Markets

Stock markets: Milan -0.04%, TIM down. Wall Street closes lower, tech shares rebound

Poste’s takeover bid for the telecoms company gets underway. On the Milan Stock Exchange, ST shares are performing well in the wake of the sector’s recovery across the Atlantic. The rally is being held back by oil prices, with Tehran having made it known that diplomatic efforts have not ceased despite the tit-for-tat attacks with the US

by Ivan Torneo and Martina Soligo

20 July 2026

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(Il Sole 24 Ore Radiocor) - European stock markets have kicked off the week amid volatility, in a trading session once again dominated by news from the Middle East. Despite the cross-fire and tensions in the Strait of Hormuz, brokers in Tehran are, according to rumours, said to have proposed a 10-day suspension of hostilities to find a way to revive the provisional agreement between Iran and the United States. At the same time, however, the Houthi-controlled armed forces have announced the immediate entry into force of a ‘total naval blockade’ against Saudi Arabia.

As a result, the FTSE MIB in Milan (-0.04%), the CAC in Paris (+0.02%) and the DAX in Frankfurt (+0.1%) all closed slightly lower. The AEX in Amsterdam (-0.1 per cent) and the IBEX in Madrid (+0.01 per cent) were at similar levels, whilst London’s FTSE 100 (-0.6%) lagged behind on the day of Andy Burnham’s inauguration as the new Prime Minister.

Wall Street closes lower, chip shares rebound

Wall Street closes lower. The Dow Jones slipped by 0.59% at the close, whilst the Nasdaq was just below par -0.05%. The S&P 500 was down -0.16%.

Alibaba jumped 4.67 per cent, whilst Exxon rose by 0.7 per cent and Alphabet by 1.54 per cent. Apple fell by 2.11 per cent. Bending Spoons closed trading up 3.12 per cent.

Meanwhile, oil prices are holding steady following Iran’s latest overture towards a deal with the United States.

Shares in the semiconductor sector and the chip sector are now rebounding, following last week’s falls.

On the stock market, shares in Nvidia Corp is rising and has returned to the top of the list of companies with the highest market capitalisation.

All eyes on the ECB and quarterly results this week

On the macro front, the most eagerly awaited event of the week is the ECB meeting (Thursday 23), at which no changes to interest rates are expected, but which will be important for any clues it may provide regarding future decisions. Consequently, the focus will be mainly on Christine Lagarde’s press conference, although the President is unlikely to provide any clear guidance. Meanwhile, the quarterly results season continues in full swing, with Tesla, IBM, Alphabet (Wednesday 22nd) and Intel (Thursday 23rd) among the most eagerly awaited names. It’s the same story in Europe, with the publication of results from some major players in the banking sector (Banco Santander, BNP Paribas and UniCredit).

Moncler surges in Milan. Amplifon performs well, while Tim slips

On the stock market, buying activity on the Milan Stock Exchange has boosted Moncler (+3.2%), ahead of its results on Wednesday 22 July, and Amplifon (+2.6%), which is benefiting from Lxe Hearing’s exit from the US market. Fincantieri (+1.6%) also performed well following the announcement that Portugal has purchased three Evo frigates from the Italian group, whilst St (+2%) rose in the wake of the recovery in chip stocks on Wall Street. On the other hand, TIM (-2.4%) slipped on the first day of the takeover bid launched by Poste Italiane (-0.9%) for the telecoms group. In the banking sector, MPS (+0.7%) closed higher after the board of the Siena-based bank rejected the bid from Intesa Sanpaolo (+0.9%) and instead opened the door to that of Banco BPM (+0.7%).

Spread remains unchanged at 82 points, based on the 10-year yield

The spread between BTp and Bund yields remained stable. At the close of trading, the yield spread between the benchmark 10-year BTp and the German Bund of the same maturity stood at 82 basis points, the same as last Friday’s close. The yield on the benchmark 10-year BTp, however, ended the session slightly higher, closing at 3.96%, up from 3.95% in the previous session.

Oil prices slow as glimmers of hope emerge in the Middle East

In the foreign exchange market, the euro is trading at 1.141 dollars (down from 1.1441 at Friday’s close). The euro-yen exchange rate stands at 185.4 (down from 185.7), whilst the dollar-yen is trading at 162.5 (down from 162.3). In the energy sector, however, oil’s rally has slowed, with Brent trading at $87.8 per barrel (-0.3%) and WTI at $82.4 (-0.1%). TTF gas prices in Amsterdam rose to 58.6 euros per MWh (+2.2%).

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