Stock market: in the red midway through the session amid concerns over tech stocks; Banca Ifis plummets (-40%) in Milan
Tech and defence shares fall in Milan; WTI drops back below $70
(Il Sole 24 Ore Radiocor) - European stock markets are extending their losses midway through the trading session, whilst Wall Street futures point to a weak start, particularly for the Nasdaq (-1.2%). The surge in chip costs, driven by growing demand for AI and data centres – confirmed yesterday by the price rises announced by Apple – is weighing on the markets. Also having an impact are reports in the New York Times regarding a possible postponement until 2027 of OpenAI’s eagerly awaited IPO on Wall Street. Milan is thus down 1.1 per cent, Frankfurt 1.2 per cent, Paris 0.7 per cent and the Euro Stoxx 50 0.8 per cent.
On the geopolitical front, moreover, the resumption of oil flows through the Strait of Hormuz continues to drive down the price of crude oil, with WTI falling back below $70 a barrel to $69.2 (-3.7%). Brent crude saw similar declines, falling to $72.4 (-3.7%). This comes despite reports from two senior US officials that a Singapore-flagged vessel was attacked by Iranian forces in the Strait last night, putting the agreement between Washington and Tehran to the test. On the Milan Stock Exchange, outside the main index, attention is focused on the sharp slump in Banca Ifis (-40%), following a cut in its 2026 profit target, the sale of its NPL division and a number of substantial provisions. On the upside, Ferragamo is up (+5.3%). Among the top forty stocks, selling pressure is concentrated on Fincantieri (-6.2%) and Saipem (-4.5%), partly due to further falls in crude oil prices. The sell-off in the tech sector continues, with St (-2.8%) and Prysmian (-2.7%) among the fallers. Inwit (-2.9%) lost ground following a downgrade to ‘neutral’ from ‘buy’ by Goldman Sachs, whilst Diasorin (+1.2%) and Italgas (+1.5%) stand out, the latter having published its strategic plan to 2032 this week, with investments set to rise to 13 billion. In commodities, spot gold is trading higher at $4,050 an ounce (+0.5%). Bitcoin is little changed below $60,000 (+0.2%), whilst on the currency front, the euro is strengthening above the $1.14 mark (from $1.1372 the previous day). The single currency is worth 184.3 yen (up from 183.9); the dollar is trading at 161.6 yen (down from 161.7).
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