Stock market: optimism returns on rates and Wall Street, Milan (+1.37%) regains momentum

New York on new records, Nvidia rally continues (Il Sole 24 Ore Radiocor) – Milan, 20 June – The new records on Wall Street, with the unstoppable run of Nvidia, alongside a newfound optimism on interest rates, give impetus to the European stock markets, which all closed today’s session on the rise. Leading the continental lists is the Ftse Mib (+1.37%) which is starting to get closer to 34 thousand points (33,675), followed closely by the Cac 40 of Paris.

The move by the Swiss Central Bank, which cut rates by 25 basis points for the second time this year, raises hopes of general easing, also in light of cooling inflation. Today the Bank of England also showed signs of optimism: rates remained stable, as expected, but the decision was made by majority and two members of the governing council expressed themselves in favor of a reduction.

In this scenario, the Milanese stock market receives a rain of purchases, with the recovery of luxury (+2.5% Cucinelli) and the banks well in tune (+2.1% Unicredit). A2a (+2.5%) and Azimut (+2.4%) stand out, while Recordati, after a weak start, finishes in the lead (+2.9%). Stmicroelectronics remains behind its European competitors (+0.6%), with Banca Akros analysts having initiated coverage with a ‘neutral’ rating and price target of 40 euros per share. All eyes are on Leonardo (+0.88%) after the agreement for the sale of the stake in Industria Italiana Autobus to Seri Industrial. Outside the main basket, Mondadori runs (+8.54%) celebrating Equita’s ‘buy’ rating. Relatech exploits (+12.8%). On the currency market, the dollar strengthens against the main currencies. The euro slides to the 1.072 area (from 1.0744 at the close yesterday), while the pound loses ground to 1.2 dollars (-0.35%), after the BoE’s decision. The yen is also weak, indicated at 158.7 dollars. The euro/yen cross remains little moved at 170. The price of oil is rising, with August Bren at 85.8 dollars a barrel (+0.8%) and the WTI of the same maturity at 81.3 dollars (+1 %). Gas fell by 2.8% to 34.3 euros per megawatt hour on the Amsterdam platform.

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(RADIOCOR) 20-06-24 17:39:44 (0570)NEWS 3 NNNN