Home » Luxury and tech revive the EU stock markets, Milan (+0.3%) has been at the top since 2008

Luxury and tech revive the EU stock markets, Milan (+0.3%) has been at the top since 2008

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Luxury and tech revive the EU stock markets, Milan (+0.3%) has been at the top since 2008

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The Stock Exchange, the indices of 8 February 2024The Stock Exchange, the indices of 8 February 2024

(Il Sole 24 Ore Radiocor) – The European stock markets closed a session spent above parity on a positive note. They are driven by technology (on Wall Street the Arm chip group jumped by 57% after the accounts and thanks to the AI ​​sector) and by luxury stocks. The purchases rewarded luxury stocks, after Kering’s accounts (+5.3%), but in Milan tech and some banking stocks also shone. Thus the Ftse Mib closed on the rise (+0.28%), above 31,000 points and at the highest level since before the 2008 crisis. Paris was also positive, accelerating supported by luxury (Cac +0.7%), Madrid (Ibex +0.2%) and Frankfurt (Dax +0.2%). Amsterdam’s Aex is pink jersey (+1.6%) with the rally of Unilever and the electronic payments company Adyen, which also dragged Nexi to Piazza Affari. The Ftse 100 (-0.4%) on the other hand is the only index decreasing.

This while central banks remain under special observation: the ECB’s economic bulletin confirmed that underlying inflation is decreasing but that rates will remain at sufficiently restrictive levels as long as necessary. Instead, chief economist Philip Lan explained in a speech in Washington that, when evaluating the trajectory of the Eurotower’s monetary policy, it is necessary to wait for a more advanced phase of the disinflation process. “The restrictive position of monetary policy is slowing down demand, contributing to reducing inflation,” he explained, however

Wall Street closes positive

Wall Street closes positive. The Dow Jones rises by 0.13% to 38,726.26 points, the Nasdaq advances by 0.24% to 15,793.71 points while the S&P 500 makes progress by 0.06% to 4,997.96 points. The so far positive quarterly reporting season is overshadowing the probable postponement of interest rate cuts by the Federal Reserve. The Walt Disney recorded earnings per share of $1.22 (against estimates of $0.99), but on revenues that were below expectations. The company has announced a dividend of 45 cents per share (+50%) and on the video game front it will purchase 1.5 billion dollars in shares of Epic Games, the company that produces Fortnite. Under Armor – Class A beat earnings expectations, but reported disappointing revenue, down 6%. For 2024, it expects revenues to decline between 3% and 4%, above previous estimates, and earnings per share between 57 and 59 cents, versus expectations for 49 cents on revenues falling by 2.9%. Arm reported earnings per share of 29 cents on revenue of $824 million, above expectations. The forecast for the current quarter is for earnings per share of 28-32 cents on sales of 850-900 million. Paypal announced below-expected 2024 guidance, despite fourth-quarter earnings and revenues above consensus.

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Fears for US banks, unemployment benefits below estimates

The concerns of US Treasury Secretary Janet Yellen over the risks caused by the commercial real estate sector are weighing on the US banking sector, even if it is a “manageable” situation. Instead on the macro front, in the United States, requests for unemployment benefits, in the week ending February 3, decreased by 9,000 units to 218,000 (seasonally adjusted), as reported by the Department of Labor; expectations were for a figure of 220,000.

In Milan good St, down Banca Generali

on Piazza Affari the best were Brunello Cucinelli (+3.49%) and StMicroelectronics (+3.54%), in line with their respective sectors. Bringing up the rear was Banca Generali (-2.54%), which also closed the year with very positive results. It must be said that the stock had risen in previous sessions while awaiting the results. The automotive sector also performed well with Pirelli (+2.55%) and Stellantis (+2.12%) in the spotlight, the latter also supported by the accounts of Nissan and, yesterday, Ford, which give rise to hope for the upcoming quarterly next week.

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