Stock markets recover from tech rout, Piazza Affari soars over 1% on defence and luxury

The slump in Asian tech markets reported this morning by this newspaper - with Japan’s Nikkei falling close to 5% - gave way on Friday to a sharp recovery.

According to data processed by Italian Directory, Tokyo closed up 1.39% and Seoul up 2.05%, with Samsung soaring 8.69%. Markets regained ground after Thursday’s heavy sell-off, when investors had dumped shares of companies indebted in artificial intelligence, such as CoreWeave. According to another reading from the same day, the Nikkei was advancing 1%, recovering part of the near-5% crash recorded the previous day, while South Korea’s Kospi rebounded by around 4%.

The recovery also extended to Piazza Affari, where the Ftse Mib gained exactly 1% at midday, driven by the performance of Brunello Cucinelli, up 6.14%, and Leonardo, up 4.13%. Among the best performers were also Buzzi, up 3.82%, and Fincantieri, up 3.63%, along with Avio, up 3.23%, and Stellantis, up 3.26%. During the session, according to FIRSTonline data, the Milan index gained as much as 1.06%, approaching the 50,000-point mark, supported mainly by the luxury and defence sectors.

Milan’s session comes in the days following the submission to Brussels of Italy’s Draft Budgetary Plan, reported this morning by this newspaper, and sees defence stocks among the leading gainers on Piazza Affari.

It remains to be seen whether today’s recovery will confirm a lasting reversal from Thursday’s sell-off in artificial intelligence-related stocks, or whether it will prove to be a technical rebound following a sharp correction.