Markets amid corporate stories and record raw materials: Tim and Saipem lead Milan, Wall Street remains cautious.

A year-end session, with low volumes and movements often more responsive to news than structural flows: in this context, markets alternated between risk-seeking and protection-seeking phases. In Milan, attention focused on individual company stories, while interest rates remained dominant in the background, with Wall Street maintaining a measured pace and commodities still playing a leading role.

In Europe, Piazza Affari closed with the FTSE MIB at 44,606, confirming a resilient climate driven primarily by domestic issues. In Germany, the DAX at 24,340 followed a similar trend, with the market more inclined to select themes rather than build a unified direction.

Tim accelerates simplification efforts after the Supreme Court ruling

The Italian market has looked first at Telecom Italia, following the launch of a strategy aimed at simplifying its capital structure. The group aims to maintain a single class of shares on the stock exchange, converting savings shares into ordinary shares and proposing a capital reduction. This process will be implemented through the shareholders' meetings called at the end of January. The prevailing interpretation is that this is a "governance" intervention: less complexity, greater potential liquidity for the ordinary shares, and a reduction in costs associated with the coexistence of multiple classes.

The reputational and financial impact of the Supreme Court ruling on the concession fee also remains on the table: this case concludes a historic dispute and, in the market narrative, could offer greater flexibility to support extraordinary transactions. Analysts have emphasized the idea of a cleaner structure and a potential improvement in the stock's quality, including in terms of index performance.

Saipem: Qatar's push and the backlog issue

The second catalyst of the day was Saipem, buoyed by the announcement of a new order in Qatar for a highly complex offshore project. Here, the market reasoned consistently: greater visibility and a strengthened presence in a strategic area, with a positive signal regarding the order intake trajectory. Investor interest remains anchored to the same variable as always in the sector: execution capacity, because that's where a strong backlog translates into results.

Autos: Europe's weak economy faces competitive pressure on Tesla and Stellantis

The auto sector, however, continued to reflect a still-sensitive European environment. Stellantis experienced a slowdown in registrations this month, a data that was interpreted in conjunction with the broader market picture: Europe remains far from pre-pandemic levels and the recovery is proving halting. Meanwhile, Tesla continues to struggle in Europe, amidst a backdrop that highlights competition from China and the role of hybrids as a "pragmatic" alternative for more price-sensitive demand.

Wall Street: Solid indices, but the Fed remains the compass.

In the United States, the day maintained a cautious tone, typical of a period in which markets seek confirmation without overexposing themselves. At the close, the Nasdaq was at 23,620, the Dow Jones at 48,669, and the S&P 500 at 6,931: levels that reinforce the idea of a market still supported by expectations of monetary easing and optimism related to major technology themes, but also sensitive to the risk of "overenthusiasm" regarding valuations.

On the macro front, a GDP figure surprised on the upside but was considered by many to be unrepresentative of the current situation, with attention quickly shifting to more timely indicators such as confidence and the labor market. The dollar's performance remains another key issue, as it continues to influence global flows and the relative strength of commodities.

Commodities: Gold and silver still in the spotlight, copper as a duty thermometer

The real cross-cutting factor, however, remains commodities. Gold at 4,560 continues to reflect demand for protection fueled by geopolitics and interest rate expectations, while silver at 76.50 amplifies the momentum with typically higher volatility. In the energy sector, crude oil at 57.31 reflects a fragile balance between demand, growth expectations, and supply factors.

Copper, meanwhile, remains the metal most closely intertwined with the energy transition, industrial cycle, and trade policies: the narrative of tariffs and supply tensions continues to capture investors' attention, with movements that often go beyond the "classic" interpretation of Chinese demand.

Media M&A: Warner remains in contention

Finally, on the global corporate level, the game over Warner Bros. Discovery remains open. Paramount is trying to reopen the game by strengthening the financial credibility of its offering, while Netflix is working on funding with refinancing operations: a reminder that, in large acquisitions, price matters as much as the structure and solidity of the coverage.

Exchange rates: Euro stable, yen in the spotlight

On forex, the EUR/USD at 1.17 signals a market that continues to be weighed down by interest rate expectations and the relative weakness of the dollar, while the USD/JPY at 156 maintains high attention on Japan and the issue of monetary normalization, with potential repercussions on the carry trade and global volatility.

The session confirms a year-end market driven more by individual stories than by a common direction. In Milan, corporate issues and industrial visibility are weighing heavily, while globally, rates and safe-haven assets remain key. This scenario calls for caution and selectivity, while awaiting clearer indications on growth and monetary policy.