Stock markets: a negative week for Europe, but Milan (-0.4%) limits the damage. On Wall Street, SK Hynix makes a stellar debut
This is the largest ever listing overseas for a foreign company. Meanwhile, the markets are keeping a close eye on the renewed tensions between the US and Iran
Le ultime da Radiocor
T-Bond: titoli a 10 anni venduti in asta al 5,3%, rendimento top da novembre 2000 (RCO)
***Mps: A. Benetton, aderiamo a Opas Intesa, Edizione sara' azionista stabile
Anima: deflussi per 215 mln in settembre, -254mln dal gestito (RCO)
(Il Sole 24 Ore Radiocor) - The end of the ceasefire between the United States and Iran, announced by US President Donald Trump, has caused turmoil on European stock markets this week. The week thus ended in the red, although the markets limited the damage by placing their trust in the continuation of talks between Washington and Tehran and capitalising, session by session, on various factors: from a partial recovery in technology shares, following a few days of profit-taking, to temporary rises in oil and defence stocks, and buying in the banking sector ahead of the quarterly results season.
The Milan Stock Exchange, which had opened the week by hitting a new all-time high just shy of 53,000 points, thus closed down 0.4 per cent on last Friday. Other European markets fared worse, with London down 1.7 per cent, Paris down 2 per cent and Frankfurt down 2.8 per cent. In the US, the S&P 500 (+1%) and the Nasdaq (+1.5%) performed well, whilst the Dow Jones fell by 0.6%.
Among the Milanese blue chips, the top spot went to Fincantieri (+6.2%), followed by Nexi (+4.7%), Banco Bpm (+2.1%), Tenaris (+1.9%) and Mediobanca (+1.8%). Prysmian (-7.7%), Avio (-5.5%), Italgas (-3.2%), Buzzi (-3.1%) and Brunello Cucinelli (-2.5%) performed poorly, however. In the Eurostoxx 50, meanwhile, the top three were Prosus (+6.9%), Wolters Kluwer (+5%) and Deutsche Telekom (+3.9%), whilst Siemens Energy (-9.5%) and Rheinmetall (-9.3%) brought up the rear. The renewed cross-border attacks between the US and Iran, meanwhile, fuelled a fresh rise in energy prices, although this has eased in recent days: Brent crude closed the week up 5.2% and gas up 7.1%. On the currency front, the euro/dollar exchange rate remained unchanged.
Mixed trading on Friday; Milan closes up 0.4%
The markets ended the week on a mixed note, closing the day with mixed results as investors await the start of the earnings season. Over the coming week, the focus will be particularly on US banks, whose figures will also provide an indication of the resilience of the US economy in the face of the war in the Middle East. “Iran has asked us to continue the ‘talks’. We have agreed to do so, but the United States has made it clear that the ceasefire is over”, wrote US President Donald Trump on social media. According to some sources, the White House is in fact preparing for a “prolonged but controlled escalation” with Tehran, rather than a full-scale conflict.
Against this backdrop, Piazza Affari (+0.44%) closed the session with a modest gain at 52,614 points – not too far off the record high set at the close on 6 July – driven by financials and industrials. The other European stock markets were more mixed and less volatile: Paris +0.1% and Frankfurt -0.1%.
