Stock market: SpaceX gives the tech sector a boost; Milan (+1.2 per cent) sets its sights on 50,000 points again
The banking sector is also on the rise again
(Il Sole 24 Ore Radiocor) - SpaceX’s better-than-expected quarterly results have restored confidence in the tech sector and, in turn, reignited risk appetite across the markets. After a volatile start to the session, European stock markets turned upwards and maintained this trend until the close. Frankfurt (+1.35 per cent) finished the session with the strongest gains, but Milan followed on the podium, managing a rebound of 1.17 per cent, driven by Prysmian (+3.88 per cent), St (+2.55 per cent) and Technoprobe (+2.77 per cent). Meanwhile, Wall Street is also on the rise, with SpaceX itself climbing by 10 per cent. In general, the entire tech sector is performing well, both in the US, where the Nasdaq gained 0.9 per cent, and in Europe (+1.9 per cent for the Euro Stoxx tech index), with stocks in the sector catching their breath following the sharp sell-off in recent days, triggered by renewed doubts about the sustainability of the AI rally. Today’s signals seem to suggest that “perhaps the worst is over as far as the correction in tech is concerned, and in particular in chip stocks”, observes David Morrison of Trade Nation. However, to draw more precise conclusions, we will need to see how the earnings season unfolds, with the first indications due in the coming hours from Tesla and Meta.
Meanwhile, the bond market remains under scrutiny, with government bonds continuing to rise. In particular, the yield on the 10-year OaT has reached 5 per cent for the first time since 2002, fuelled by concerns over French public debt. Meanwhile, the spread between OaTs and Bunds has widened to 158 basis points, reflecting the markets’ growing mistrust of France’s political and fiscal situation.
Turning to the equity market, alongside the tech sector, banks ended the day on a positive note, led by BPM (+3.09 per cent) and Fineco (+2.49 per cent), whilst Leonardo (-2 per cent) and Inwit (-1.9 per cent) slipped to the bottom of the FTSE MIB.
In the currency markets, the euro fell to 1.1225 dollars (from 1.1233 dollars at yesterday’s close) and is trading at 177.42 yen (177.65). The cross rate between the US dollar and the Japanese yen stood at 158.05 (158.17). On the energy front, crude oil prices were mixed, with Brent at $109.13 per barrel (+0.32 per cent) and WTI falling back below the $100 mark to $97.71 (-0.11 per cent). Finally, gas prices rose to 87.53 euros per MWh (+2.9%).
