Despite the decline in the second quarter, The first six months of 2024 proved to be more than positive for Piazza Affari, which leaves Ftse Mib with +9.2% growth in January-June. A performance that allows the piazza of Milan to be second only to the piazzas of the Old Continent. Only Dutch tech AEX +17.4% did better than Milan, supported by the AI ​​boom with companies such as ASM +51.5% and ASML Holding +41.4% leading the way.
These are some data highlights Gabriel Debach, market analyst at eToro, in a post today in which he recaps the markets for the first half of this year.
Piazza Affari is breathtaking
In the period from April to June, Debach emphasizes in his note today, Milan actually broke a positive streak that lasted for six consecutive quarters and which gave a total return of +67%.
The Ftse Mib fell 3.8% (higher than the -3% average for 1998), weighed down by April-June sales, the latter exacerbated by political tensions in France.
Twenty of the index’s 40 stocks ended the quarter in the red, even after adjusting for dividends.. Stellantis lost 30% of its value, followed by Iveco with a 22% decline. Industrials and consumer staples were the worst hit, while financials shined with gains in Unipol, MPS and BPER.
Stocks that performed the most in Europe
Extending our look to stocks on the Old Continent, the top performer in Germany was Siemens Energy, which impressed with a +102% gain, followed by Rheinmetall +69% and SAP +36%.
In Spain, Banco de Sabadell +62% and pharma Laboratorios Farmaceuticos Rovi +45% led gains, the latter thanks to new FDA approvals. In Great Britain, the growth was dominated by Rolls Royce, which was joined by the NatWest Group with a +42% indicator. In contrast, the Paris stock exchange was hit by political uncertainty, with shares up only 40%, led by Renault and Safran.
What happened in other global markets?
Outside of the Old Continent, in the United States, markets have shown greater vitality than in Europe (S&P 500 + approximately 15%) thanks to the AI ​​industry. In Asia, Taiwan’s TAIEX stood out, again thanks to AI, registering +28.5%, while Japan’s Nikkei 225 gained 19.1%, benefiting from the fall of the yen.
Bitcoin gave back some of its gains in June, but still closed up 45%, making it the best-performing asset. This result confirmed the growing interest of investors in cryptocurrencies despite the market turbulence.
Product boom
One of the key elements that characterized the beginning of 2024 was significant growth raw material prices.
In this regard, Debach writes:
From the rally in olive oil and chocolate, which have worried consumers, to precious metals such as gold, silver and copper, the market has seen impressive growth. Gold, the classic safe-haven asset in times of uncertainty, has seen significant gains. This growth reflects global economic uncertainties and increasing investor demand for safety. Similarly, silver, which is used not only in the technology industry but also in renewable energy, has benefited from this growth trend. On the other hand, copper, which is of fundamental importance to the industrial sector and infrastructure, saw a rise in prices due to robust demand and expectations of a sustained economic recovery.
These increases not only affected financial markets, but also reflected evolving economic and geopolitical dynamics. Persistent inflation and geopolitical tensions have played a crucial role in shaping these trends, making tracking commodity prices a vital indicator for understanding the future direction of the global economy.
