Stock market: Anthropic leads the recovery after a dismal week; Milan (+1.3 per cent) returns to the 49,000 mark
(Il Sole 24 Ore Radiocor) - Yields are easing off; the approaching Anthropic IPO is reigniting appetite for tech, and European stock markets are taking the opportunity to rally, whilst awaiting central bank decisions and the upcoming quarterly results. Milan closed up 1.29 per cent at 49,186 points, leading the way in a broadly positive European market, buoyed in part by a recovery in tech shares fuelled by the filing of IPO documents (scheduled for mid-November, according to the WSJ) by Claude’s parent company. The only question mark hanging over the AI giant is its financials, with revenues having increased more than tenfold to $16 billion, but losses rising to over $80 billion in the first half of 2026. The sector will also be influenced, amongst other factors, by the financial results of Microsoft, Alphabet and Amazon.
This week will then be dominated by central bank decisions, with market participants expecting no change in interest rates from the Fed on Wednesday, the ECB on Thursday, and the BoJ on Friday. Attention is also turning to the fall in yields, following Moody’s surprise decision on Friday to confirm France’s credit rating, “offering a respite after the sharp rise in borrowing costs and growing concerns over the fiscal outlook”, comments Mark Haefele of UBS GWM. The 10-year OAT has in fact fallen to 4.9 per cent, from Friday’s peak of 5.1 per cent. All this whilst tensions in the Middle East continue, with crude oil prices still at high levels: Brent up 0.2% at $117 per barrel; WTI down 0.5% at $102.7 per barrel.
On the Milan Stock Exchange, Avio was the star performer (+5.8 per cent), buoyed by Berenberg’s upgrade. As we mentioned, buying interest is favouring tech stocks, with Technoprobe (+5.6 per cent) recovering from last week’s heavy selling, alongside St (+2.7 per cent) and Prysmian (+3.9 per cent). At the bottom of the table, profit-taking on Eni (-1.8%) following Friday’s rally on the results and amid weakness in crude oil prices. Tim was also weak (-2.4%), whilst Recordati (-1.5%) was hit by developments in the takeover bid by Respighi BidCo, which has increased its stake to 74.58 per cent of the share capital.
Among commodities, TTF gas in Amsterdam rose by 2.9 per cent to 96.5 euros per MWh. In the currency markets, the euro is trading at 1.1181 dollars (down from 1.1201 on Friday) and at 176.1 yen (up from 175.7); the dollar, meanwhile, is trading at 157.5 yen (up from 156.8).
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