Major European stock exchanges lost momentum following a sharp decline in Germany’s ZEW economic sentiment index to 34.7 points and a drop in the Eurozone index to 25.1 points. Frankfurt led the declines, falling 0.15%, while Madrid and Milan both gained 0.5%. Paris and London moved in tandem, each rising 0.3%.
US futures traded positively ahead of key US economic confidence and inflation data due later in the day. The yield spread between Italian 10-year BTPs and German Bunds held steady at 78.6 basis points, with the Italian annual yield down 0.3 points at 3.48% and the German yield unchanged at 2.7%.
Commodities showed mixed movement: gold weakened (-0.3% to $3,348.77 per ounce) after the US denied imposing tariffs on 1kg gold bars, crude oil (WTI) was stable (+0.05% at $64 per barrel), and natural gas declined (-0.82% to €32.73 per MWh). The dollar strengthened to 86.15 cents against the euro, which stabilized at 74.31 pence against sterling.
The technology sector faced pressure, with software producers Sage Group (-4.43%), Nemetschek (-4%), and SAP (-2.81%) falling. Semiconductor stocks were mixed: Infineon (+0.44%) rose while ASML (-0.67%) and STMicroelectronics (-0.05%) dipped. Defense stocks Leonardo (+1.6%) and Rheinmetall (+1.45%) continued gains following Fitch’s upgrade of Leonardo to BBB.
Automakers were divided: Stellantis (+0.9%) climbed but Ferrari (-0.55%) slipped. Oil majors TotalEnergies (+1.1%), Shell (+1%), and Eni (+0.75%) advanced, with BP (+0.3%) showing more caution. Among banks, Sabadell (+1.9%) rose as BBVA’s (-0.53%) takeover bid progressed. Intesa Sanpaolo (+0.77%), UniCredit (+0.6%), and Popolare di Sondrio (+0.5%) also gained. Commerzbank (+0.25%) and BPER (+0.2%) held firm, Mediobanca (-0.1%) dipped, and Banco BPM (-0.34%) and Monte dei Paschi (-0.6%) weakened.
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