Le European stock exchanges they are looking for a direction at the turning point of half sitting, in a typically August climate and with reduced trading. The markets are still influenced by the tensions in the Middle East and, above all, the stalemate on the Strait of Hormuz, with the positions of the United States and Iran still distant. The tug-of-war continues to support the price of PetroleumBrent crude broke above $90 a barrel this morning, before falling back slightly, while WTI crude also remains sharply higher.
The energy rally thus brings the focus back on the'inflation and, consequently, the next moves of central banks. Investors are awaiting the US consumer price data for July tomorrow, which could provide important clues on the trajectory of Federal Reserve ratesThe market is particularly looking ahead to the September meeting: according to the CME's FedWatch Tool, the probability of a 25 basis point hike is currently just under 50%.
European stock markets lack momentum, Wall Street also shows little movement
In this scenario, the main European stock markets remain little changed. The Ftse Mib Milan rose 0,06% to 53.696 points, while the London Stock Exchange gained 0,03%. Weaker Paris (-0,16%) And Frankfurt (-0,06%), while Madrid (+0,34%) and Amsterdam (+ 0,35%).
The Wall Street is preparing for a start without major shocks: the futures The Dow Jones Industrial Average fell 0,09%, while the S&P 500 and Nasdaq 100 rose 0,02% and 0,11%, respectively. Risk appetite is being dampened primarily by the stalemate between Washington and Tehran and the resulting rise in energy prices, while attention remains focused on upcoming US inflation data.
Among the titles under scrutiny, Nvidia It rose 0,9% in pre-market trading, after a 2,9% decline the previous session. The group remains a focus of interest, also due to its project with some of the world's largest financial groups for a $500 billion package to finance artificial intelligence infrastructure. Intel instead drops 1% after the announcement of a 20 billion dollar stock offering, while Riot Platforms jumps 21% on rumors of a $9 billion deal with anthropic. In decline Rocket lab (-9,3%), On (-16,2%) And Hims & Hers Health (-6,4%), penalised respectively by the prospects for the first flight of the rocket neutron, from lower-than-expected sales and a wider-than-expected quarterly loss.
Piazza Affari holds firm with Azimut and Prysmian
At the Milan Stock Exchange, the rise in oil prices continues to support energy stocks. Highlights Eni, which gained 1,95%. Among the best on the main list are also Azimuth (+ 2,2%), Prysmian (+ 1,91%) and Brunello Cucinelli(+1,86%). Equita's upward revision to its target price also weighs positively on Prysmian, raising it to €181 per share from €178 previously. Equita judged the deal with Atkore and the strengthening of the group's exposure to the US electrification market to be strategically positive.
The banking sector, on the other hand, is under pressure following the announcement of Matteo Salvini on the League's proposal to ask the top ten banks un contribution in the next budget. The proposal is a levy equal to 5% of profits annually for three years. "There is scope to request a contribution," said the Deputy Prime Minister, specifying that the proposal would concern the largest institutions and not small local banks.
At the end of the list Stellantis, which fell 1,97% after Bernstein's rating cut. Also weak Inwit (-1,02%), Unipol (-0,77%) And nexi (-0,74%).
Outside the main basket, the rally continues The Italian Sea Group, up 5,26% after the +7,01% of the previous session. Also supporting the stock are indications of the Baglietto group's interest in the production assets of the La Spezia area of TISG, confirmed as reported by Sun 24 Hours.
On the bond market, the situation remains under observation. spread between BTPs and Bunds, which opened at 79 basis points, up from 78 the day before. The yield on the 10-year BTP also rose, to 3,99% from 3,96% the previous session.
Gold falls slightly after two-month highs
Among the raw materials, the falls slightly after reaching two-month highs overnight and surpassing the $4.400 an ounce threshold. The precious metal remains supported by expectations regarding the Fed's monetary policy, lower real yields, favorable flow dynamics, and central bank purchases. The weakersilver, which fell 1,5% to around $64,7.
On the currency, theeuro/dollar stands at 1,1536, against 1,1547 of the previous close. Theeuro/yen is worth 183,7, while the dollar/yen stands at 159,24.
