EU stock exchanges accelerate in the final with tech, Milan +1%. New records on Wall Street
Anticipation rises for Trump-Xi meeting in Beijing. Chip stocks lead S&P and Nasdaq to new highs. In Piazza Affari, St. St. flies (+9.8%), Prysmian also does well. Oil and gas down
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(Il Sole 24 Ore Radiocor) - The European stocks recovered at the close, driven by purchases in the technology sector. Meanwhile, anticipation is rising for the meeting between US President Donald Trump and Chinese President Xi Jiping, scheduled for Thursday and Friday. The vis-a-vis could favour reaching a solution in the negotiations between the US and Iran to end the conflict in the Middle East. Negotiations, however, have stalled, which is a cause for concern as the value of energy continues to race pushing up global inflation.
Against this backdrop, all major indices closed higher, including London's Ftse 100 (FTSE 100 ), despite the political crisis that has caused a shake-up in gilts in recent days. In Milan (FTSE MIB), the rally of St. John's led the way, recovering from the eve's slide and continuing the run begun in recent months, on the wings of the AI that opens new fronts for the company.
The market hopes that the Trump-Xi meeting (on 14-15 May) - with the closure of the Strait of Hormuz among the topics at the centre of the table - will accelerate negotiations between the US and Iran to end the conflict. From the summit also 'an easing of tensions between the two countries is expected, but not a significant breakthrough', as Lale Akoner, Global Market Strategist at eToro, notes. The key question will be whether the two sides will extend the current pause on tariffs and export controls beyond November. On the technology front, look for any signs of greater flexibility on advanced chips or easier access to rare earths. On the macro front, in the US, manufacturing prices in April posted the biggest rises since 2022, fuelling renewed tensions over inflation.
Wall Street: chip stocks lead S&P and Nasdaq to new records
The S&P and Nasdaq indices soared to new records, while the latest inflation report, the one on producer prices, dampened the Dow Jones. Wall Street closed the session with the Nasdaq and S&P 500, respectively, at 26,402.34 (+1.20%) and 7,444.25 points (+0.58%). Slightly down, however, was the Dow Jones, at 49,693.20 points (-0.14%). The share price of Nvidia Corp ran, as the company's ceo, Jensen Huang, left for China along with US President Donald Trump, who will meet with his counterpart Xi Jinping. Huang's addition to the group of CEOs that left with Trump "has rekindled investor interest in tech stocks after Tuesday's slump," wrote Adam Crisafulli of Vital Knowledge, as reported by Cnbc. In the wake of Nvidia, gains also for Micron Technology and Qualcomm. Turning to the data, producer prices, in April, recorded the biggest rises since 2022, fuelling renewed tensions over inflation, after consumer prices, on the eve of the event, recorded the biggest surge in almost three years.
St in Piazza Affari flies, Prysmian also does well
Stmicroelectronics closed with a piecemeal jump after slipping on the eve of the session, followed by Prysmian, which benefited from the tech uptrend. Recordati Ord is being rewarded for its above-expected first-quarter accounts, while CEO Rob Koremans reported that "nothing new has happened" on the takeover bid front that the Cvc fund plans to launch. At the bottom of the list, Nexi and Avio.
