European markets closed mixed on Friday, February 13, 2026, with Milan leading the declines, falling below 46,000 points (-1.7%). The drop was driven by losses in Prysmian and the banking sector. The banking sector experienced broad declines across the continent (Euro Stoxxx -3.26%), fueled by increasing bets that the Federal Reserve may cut interest rates following inflation data that came in below expectations, falling to 2.4%. The Eurozone’s fourth-quarter 2025 GDP showed an increase of 1.3% year-on-year. As earnings season continues, technology stocks remain under scrutiny, with investors concerned that substantial spending by Big Tech companies on artificial intelligence may not generate anticipated returns. Paris (-0.3%) and Madrid (-3.12%) likewise finished the day in negative territory, whereas other major indices posted gains.
Wall Street Cautious as Inflation Cools to 2.4%
U.S. Stock markets traded cautiously after the release of inflation data. The Consumer Price Index rose 0.2% in January compared to the previous month, according to the Department of Labor, versus expectations for a 0.3% increase. The annual rate decreased from 2.7% to 2.4%, compared to forecasts of a drop to 2.5%. The core CPI, excluding food and energy prices, increased 0.3%, in line with expectations. This data suggests a potential shift in the Federal Reserve’s monetary policy outlook.
Semiconductor giant Applied Materials saw its stock price surge double-digit percentage gains, driven by strong financial results and a positive outlook. Airbnb also experienced gains as investors reacted favorably to the platform’s optimistic short-term rental forecasts. Pinterest, however, saw a sharp decline after reporting disappointing fourth-quarter results and issuing a weak forecast.
Inwit Leads Gains in Milan; Prysmian and Banks Lag
In Milan, Inwit (+5.16%) topped the list of gainers amid rumors that Ardian, holding a 31% stake through Daphne (previously held by Tim until 2024), is collaborating with Brookfield Asset Management of Canada to acquire 100% of the company and delist it from the Milan Stock Exchange. Generali (+0.6%) also saw gains, supported by a Citi upgrade to a “buy” rating with a target price of €43.40 per share. The U.S. Inflation data increased pressure on banks, with Bper and Popolare di Sondrio closing down 5.5% and hitting the bottom of the index. Prysmian (-2.7%) trimmed its losses late in the session following reports that U.S. President Donald Trump is considering a plan to reduce some tariffs on steel and aluminum products. This news, conversely, spurred gains in Tenaris (+2.45%).
Bitcoin Remains Weak; Oil Prices Stable
In currency markets, the euro/dollar exchange rate remained relatively stable at 1.18, while Bitcoin continued to trade below $70,000. Oil prices remained stable after declines the previous day, triggered by a report from the IEA indicating slower global demand growth in 2026 and a significant surplus. Brent crude traded around $67 a barrel, and WTI was in the $62 area. Natural gas traded in Amsterdam fell to €32 per megawatt-hour. Gold rose again, approaching the $5,000 per ounce mark.
