Today, the stock market had a relatively calm day following a period of gains. In Italy, Piazza Affari was slightly positive (+0.21%), while other major European markets were slightly negative, with the Eurostoxx 50 index down by 0.19%. Last week, the Milan index rose by 3% and reached near its highest levels since 2008, while London hit a historic high on Friday. Banks in Italy are under observation after an amendment on Friday made tax credits from the Superbonus deductible over 10 years instead of 4, with retroactive effect from January 2024. The banking sector index opened lower this morning but quickly recovered to be slightly positive by 0.13%. Among the stocks, Intesa Sanpaolo was up by 0.85%, offsetting declines in other banks such as Bper Banca (-0.99%) and Fineco (-0.96%). In the Ftse Mib basket, the biggest gains were seen for Stellantis (+3.43%) and Diasorin (+3.21%), while the largest declines were for Iveco (-4.30%) and Leonardo (-3.82%).
In the United States, futures markets were indicating a slightly positive open (+0.19% for the S&P500). The key release of the week is expected to be the American inflation data for April, which will be released on Wednesday. The Dow Jones index has had 8 consecutive sessions of gains, and the S&P500 index is close to its historic high. Corporate earnings reports have been driving the markets, with 79% of the quarterly reports exceeding expectations. Attention is on a battle between tech giants, as Alphabet, the parent company of Google, was trading lower (-1.64%) after Bloomberg reported that Apple (+1.45% in pre-market trading) is finalizing an agreement to use OpenAI technology on iPhones. Today, the price of oil has returned above $83 per barrel, up by 0.40%. A month ago, during the crisis between Iran and Israel, oil prices had risen to $91.
The stock markets in Europe and the United States are experiencing mixed results, with Italy slightly positive while other European markets are slightly negative. Banks in Italy are being closely watched, particularly after a recent amendment that affects the deduction of tax credits related to the Superbonus program. Despite opening lower, the banking sector index in Italy recovered to be slightly positive. Intesa Sanpaolo was among the stocks that rose, offsetting declines in other banks. In the Ftse Mib index, companies like Stellantis and Diasorin saw the biggest gains, while others like Iveco and Leonardo experienced declines.
In the United States, futures markets are indicating a slightly positive start, with the key focus being on the upcoming release of American inflation data. Corporate earnings reports have been driving the markets, with a majority of the reports exceeding expectations. There is also attention on a potential tech battle between Alphabet and Apple, with Alphabet trading lower after news of a technology agreement between the two companies. Meanwhile, the price of oil has risen above $83 per barrel, showing some volatility compared to a month ago when prices were higher due to geopolitical tensions. It is a dynamic time for investors as they navigate market movements and company developments.
Overall, the stock markets are experiencing relative calm after a period of gains, with mixed results in different regions. In Italy, the banking sector is closely monitored after recent changes in tax credit deductions. Despite opening lower, the banking sector index in Italy recovered slightly, with some individual banks showing gains while others recorded declines. In the United States, the focus is on corporate earnings and upcoming economic data, with tech companies also in the spotlight for potential developments. The price of oil remains volatile, responding to geopolitical tensions and market demand. Investors are analyzing various factors to make informed decisions in the current market environment.
