(Il Sole 24 Ore Radiocor) – European stock markets are moving with caution in the first session of the week, in view of the Federal Reserve‘s decision on rates (scheduled for Wednesday) and the start of the quarterly reports of the “Magnificent 7” of Wall Street, namely Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. The European indices are around parity (FTSE MIB in Milan, CAC 40 in Paris, DAX 40 in Frankfurt, IBEX 35 in Madrid, AEX in Amsterdam and FT-SE 100 in London), while the Asian markets are mixed, where the Nikkei left 1.79% on the ground. In this climate of uncertainty, also fueled by Trump’s new trade threats to Canada, the race towards safe haven assets continues: spot gold stands at 5,094 dollars per ounce (+2.13%), after exceeding the symbolic threshold of 5,100 dollars. It also continues il rally dell’argento spot trading above 100 dollars at 108.9 (+4.5%).
After an octave marked by tensions over Greenland and from the speeches at the World Economic Forum in Davos, the focus for this week will, as mentioned, be on the Fed. The American central bank is expected to leave interest rates unchanged. However, in his speech, President Jerome Powell Powell could provide further details on the moves that the board is considering, also in light of the tensions between the institute and American President Donald Trump. In Davos last week, the head of the White House reiterated that a replacement for Powell will be named soon. Remaining in the United States, the quarterly reporting season this week will feature four of Wall Street’s “Magnificent 7”: Microsoft, Meta and Tesla (scheduled for Wednesday) special observations will be made for growth related to AI and cloud and above all for guidance. Apple’s accounts (Thursday) they will instead be a test of the resilience of global consumption and margins. In Europe, however, among others, they will give LVMH, Asml, SAP and Deutsche Bank accounts and, in Piazza Affari, St.
Diasorin brings up the rear, Ferrari and Banco Bpm do well
On the Milanese stock market, Ferrari is wearing the pink jersey of the Ftse Mib. The purchases also reward Banco Bpm: some directors have started a reflection on the possible competitive implications of the participation of Credit Agricole, he wrote The Press over the weekend, adding that the AGCM is also thinking about the risks of bank concentration to understand what effects a strengthening of the French close to 30% could have. Telecom Italia also did well, second Il Sole 24 Oreis said to be in talks with network operator Open Fiber to activate 200,000 new fiber optic lines. On the opposite front, Diasorin slips by more than three points, while the market studies the appointment of Alberto Donati as the new CFO of the pharma group. Tenaris and Stellantis were also weak, despite rumors that India may cut duties on cars imported from the European Union to 40%, from levels now as high as 110%, under a free trade deal that could arrive as early as Tuesday.
Gold jumps above $5,100, silver at $107
The market’s race towards safe havens continues: gold thus surpasses the threshold of 5,100 dollars per ounce for the first time in the spot contract, while spot silver surpasses that of 100 dollars. Tensions on the geopolitical and commercial front further push the prices of precious metals. Over the weekend, Trump threatened Canada with 100% tariffs on all its exports to the United States if Ottawa strikes a trade deal with China. The yellow metal, after having slightly retraced, is still up 1.9% at 5,085 dollars in the spot contract, while futures stand at 5,756 dollars (+0.55%). Spot silver, on the other hand, rose by 4% to 107.5 dollars, while futures rose by 6.81% to 107.8 dollars. The purchases also reward platinum (+3.3% to 2,772 dollars for the spot) and palladium (+2% to 2,063 dollars for the spot).
Weak dollar, rising oil and natural gas
On the other hand, on the currency market, the greenback is still weak: the euro is worth 1.1859 dollars (from 1.1767 on Friday at the close). The single currency is close to the September highs at 1.1871 and, if it exceeds this threshold, it would return to the highest levels since July 2021. Instead the euro/yen is at 182.6 (from 181.4) and the dollar/yen at 153.99 (from 157.5).
On the energy front, oil is on the rise, with Brent at 66.3 dollars a barrel (+0.6%), while the WTI is reported at 61.5 dollars (+0.7%). Gas in Amsterdam also jumped by 5% to 42.4 euros per MWh.
