Stock markets: Wall Street ends the day mixed. The Milan Stock Exchange hits record highs amid the banking crisis
Turbulence returns to the tech sector after a one-day lull. On the Milan Stock Exchange, the day saw gains for the Unipol group, with buying also seen in MPS and Mediobanca. Generali rose above the €40 mark for the first time
by Giorgia Colucci and Laura Bonadies
(Il Sole 24 Ore Radiocor) - European stock markets closed mixed, with Milan nevertheless managing to post the best performance on the Old Continent (+0.11% to 50,262 points), setting a new intraday record of 51,240 points. The banking sector remains in the spotlight, with the entire sector in turmoil, whilst the market attempts to position itself ahead of the – possible – new order in the Italian financial sector, following the move by Intesa Sanpaolo (+0.9%) on Mps (+2.63%). A move shared with Unipol (+4.67%, which exceeded €23 for the first time), which will acquire the Mps brand and 635 branches of the Siena-based bank. The board of Rocca Salimbeni has announced that it will examine the offer, as well as the takeover bid put forward by Banco BPM (+1.54%) and announced on Sunday. A proposal which, however, resembles a letter of intent more than a fully-fledged offer presented to Mps. The two initiatives also put the spotlight back on Generali (+2.13%) , which has once again hit new all-time highs and, for the first time in history, surpassed the €40 mark.
Europe pins its hopes on the US-Iran deal and awaits the mega IPO
European stock markets ended the day mixed, clinging to hopes that the ceasefire in the Middle East will hold and, above all, that an agreement will be reached between the United States and Iran, as promised by US President Donald Trump, who spoke of an announcement within two or three days. Paris closed just above par, whilst Frankfurt fell by 0.8% at the close on a day of trade balance and industrial production data (+0.4% month-on-month but -0.5% year-on-year). Hopes of an easing of tensions are weighing on oil, which continues to hope for a possible reopening of the Strait of Hormuz.
Government bond yields remain high, with investors convinced that central banks may announce a rise in interest rates by the end of the year. Meanwhile, on Wednesday 10 June, ahead of the Federal Reserve’s upcoming decisions, the figure for US inflation in May—which analysts estimate at 4.2% year-on-year—will be crucial. If so, this would be the highest level in the last three years.
Excitement is also building for major IPOs. Whilst the much-anticipated SpaceX is set to list on the Nasdaq on Friday, it has emerged in recent hours that OpenAI, the company behind ChatGPT, has filed its listing documents, a week after its rival Anthropic.
Mixed trading on Wall Street
Wall Street ends the day mixed. The Dow Jones rose by 0.17% to 50,872.11 points, the Nasdaq fell by 0.97% to 25,678.82 points and the S&P 500 dropped by 0.26% to 7,386.65 points.
