Markets will monitor the flow of tankers and commercial vessels through the Strait of Hormuz, as the recent rebound in traffic drove energy prices to decline. The US will release a batch of labor market data, headlined by the June jobs report, topping off results from the JOLTS, ADP report, and the Challenger job cuts report. Other key data includes the ISM Manufacturing PMI, factory orders, and Case-Schiller home prices. In Europe, the ECB will host speeches by Governing Council members and other central bankers in their annual forum. Also, the Eurozone and its largest economies will publish their inflation rate. In Japan, the Tankan index will take the spotlight along with industrial production, retail sales, and the unemployment rate. Meanwhile, China will post both official and broader industry PMIs.

Week Ahead - Jun 29th

The FTSE MIB fell 1% to close at 51,265 on Friday, pressured by AI-related stocks and energy companies. Energy engineering firm Saipem led the declines, dropping 5% as crude prices extended their retreat, while Eni (-1.3%) and A2A (-0.7%) also came under pressure. STMicroelectronics slid 4.8% as investors renewed concerns that debt-funded AI investments may shift market focus from growth expectations to monetization, dragging Prysmian down 3.5%. Banks also weakened, led by FinecoBank (-2.3%), Banca Mediolanum (-2%), Banco BPM (-1.8%), UniCredit (-1.4%), Intesa Sanpaolo (-1.3%), and BPER Banca (-1.2%), with UniCredit warning that elevated market volatility is likely to persist through the summer. On the upside, defense-related stocks rebounded after recent losses, with Leonardo rising 0.3% and Avio gaining 0.8%. Ferrari led the gainers with a 3.1% advance, followed by DiaSorin (+2.9%) and Italgas (+1.4%). For the week, the benchmark index recorded its first weekly loss in three weeks.

FTSE MIB Posts First Weekly Loss in Three Weeks

The DAX 40 extended initial losses to close about 1.3% down at 24,682 on Friday, the lowest in two weeks, and booking a 1.2% weekly loss. The selloff in chipmakers intensified, pressuring the index, amid global uncertainty around tech stocks and mounting concerns over the rising cost of AI infrastructure. Infineon Technologies sank more than 5%. Other stocks with exposure to the AI-driven data centers were affected, including Siemens Energy (-5.6%) and Hochtief.(-1.8%). Zalando, on the other hand, plunged about 7% after the German financial regulator opened an investigation into the online fashion retailer's 2025 report due to suspicions of violations of accounting rules. Volkswagen fell 1.8% after reports the group is considering deeper workforce cuts of up to 100,000 jobs and potential factory closures to restore competitiveness and improve profitability. On the upside, SAP (2.2%) and Beiersdorf (2.1%) were the biggest gainers.

DAX Closes at 2-Week Low

The FTSE MIB Index dropped 518 points or 1.00 percent on Friday to close at 51265 points. Losses were led by Saipem (-4.88%), Amplifon (-4.84%) and STMicroelectronics (-3.86%). Offsetting the fall, top gainers were Ferrari NV (3.42%), Diasorin (2.92%) and Brunello Cucinelli (1.60%).

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Week Ahead - Jun 29th

FTSE MIB Posts First Weekly Loss in Three Weeks

DAX Closes at 2-Week Low

The FTSE MIB Index Closes 1.00% Lower