The decline in European stock exchanges
European stock exchanges showed a negative trend during the day, closing near intraday lows. At Piazza Affari, the Ftse Mib closed trading with a decline of 0.3%, reaching 34,925 points. Among the distressed stocks, Stellantis recorded a decline of 2.4%, followed by Erg with a decline of 2.2% and Moncler, which closed at -1.85%. On the contrary, some stocks showed signs of recovery, such as Tenaris (+1.7%), Stm (+1.6%) and Intesa Sanpaolo (+1.2%).
This scenario highlights a volatility that continues to characterize the markets, influenced by various economic and geopolitical factors
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Conflicting US macroeconomic data
In the United States, the macroeconomic data that came from the agenda presented a mixed picture. Job offers have fallen to the lowest since 2021, while consumer confidence reached its highs in 2024. These indicators suggest a certain fragility in the labor market, but at the same time a resilience in consumption, which could influence central bank decisions. Market players are now watching with interest the quarterly reports of large technology companies, starting with Alphabet, followed by Meta, Microsoft, Amazon and Apple. These results could provide additional guidance on the health of the global economy.
Trend in the bond and commodity markets
In the bond market, the Btp-Bund spread stands at 122 basis points, with the Italian 10-year yield rising to 3.55% and that of the German benchmark to 2.33%. This scenario reflects investor concerns about the economic stability of the euro area. As far as raw materials are concerned, oil continues to lose ground, with Brent trading at 70.6 dollars per barrel, influenced by descalation in the Middle East. On the contrary, gold saw an increase, reaching 2,768 dollars an ounce, suggesting an increase in demand for safe haven assets. Finally, Bitcoin surpassed 71,000 dollars, backed by inflows in ETFs and speculation about the US elections, highlighting the growing interest in cryptocurrencies
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