Nvidia's decline does not stop EU stock exchanges, Milan (+0.5%) updates records with quarterly reports
The technology giant's record accounts are not enough, the market oscillates between enthusiasm and fears about the resilience of the AI sector. Nexi and Stellantis fly at Piazza Affari. Oil rises again amid US-Iran talks in Switzerland
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(Il Sole 24 Ore Radiocor)-European stock exchanges resisted the downward trend of Nvidia, despite record accounts, and closed the session higher. The market continues to oscillate between enthusiasm and fear when dealing with artificial intelligence, and Nvidia's stellar numbers have been followed by sharp share price slides in the past. At this stage, according to observers, despite above-expected revenue and earnings growth as well as guidance and reassurances on demand, the market is once again questioning the return of investments in AI in the future.
European stock markets, however, seem to be holding up to the fears, with Milan's Ftse Mib closing at +0.54% at 46,425 points, returning to the highest level since November 2000. New record highs also for the Paris Cac (+0.7% to 8,619 points) and the London Ftse 100 (+0.44% to 10,854 points). Frankfurt's Dax did well (+0.4%), Madrid's Ibex was flat (+0.2% to 18,497), while Amsterdam's Aex fell (-0.73%), dragged down by tech stocks.
Wall Street close, DJ +0.04%, Nasdaq -1.18%
Wall Street closed in substantially negative territory, with only the Dow Jones rising slightly. The Dow Jones rose by 0.04%, the Nasdaq lost 1.18% to 22,878.38 points, and the S&P 500 dropped 0.54% to 6,908.89 points.
Data on weekly unemployment claims increased by 4,000 to 212,000. Expectations were for a figure of 217,000 new claims. A useful figure to get further indications on the Fed's monetary policy path. And on the rate front, according to the Cme's FedWatch Tool, markets currently expect three 25 basis point cuts by the Federal Reserve over the course of the year. Meanwhile, Nvidia Corp's above-expected quarterly results remain in the spotlight. The US giant posted better-than-expected fiscal fourth-quarter results, driven by 75 per cent revenue growth in its core data centre business, and net income nearly doubled to around 43 billion.
Nexi and Stellantis stand out in Milan
at Piazza Affari it is the quarterly reports that set the pace for the stock market. Stellantis gained 4.2% despite declining accounts. Reassuring the market were the words of CEO Antonio Filosa, who said that the January rebound would continue in February. Brilliant Nexi (+4.4%) in the wake of French competitor Worldline, which presented its relaunch plan on the eve of the event. Eni (+2.5%) also did well, with adjusted fourth-quarter profit rising 35% to EUR1.2 billion, while it fell in Q205 to EUR4.98 billion. Prysmian (+0.1%), despite having closed last year with a record profit of €1.27 billion, and St. John's (-0.1%), in the wake of Nvidia's performance on Wall Street, also posted gains. Profit-taking on Tim, which closed lower at -4.3%.
