Stock markets rise amid a new record high for the Dow Jones and a slump in Broadcom shares. Milan +0.3%
Crude oil prices are falling. On the stock market, tech shares are slipping following the Wall Street giant’s disappointing outlook. In Europe, Remy Cointreau is soaring on the back of its recovery plan, boosting Campari.
by Martina Soligo and Stefania Blasioli
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(Il Sole 24 Ore Radiocor) - European stock markets in a highly volatile session, in which investors had to contend, on the one hand, with yet another record high on Wall Street and, on the other, with the sell-off in the tech sector triggered by the slump in Broadcom . On the Milan Stock Exchange, the FTSE MIB in Milan closed up 0.27% after changing direction several times, but Stmicroelectronics closes at the bottom of the table after the US chipmaker reignited doubts about a possible excess of enthusiasm surrounding artificial intelligence-related stocks.
Meanwhile, oil prices are falling as investors assess developments in the Middle East, amid fears of a resumption of hostilities in Iran and the ceasefire agreement between Israel and Lebanon. The US president, Donald Trump, continues to express optimism and said that peace negotiations could be concluded ‘by the weekend’, responding to questions from journalists in the Oval Office. In a resolution that is more symbolic than substantive, the US House of Representatives has ordered a withdrawal from the war in Iran, a request which Trump can veto.
The indices on Wall Street are moving at different speeds, with the NASDAQ weighed down by selling on Broadcom following its quarterly results and on other stocks in the sector. However, the decline in tech stocks is offset by the new intraday record Dow Jones at over 51,550 points. Wall Street closed the session mixed: the Dow Jones ended trading up 1.73% at 51,562.12 points, whilst the Nasdaq fell by a fractional 0.09%, slipping to 26,830.96. Finally, the S&P 500 rose to 7,584.38 points (+0.41%).
Meanwhile, the market continues to monitor macroeconomic data on the labour market. Following the ADP report (which beat expectations), the number of workers claiming unemployment benefits for the first time rose to 225,000, against expectations of 215,000.
Remy Cointreau soars and drives Campari. Milan held back by Prysmian and St
On the European stock market, Remy Cointreau is soaring following the announcement of a turnaround plan by CEO Franck Marilly, featuring ambitious targets. In Milan, Campari is following the upward trend. A sharp fall in Amsterdam for Universal Music Group following rumours that Pershing Square intends to sell its remaining stake in the music group. A few days ago, Universal rejected the non-binding proposal put forward by Pershing Square.
