European stocks down amid Juneteenth closure

Negative day for Piazza Affari and major European stock exchanges, in a low-volume session due to Wall Street's closure for Juneteenth, which commemorates the emancipation of African-American slaves.

Markets focused on central bank decisions, starting with the Swiss National Bank (SNB), followed by Norway’s Norges Bank (NB) and the Bank of England (BoE).

In the U.S., the Fed held interest rates steady at 4.25–4.5% as expected. The dot plot still suggests two 25-basis-point cuts in 2025, and GDP forecasts were revised downward. Fed Chair Jerome Powell gave no clear market signals, stating policy "is on track."

Investors are closely watching potential U.S. involvement in the Israel-Iran conflict. According to U.S. media, top American officials are preparing for a possible strike on Iran. President Trump, in a White House speech, added uncertainty by saying: “I might do it. I might not. I mean, nobody knows what I’ll do.”

The EUR/USD remains flat (-0.05%). Gold slightly dips to $3,355.7 per ounce. Oil (WTI) rises 1.06% to $75.94 per barrel. The bond spread is stable at 92 basis points, with the 10-year BTP yield at 3.43%. Among major European markets: Frankfurt down 0.60% London -0.39% Paris -0.66% In Milan: FTSE MIB -0.76% FTSE Italia All-Share -0.76% FTSE Mid Cap -0.8% FTSE Star -1.02% Top performers: Tenaris +0.76% ENI +0.71% Worst performers: Brunello Cucinelli -2.29% Amplifon -2.25% Moncler -2.00% Nexi -1.90% Among mid-caps, only MFE A shows gains (+0.7%), while Ferragamo (-2.25%), The Italian Sea Group (-1.92%), De’ Longhi (-1.82%), and Reply (-1.78%) suffer notable declines.