EU stock markets fall with tech stocks still under scrutiny, while MPS holds firm in Milan after the results

(Il Sole 24 Ore Radiocor) - After a bullish start, European stock markets are turning negative, with attention still focused on technology and AI stocks, which weighed down Wall Street the day before (Nasdaq -1.9%). US futures are predicting another bearish start. This comes as Tesla shareholders overnight approved a massive bonus for Elon Musk , tied to a series of targets and potentially earning him $1 trillion over ten years. In the background, new Ukrainian attacks on Russian refineries are pushing up crude oil prices , and US-China trade tensions over the semiconductor industry are keeping uncertainty high.

Thus, the FTSE MIB in Milan, the CAC 40 in Paris and the DAX 30 in Frankfurt are moving towards session lows, while in Germany the trade balance recorded an adjusted surplus of 15.3 billion compared to 18 billion a year earlier in September.

Banca MPS jumped to the top of the Milan stock market after reporting a net profit of €1.37 billion for the first nine months, exceeding analysts' expectations. Mediobanca also saw purchases, while other banking stocks weakened. Telecom Italia performed well. Unipol declined despite the Group's strong quarterly growth , with a positive contribution from banking activities and a boost from the life and non-life sectors. Banco BPM remained volatile, having released its results on the eve of the event, and CEO Giuseppe Castagna expressed openness to potential M&A deals in 2026 should the right opportunities arise. Prysmian and Diasorin trailed, after their shares fell 18% on the eve of the event.

On the currency front, the euro/dollar remains around 1.15, while the yen weakens slightly against both the single currency and the greenback. Bitcoin continues to decline, slipping below $100,000. The price of gold returns to $4,000 an ounce . On the energy front, crude oil is rising , with Brent crude trading around $64 a barrel and WTI crude rejoining the $60 mark. Gas prices in Amsterdam are little changed, trading at €31 per megawatt-hour.

The spread between Italian government bonds (BTp) and German Bunds remains stable: the benchmark 10-year Italian government bond maturing in October 2035 is quoted at 76 basis points , the same level as the previous day's close. The benchmark 10-year yield rose to 3.43% from 3.41% at the last reference date.