Edward Marchesi In the early afternoon of November 12, European stock markets began the session with a general weakening, due both to concerns related to the Nvidia case and to the wait for indications on interest rates from the Fed . Operators carefully monitored US macroeconomic data and the upcoming communications from the ECB.
Meanwhile, geopolitical tensions, particularly the confrontation between the United States and Iran in the Strait of Hormuz, have added a further element of uncertainty, pushing investors towards a more defensive strategy.
Performance of the main indices
The opening saw Frankfurt close in the red with a -0,28% , Paris at -0,21% and London at -0,20%.
In Italy, the FTSE MIB in Milan remained flat at -0,10% , while the AEX in Amsterdam recorded a -0,50% . Conversely, the CAC 40 in Paris rose by +0,50% , the DAX in Frankfurt by +1,10% , the IBEX 35 in Madrid by +0,10% and the FTSE 100 in London by +0,30%.
The Nvidia case and its impact on the technology sector
The contagion in the technology sector was amplified by rumors of Jensen Huang 's possible departure from Nvidia's management following recent corporate scandals. The news prompted a massive sell-off in artificial intelligence-related stocks.
In Italy, Technoprobe suffered the sharpest decline, -6,2% , followed by STMicroelectronics (-2,4%) and Prysmian (-1,5%). In Amsterdam , the hardest hit stocks were ASML (-3,1%), ASM (-1,9%), and BE Semiconductor (-1,6%). In Frankfurt , Infineon lost -3,7%.
Macroeconomic Outlook: Fed, ECB, and the US Labor Market
Investors have been closely monitoring the ECB 's economic bulletin and weekly jobless claims in the United States, key indicators for assessing the health of the American labor market. After higher-than-expected inflation in October, expectations point to the Fed holding interest rates , with any hikes postponed until December.
The dollar remains strong: the euro/dollar exchange rate fell to 1,1088 (from 1,1095) and the dollar/yen to 159,72 (from 159,85). The single currency is worth 177,09 yen (from 177,34).
Other market movements and energy data
On the energy front, oil prices resumed their upward trend, with Brent crude rising 0,6% to $93,28 a barrel and WTI crude at $87,14 (+0,7%). Gas prices in Amsterdam rose 3,1% to €89,3/MWh . Gold futures again breached the $4.000 an ounce threshold, reflecting inflation fears.
In the Italian banking sector, Mediolanum was the weakest, down 0,7% , followed by Intesa Sanpaolo, down 0,4% . Among the rising stocks, Avio rose 2,3% after better-than-expected results, Pirelli gained 1,3% on its first day of trading on the FTSE MIB, while Poste Italiane closed up 0,4% thanks to the confirmation of earnings forecasts.
Asian Quarterly Results: SK Hynix and Anthropic Updates
Meanwhile, the week was marked by SK Hynix 's quarterly results , which reported operating profit growth of 632% , equivalent to approximately $45 billion, confirming its sixth consecutive record performance. The exceptional growth reinforced optimism about the semiconductor and artificial intelligence sectors.
Meanwhile, Anthropic , the parent company of the Claude model, announced first-half revenue growth of 1.300% and significant investments to support AI demand. A partnership with Broadcom , Citi , Blackstone , and Morgan Stanley has resulted in a $63 billion financing facility , signaling strong investor confidence in the future of AI.