European stock markets opened positively, with Milan gaining 2.1% in the opening session, while Paris and Frankfurt were more cautious, and London was in negative territory. Asian markets closed strong following a good performance on Wall Street yesterday, driven by positive retail sales data in the US for July. This data, which showed the biggest increase since the beginning of 2023, seems to alleviate concerns of a looming recession. Despite losing ground since the beginning of the month, this week is expected to end on a positive note for European markets after several weeks of negative trends.
In terms of corporate news, there are no significant events scheduled for today. However, in Milan, investors are keeping an eye on Campari after HSBC upgraded its rating to buy, and on Saipem following reports that Saudi Aramco has postponed the bidding for development work on the Zuluf mega field. STMicroelectronics is leading the stock market index, with all major stocks trading above par. In the commodity market, oil is experiencing a slight decline, while gas continues its steady trajectory near 40 euros per megawatt-hour.
Investors are optimistic about the positive start of European stock markets, with Milan showing a strong gain at the opening bell. Paris and Frankfurt are more cautious, while London is trailing in negative territory. The Asian markets closed strong following a robust performance on Wall Street, fueled by encouraging retail sales data in the US for July. This data, showing the biggest increase since the beginning of 2023, has helped dispel fears of an impending recession, signaling a potential shift in market sentiment.
Despite a month of losses, European markets are expected to end the week positively, marking a turnaround from recent negative trends. In terms of corporate news, attention is focused on Campari and Saipem in Milan, with HSBC upgrading Campari’s rating to buy and reports of Saudi Aramco delaying bidding for development work on the Zuluf oil field affecting Saipem’s stock. STMicroelectronics is performing well on the stock market index, with all major stocks trading above par. In commodities, oil prices are slightly decreasing, while gas remains steady near 40 euros per megawatt-hour.
Overall, the positive opening of European markets, driven by Milan’s strong performance, signals a potential shift towards a more optimistic market sentiment. Despite caution in Paris and Frankfurt, the positive momentum from Asian and US markets, fueled by encouraging retail sales data in the US, has helped alleviate fears of a recession. This positive trend is expected to continue throughout the week, despite losses since the beginning of the month. Corporate news in Milan is focused on Campari and Saipem, with HSBC upgrading Campari’s rating and reports of delays in bidding for oil field development work affecting Saipem’s stock. STMicroelectronics is leading the stock market index, with all major stocks trading above par. Oil is experiencing a slight decline, while gas prices remain stable near 40 euros per megawatt-hour.