Positive stock markets, record gold

After a weak day, European markets closed just above par. Milan was up 0.13%, with Paris the best performer, gaining 0.5%. The acceleration followed a mixed opening on Wall Street, but the S&P 500 hit new records. Technology markets were weak: Nvidia lost slightly from yesterday's 4% gain following news that the chipmaker had decided to invest $100 billion in OpenAI. In Milan, the banking sector was weak, with Mediobanca in particular losing more than 5 points after the deadline for the MPS takeover bid expired. Stellantis performed well despite a new production stoppage at Pomigliano d'Arco. Gold continued its rally, pushing the yellow metal above $3,785, new all-time highs. If it held at these levels, 2025 would be the best year since 1979. This trend is clearly linked to the rate cut and the expectation of a rate cut by the Fed, followed by increased purchases by central banks.