EU stock exchanges hang on quarterly reports, in Milan Ferrari sprint. Wall Street thwarted
European luxury shines after the accounts of French giant Kering. In Piazza Affari, the Maranello house is the protagonist, the 2025 results beat estimates. Stellantis attempts to recover. In the USA, eyes on the labour market and inflation, tech remains in the spotlight
by Martina Soligo and Stefania Blasioli
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(Il Sole 24 Ore Radiocor) - Caution prevails on the European stock markets, which are dragging their feet after eve's record highs. The FTSE MIB of Milan closed close to parity, after having been close to 47,000 points during the day, while overseas the Dow Jones continued to run above 50,000 points. The quarterly earnings season, which is now in full swing, set the pace. In this regard, the big star of the day is the luxury sector, which benefits on the one hand from the accounts of Kering - which halved its 2025 earnings but made progress in the fourth quarter and an extra coupon - and on the other hand the results of Ferrari, which beat forecasts.
On the macroeconomic front, data on unemployment and consumer prices are due in the United States between Wednesday and Friday, which will provide clues on the Federal Reserve's next moves. All eyes, meanwhile, are still on technology in light of the White House's willingness to exempt giants such as Amazon, Google and Microsoft from the upcoming tariffs on chips. The US economy is expected to be a key driver of the US economy
Wall Street contrasted
Wall Street closes mixed. The Dow Jones gains 0.12%. The Nasdaq gives up 0.56%. The S&P 500 index loses 0.31%.
Investors await the Bureau of Labor Statistics' January employment report, to be released on Wednesday, with economists' expectations set at 55,000 jobs. Last week, the Adp report showed that private sector employment rose by only 22,000 in January, well below expectations: a small wake-up call, according to investors. Turning to inflation, the January consumer price index reading is scheduled for Friday, with the consensus at 2.5 per cent year-on-year. Several quarterly reports are also scheduled for the week. On equities, The Coca-Cola Company fell after a quarterly report that showed a weak outlook and mixed results, with earnings per share of 58 cents, versus 56 cents of expectations, on revenues of $11.82 billion, versus $12.03 billion in the consensus.
Ferrari momentum thanks to 2025 numbers
Maranello's Rossa di Maranello's share price jumped at Piazza Affari after releasing earnings and revenue growth in 2025, In detail, 2025 saw net profit of €1.6 billion, up 5% on 2024, withearnings per share (eps) of €8.97 (+6%). Revenues rose 7% to €7.146 billion, when car deliveries fell slightly: there were 13,640 in 2025, -112 units compared to 2024. Ebitda in 2025 stood at EUR 2.772 billion, up 8% year-on-year and a margin at 38.8% (from 38.3% a year earlier). Ebit was up 12% to EUR 2.11 billion, with margin at 29.5% (from 28.3%). Free Cash Flow from industrial activities was 1.538 billion (+50%). "When Ferrari surprises, it doesn't do so with marginal technical rebounds, but withmovements that speak of repositioning, of a change in perception, not just short covering," comments Gabriel Debach, market analyst at eToro. "The key point," the expert continues, "is not the growth per se, +7% on revenues, about half of the +14% of last year. It is the quality of the growth'.
