Mixed performance on the stock markets; Milan closes up 0.4 per cent. SK Hynix set for a strong debut on Wall Street
This is the largest-ever listing overseas for a foreign company. On the Milan Stock Exchange, Nexi is shining following the EU vote on the digital euro. Meanwhile, the markets are keeping an eye on the renewed tensions between the US and Iran
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(Il Sole 24 Ore Radiocor) - The European stock markets ended the week on a mixed note, closing the day with mixed results whilst investors await the quarterly results season to get into full swing. Over the coming week, US banks will be the focus of attention in particular, with their figures also providing 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 saw more mixed results.
Wall Street little changed; SK Hynix makes its debut
Wall Street is trading close to the break-even point in the final session of the week. Yesterday was a positive day thanks to the fall in oil prices, with attention remaining (and still focused) on relations between the United States and Iran. Meanwhile, anticipation is building today for the US debut of shares in SK Hynix, the South Korean chip manufacturer. The group, already listed on the Kospi, closed today’s Asian session down 0.27 per cent. Pre-market price indications suggest an opening price of around $180, up approximately 21% on the offer price of $149.
On the stock market, much like its London counterpart, shares in the Vodafone Group soared by over 10 per cent on news that the French billionaire Xavier Niel (Iliad) had acquired a 16 per cent stake, worth around 6 billion dollars. The tech sector remains under the spotlight following the recent announcement by Micron Technology, which will invest over $250 billion by 2035 to meet the growing demand for memory chips for artificial intelligence.
Nexi leads the way on the Milan Stock Exchange, whilst tech and defence shares fall
On the Milan Stock Exchange, the star of the day is Nexi (+6.3%), which closed firmly at the top of the main index in the wake of the favourable vote the previous day in the European Parliament on the digital euro dossier. Automotive shares also performed well, with Stellantis (+3.4%) – whilst the UK courts have largely ruled in favour of the car manufacturers in the Dieselgate scandal – and the construction sector, with Buzzi (+2.5%).
