Houthi militants claim attack on two Saudi oil tankers in the Red Sea causes the price of oil to soar and sends the stock markets into the red. Now there are various fronts of concern for the markets in the Middle East: in addition to the Strait of Hormuz, on which the ECB President Christine Lagarde, is added to the passage in the Red Sea near Yemen, controlled by pro-Iranian guerrillas. The risks to energy supplies (and not only) are aggravated by the continuous attacks on ships in Hormuz, by the new US raids against Iran and by the Kazakhstan's decision to suspend crude oil exports through the Caspian Pipeline Consortium terminal following drone strikes.
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Oil hits two-month highs: Brent hits $100 a barrel
Oil thus returns to its highest level in two months: Brent hits $100 a barrel, WTI Crude Oil trades at $92 a barrelEuropean natural gas prices are less volatile, but remain very high, above 61 euros per megawatt hour. The uncertain outlook is also weakening safe-haven commodities: Gold returns to $4.050 an ounce today, and silver, which yesterday had found 60 dollars, today trades at just over 57 dollars. Lagarde, during the press conference following the Board of Directors meeting, raised the alarm, implying that The energy shock could have serious consequences for inflation in the euro area.
At the Milan Stock Exchange, StM plunges 17,7%. Tesla and Google collapse on the Nasdaq.
European and US stock markets are having a very tough session, particularly Piazza Affari, which plunges 2,8% to 51.300 points. Paris, Frankfurt, and London are also in the red, with the Nasdaq falling 2,6%, down 1,6%, and Wall Street is also in the red, with the Nasdaq falling 2.6%. It's tech that's causing the markets to plummet, and it's no coincidence. In Milan, the worst stock is Stm, which marks a dramatic -17,7%. despite the return to profit, in the wake of the reference stocks on the Nasdaq: apart from Micron which in contrast with the trend gained 2,8%, the most noteworthy ones are the drops of Tesla -15% and Alphabet -7,5%. Both companies have published a quarterly report yesterday which especially for Google seemed encouraging, but today the company received a EU fine of 890 million euros, for violation of the Digital Markets Act.
Luxury goods suffer heavy losses in Paris. The euro-dollar exchange rate stands at 1,13.
Tesla, on the other hand, is failing to convince investors by its difficulty in making profits and its outlook, despite the fact that the second quarter was the best ever for Elon Musk's company in terms of electric car deliveries. On the Nasdaq, losses were also heavy for Amazon -5%, Meta -4,7%, Microsoft -3%, and Nvidia -2,3%On the Dow Jones, Chevron's performance is noteworthy, helped by the rise in oil prices, while among banks, Goldman Sachs appears to be the best performer today. In Paris, the luxury sector is reported to have collapsed: Kering -4,7%, LVMH -4,3%.The BTP-Bund spread is up to 86 basis points, with the yield on the 10-year BTP above 4%. The euro weakens against the dollar, trading at 1,13. Bitcoin drops below $65.000.
