European stock exchanges slow in the final quarter as US tech declines, utilities and Buzzi knock out in Milan (-0.6%)
Old Continent indices slowed as the closing bell rang, while better-than-expected US labour performance reassured investors. Eyes tomorrow on US inflation. Ko in Piazza Affari the construction sector, which is suffering from increased EU caution on the green transition. Euro stable at 1.18 dollars, oil runs
by Enrico Miele and Paolo Paronetto
Le ultime da Radiocor
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(Il Sole 24 Ore Radiocor) - The European stock markets came to a halt at the closing bell, as better-than-expected US jobs reassured investors on the health of the US economy (and started a partial rotation from the technology sector to the more cyclical ones). The market's hope now is that the US inflation figure scheduled for tomorrow (13 February), if it shows consumer prices under control, could revive the prospect of an upcoming rate cut by the Federal Reserve. At Piazza Affari, the FTSE MIB thus ended a volatile session lower, affected in particular by selling on utilities and cement stocks (which plunged across Europe). The latter were impacted by increased EU caution on the green transition, which analysts say will limit the ability of companies that have already invested heavily in curbing emissions to extract higher prices.
Wall Street closes negative
Wall Street closed negative. The Dow Jones dropped 1.34% to 49,451.88 points, the Nasdaq gave up 2.03% to 22,597.15 points and the S&P 500 lost 1.57% to 6,832.76 points.
Cucinelli and Fincantieri save, utilities and Buzzi go down
At Piazza Affari, the Ftse Mib closed down 0.62%, affected in particular by sales on utilities and cement stocks. EU caution on the green transition, in fact, according to analysts will limit the ability of companies that have already sustained large investments to limit emissions to snatch higher prices: Buzzi thus lost 8.85%. Utilities, on the other hand, are affected by the indiscretions on the Dl Energia after Prime Minister Giorgia Meloni confirmed that next week a 'very articulate measure' to counter the rise in energy prices will arrive in the Council of Ministers. A2A thus dropped 4.7% and Enel 1.71%. On the other hand, Brunello Cucinelli performed well (+4.48%), while Stellantis recovered (+3.4%) and Fincantieri (+2.87%), which promised a return to dividends in 2028 with its new plan, was in the spotlight. In the remainder of the list, Pirelli (+2.19%) was driven by Michelin: the French company announced better-than-expected accounts.
Euro/dollar remains at 1.18. Crude oil runs
On the currency market, the dollar lost some ground with the euro rising to 1.1867 (1.1856 at the close yesterday) and falling to 152.46 yen (from 153.42). The Japanese currency also strengthened against the euro, which was worth 180.99 yen (from 181.85). New gains were made on gold, which fell back below $5,000 an ounce: spot delivery lost 2.91 percent to $4,935. In the red was the oil price after the IEA lowered its demand growth forecasts for 2026: the April Brent future lost 1.83% to $68.13 a barrel while the March Wti future fell -1.89% to $63.41. European gas recovered 2.4 percent in Amsterdam to €32.9 per megawatt hour after a sharp drop earlier in the week.
Spread closes steady at 61 points, 10-year BTp at 3.38%
Finally, stable closing for the spread between BTp and Bund. At the end of the session, the yield spread between the benchmark ten-year BTp and the German Bund of the same duration stood at 61 basis points, unchanged since yesterday's close. Declining, however, was the yield on the benchmark ten-year BTp, which last stood at 3.38%, down from 3.40% at the previous close on 11 February.
