Stock markets: Europe closes slightly higher, buoyed by tech shares. Milan (-0.5%) held back by banks; Wall Street mixed
Brent crude settles at $100, amid rumours that Iran is willing to reopen the Strait of Hormuz under certain conditions, and the restart of the Saudi oil pipeline that bypasses the Strait. Trump at the UN: “Iran will agree to the deal after the mid-term elections”
Key points
Le ultime da Radiocor
***Cyberattacchi: Piantedosi convoca per martedi' Comitato sicurezza pubblica
Polonia: sparatoria in piazza a Cracovia, cinque morti e diversi feriti
Bce: Lagarde, da Midterm Usa occasione per rafforzare cooperazione internazionale
(Il Sole 24 Ore Radiocor) - Stock markets in Europe are taking a breather following the strong rise the previous day and assessing developments on the geopolitical front, whilst the United Nations General Assembly is in session. The markets are being buoyed primarily by buying in the tech sector, which has pushed Wall Street’s Nasdaq to a new intraday record on the back of renewed optimism regarding artificial intelligence: yesterday, Meta posted an 11 per cent rally thanks to figures on the uptake of its AI agent, Muse. Meanwhile, the FTSE MIB in Milan closed down 0.5%, weighed down by banking stocks, whilst Paris (+0.2%) and Frankfurt (+0.1%) were slightly in positive territory, in a session that saw strong buying in retail and tech shares. Crude oil prices initially fell – before stabilising at around $100 for Brent – on rumours that Iran might be willing to reopen the Strait of Hormuz should the US blockade end: the proposal could be used as a basis for talks with the countries involved in mediation on the sidelines of the United Nations General Assembly. President Donald Trump at the UN General Assembly in New York then reiterated: “Iran will never have a nuclear weapon”, adding that he was convinced “that Iran will reach an agreement after the US mid-term elections”. The President may meet his Iranian counterpart, Masoud Pezeshkian, on the sidelines. Added to this is the reopening – initially partial – of the Saudi East-West oil pipeline, the main route for bypassing the blockade of the Strait of Hormuz, which had been closed for over a week following a drone attack.
Mixed trading on Wall Street
Mixed closing figures for the US stock market, following yesterday’s rally driven by artificial intelligence-related shares. On Wall Street, the Dow Jones index fell by 0.36 per cent to 51,892.75 points, whilst the Nasdaq rose by 0.45 per cent to 27,246.05 points at the close of trading. Finally, the S&P 500 was down slightly, closing at -0.02 per cent.
On the eve of the announcement, the S&P 500 rose by 1.5 per cent, recording its best day since 4 August. On the stock market, Alibaba’s shares rose by more than 3% after CEO Eddie Wu unveiled a new chip and announced plans to operate data centres with a capacity of over 20 gigawatts by 2032. Shares in the Swiss sportswear group On Holding AG-Class A is gaining ground: during its Investor Day, it announced new financial targets, including net turnover of at least 5.6 billion Swiss francs by 2029. Shopify is also performing well, up by over 8% following the partnership signed with Meta Platforms on AI-powered e-commerce.
St leads the way on the Milan Stock Exchange, whilst banks are weak
On the Milan stock exchange, Poste Italiane (-4 per cent) and TIM (-3.3 per cent) were among the worst performers on the second day of the reopening of the offer. Buzzi (+0.1%) closed virtually unchanged after a volatile session, having fallen in the morning to its lowest level since early 2025 following a report from UBS that cut its rating and target price. Defence and banking stocks were also weak – including BPM (-1.7%) and Mediobanca (-1.1%) – in line with their respective sectors in Europe. On the other hand, tech shares enjoyed another brilliant session, with St (+4.4%) and Prysmian (+2.5%), whilst Technoprobe (-0.6%) was weaker following the previous day’s rally. Nexi (+1.4%) also performed well, in line with the sector, thanks in part to the prospects of a surge in e-commerce driven by AI. Gains were also seen for Lottomatica (+1.6%), Campari (+1.9%) and Azimut (+1%), which had risen the previous day following the US boutique Kennedy Capital Management’s acquisition of a 100% stake. Outside the main index, Industrie De Nora plummeted (-18%) following the placement of a 5 per cent stake by Snam (inv) and the risk of an overhang.
Brent crude returns to $100 following Trump’s speech at the UN
After falling on rumours that Iran might reopen the Strait of Hormuz if the United States were to lift the blockade on its ports, Brent crude futures have rebounded to $100 per barrel, whilst WTI futures are trading around $91, having lost more than 8 per cent over the last four trading sessions. Trump’s uncompromising remarks at the United Nations are also weighing on the market: “Let everyone join us in completely isolating Iran economically, until they stop attacking commercial shipping, put an end to their nuclear ambitions and cease supporting terrorism.” The natural gas in Amsterdam remained largely unchanged, trading at around 73 euros per MWh.
