,914.35 points, its lowest level since the end of July. In June, it had reached an all-time high, breaking the 9,000 mark, driven by the global boom in artificial intelligence. Samsung Electronics fell by 7.7 per cent, whilst memory chip manufacturer SK Hynix plummeted by 8.8 per cent.

Investor uncertainty regarding the AI boom has clouded the outlook. Shares in both companies fell following reports that recent advances by the Chinese memory chip manufacturer Cxmt could pose a growing challenge to Samsung Electronics, SK Hynix and Micron Technology, the world’s leading memory chip manufacturers.

Japan’s Nikkei 225 closed down 1.82 per cent. Tokyo Electron, a manufacturer of chip-making equipment, fell by 6.6 per cent. SoftBank Group, an investor in OpenAI, fell by 8 per cent.

Hong Kong’s Hang Seng Index fell by 1 per cent to 24,033.51 points. The Shanghai Composite Index fell by 1.1 per cent to 3,754.82 points. The Australian S&P/ASX 200 index fell slightly by 0.2 per cent to 8,767.40 points.

Taiwan’s Taiex index fell by 1.9 per cent, dragged down by a 1.6 per cent drop in TSMC (Taiwan Semiconductor Manufacturing Co.), the country’s leading chip manufacturer.

La Borsa, gli indici del 12 ottobre 2026

The eve on Wall Street

Yesterday, Wall Street’s benchmark index, the S&P 500, fell slightly by 0.1 per cent. The Dow Jones Industrial Average rose by 0.4 per cent, whilst the tech-heavy Nasdaq Composite fell by 0.4 per cent.

Shares in the chip sector closed lower: Nvidia fell by 1.3 per cent, Advanced Micro Devices (AMD) by 2.3 per cent, Micron Technology by 3.9 per cent and Broadcom by 1.9 per cent. Investors are also keeping a close eye on the earnings announcements from major companies due this week, including major banks such as Citigroup, JPMorgan Chase and Wells Fargo.