Oil above $100, gas nearing €80, and bond yields soaring. The stock market's reaction was bound to be abrupt, with everyone stock markets close in deep red on the eve of ECB meeting which is expected to raise rates by a quarter of a point tomorrow.
Meanwhile the tension in Middle East It is increasingly high. The United States announced that it destroyed five Iranian oil tankers in the Persian Gulf in response to attacks on its warships. But further retaliation came from Tehran: the Iranian Revolutionary Guards declared that they attacked two US ships, eight oil tankers, and ten other vessels.
European stocks fall
This is the context in which European stock markets moved throughout the day, closing the session with losses. Paris loses 2%, Frankfurt lose 1,8%, Madrid 1,7%. Bad too Amsterdam (-1,3%) And London (-1,4%), while Milan In the final stages, the damage was limited: at the close, the Ftse Mib marked -0,58% at 51.875 points.
On European stocks, the collapse of Inditex, which fell by 3,5% after the accounts. It closed colorless (-0,17%). EssilorLuxottica: The stock, which has lost more than 43% since the beginning of the year, surged in the afternoon after the group's board of directors unanimously renewed its full confidence in Chairman and CEO Francesco Milleri and Deputy CEO Paul du Saillant. This decision came after strong criticism from Leonardo Maria Del Vecchio.
Wall Street falls, Apple weak on the Nasdaq, Meta soars
Travel in decline to wall street, after yesterday's negative day, due to the continuous increase in oil prices, which among other things pushed the price of gasolineA topic Americans are very sensitive about. A new peak was reached in California, where a gallon now costs $5,8797. Washington State also recorded a record high of $5,5312 per gallon, while nationwide, diesel reached a new high of $5,9424 per gallon. A year ago, it cost $3,7048. Meanwhile, operators will continue to monitor inflation data, which will have an impact on the decisions that the Federal Reserve will take next week's interest rate decisions. According to CME FedWatch calculations, the market sees a 60% probability of a quarter-point hike.
In this context, the Dow Jones loses 0,6%, lo S & P 500 is down 0,3%, the Nasdaq loses 0,36%. On the stock market, the title of Apple is down 0,8%, ahead of the presentation event for the new iPhones, including the foldable one, scheduled for today. Instead, it is flying MetaPlatforms, up more than 6% after the company announced a new personal AI agent that can purchase goods online, respond to emails, and complete other user-authorized tasks. The agent, called Muse, is accessible through a dedicated app.
Sales of defense and managed savings in Milan
In Milan, the surge in oil prices pushes Eni, which closed at the top of the Ftse Mib, with a rise of 1,91%, and Saipem (+0,34%). Positive (+0,5%) also Diasorin, above par Recordati (+ 0,11%), Iveco (+ 0,1%) and Generali (+ 0,07%).
The rest of the list is colored red. At the bottom are placed Leonardo and Fincantieri, which yield 4% and 3,6% respectively. Bad Post, which loses 2,7% after the relaunch on Tim (-2,1%), e Amplifon (-2,2%). Sales of managed savings, with Mediolanum Bank and Azimut down 1,9%.
Spotlight on banks, which however closed far from their lows: Unicredit marks a 0,25% decline despite yesterday's ECB approval of the Danish Compromise. Among the institutions involved in the game, Understanding falls by 0,46% on the eve of the meeting that will have to give the green light to the capital operation to service the takeover bid on Ps (-0,17%). Meanwhile, yesterday, non-executive directors Gianluca Brancadoro, an independent, and Alessandro Caltagirone, a non-independent, were co-opted to the Rocca Salimbeni board of directors.
Outside the Ftse Mib it collapses WeBuild (-7,9%). The company filed a complaint with Consob in relation to the article published by "Il Fatto Quotidiano" titled "Major Works: Now Webuild Wants €22 Billion in Extra Costs," arguing that the article contains "manifestly false and unfounded reports," disseminated in a manner that significantly and distorted the group's stock price.
Oil prices rise above $100, while gas prices hover around €80.
The main protagonists of the session are raw materials, with oil and gas prices soaring due to news coming from the Middle East. Brent returns above $100 a barrel for the first time since July and marks a 3,27% increase to $101,1 a barrel. Oil advances by 3,6%. Wti Texano, which rises to 96,3 dollars.
The price of the gas, This is a cause for concern, especially considering that European states will have to stockpile electricity for the winter. In Amsterdam, it is listed at €79,3 per megawatt-hour (up 4,5%).
Yields rise sharply
Another sore point of the day is the yields. The rate of BTP at 10 years pushes up to 4,26%, the highest since November 2023, with a spread on the Bund widening to 84 basis points (81 last night). The yield on the Waist at 3,42%, it updated the new 15-year high. The yield on the Oat 10 fFrench, at 4,31%, and of the 10 Bonds Spanish, at 3,87%.
Also under pressure are the US government bonds: the 10-year is above 4,8%, marking the highest level since October 2023, despite the US Treasury Department announcing this afternoon that will buy back $6 billion in government debt, in an effort to ensure the continuity of bond markets. The highly anticipated announcement triples the amount normally allocated for repurchase operations and follows the announcement on August 19, when Treasury Secretary Scott Bessent stated that the department would at least double the standard amount for securities already issued.
