Sitting of heavy losses for European stock markets On this Thursday, October 1st, Wall Street isn't off to a great start either. The drivers worrying financial markets are always the same: the skyrocketing price of oil and therefore energy, rising inflation and resulting fears of even more restrictive moves by central banks, and then spreads and government bonds, whose yields are increasingly under pressure. The BTP-Bund spread is now even reaching 120 basis points., the highest in a year and a half, and the yield on the ten-year BTP exceeds 4,7%. Even the The US 10-year T-Bond surpasses the 5,3% threshold., and with France in turmoil due to student and worker protests, the OAT continues to suffer, whose spread with the German Bund now stands at 140 basis points, with the yield on the 10-year OAT also close to 5%.
Oil back above $100, euro-dollar exchange rate at 1,124
Oil starts to rise again: today Brent crude once again surpasses the $100 a barrel threshold, while WTI Crude Oil approaches $93 a barrel. Crude oil is being driven by news of a reduction in fuel supplies to China fueling fears for an already struggling global market. PetroChina reportedly recalled several cargoes of gasoline and jet fuel scheduled for October in an effort to preserve domestic supplies. This move comes as energy markets continue to absorb the shocks associated with the conflict between the United States and Iran and the war in UkraineEuropean natural gas also rose, reaching 74 euros per megawatt-hour. Gold and silver remained virtually unchanged, the former at $4.160 an ounce, the latter staunchly defending the $60 mark. On the currency front, the US dollar strengthened significantly against the euro, trading at 1,124. Bitcoin remained around $84.000.
Wall Street limits the damage compared to Europe: tech shares are mixed on the Nasdaq.
In this scenario, Wall Street limits the damage even though the Dow Jones, the S&P 500, and the Nasdaq Composite Index are trading in negative territory, albeit to a lesser extent than the European markets. Technology stocks are trading in no particular order: Micron Tech is deflating a bit, down 1,4% after the superlative accounts published yesterday After the markets closed, investors had evidently already absorbed the sky-high expectations for the AI company. Sandisk also loses half a percentage point while Nvidia scores +1%. At the moment. Apple is taking profits -1,5% after yesterday's rally driven by the excellent prospects for the new foldable iPhone. Traditional big tech stocks are little changed, including the new star SpaceX, which is down 0,1%. In clear contrast, Lumentum +10%, driven by new, very positive confirmations in the AI/optical networking cycle. Demand for lasers and optical components related to AI data centers continues to significantly exceed available capacity.
Banks crash at Piazza Affari, including Poste Italiane.
Here's how European stock markets closed: Milan was the worst performer with -2,21%, Paris -1,62%, Frankfurt -1%, London -1,68%. At Piazza Affari only a handful of stocks were in positive territory, among which Fincantieri stood out with +2,7%, followed by Stm and Prysmian with +0,7%. Weak but Eni and Technoprobe also bucked the trend, with marginal gainsThe banks, on the other hand, have taken a big hit: Mediolanum -4,3%, Mediobanca -4,2%, Unicredit -4%, Intesa Sanpaolo -4%, Mps -3,7%, Banco Bpm -3,6%. Poste Italiane -3,2% and Unipol -2,8% also recorded heavy losses.. Generali -2% on the day of green light for the integration of the Alliance In Generali Italia. Outside the main basket, Danieli, which lost 25% in the last month, recovered half a percentage point, approaching 50 euros per share.
