EU stocks are cautiously rising, with eyes on macroeconomic data. Milan remains at its highest level since 2007.

(Il Sole 24 Ore Radiocor) - European stock markets are trading cautiously higher in the early part of the session, with eyes on a series of macroeconomic data releases both in Europe and overseas, and ahead of tomorrow's summit in Alaska between US President Donald Trump and his Russian counterpart Vladimir Putin. The FTSE MIB index in Milan is weak, heading into the final session of a "short" week, given its August bank holiday tomorrow. The Milan stock exchange is still above the 42,000-point threshold, reached on August 13 for the first time since July 2007. Paris and Frankfurt are down, while London and Madrid are up.

Wall Street closed with new intraday records on Tuesday, with the Nasdaq Composite and S&P 500 closing highs following Tuesday's. After annual consumer price inflation in July came in at 2.7%, versus expectations for 2.8%, a 25 basis point interest rate cut is now considered certain at the Fed's next meeting, scheduled for September. Treasury Secretary Scott Bessent yesterday called for a series of cuts, starting with a 50 basis point cut at the next meeting.

US producer prices are due today, from which analysts expect further information on the potential impact of tariffs on the economy and data on unemployment benefits. In the Eurozone, investors' attention is focused on the second reading of Q2 GDP, which will also reveal details on the subcomponents.

On the energy front, oil prices are rising, although attention remains high ahead of Friday's meeting between US President Trump and Russian President Putin regarding a possible ceasefire between Russia and Ukraine, which could impact crude oil trading. Brent crude for the October expiry is currently up 0.5% at $66 a barrel, and WTI crude for the September expiry is up 0.5% at $62.9. Natural gas trading in Amsterdam is also up slightly at €32.8 per megawatt-hour (+0.6%).

On the currency market, the prospect of a Fed rate cut continues to weigh on the dollar. The euro rose to $1.170 (+0.4%), while the dollar/yen traded at $146.34 (-0.6%). Gold was flat, with the spot contract trading at $3,358 an ounce (+0.07%), although hopes of a lower interest rate from the U.S. central bank could strengthen the non-interest-bearing precious metal's appeal.