Interlocutory session for the main Western stock exchanges. The trend on Wall Street alone bears witness to the uncertainty, with The Dow Jones is also moving into negative territory due to the 4% fall in JP Morgan., while the Nasdaq is led upwards by tech stocks: the most traded today are Micron +3%, Sandisk +4,5%, Meta +1,2%, Nvidia +0,5%, AMD consolidates its entry into the “trillion dollar club” (a company with a $1.000 trillion market cap) is currently up another 0,2%. The best performing stock in the Nasdaq-100 super basket is once again AI-related: Astera Labs, up 6,6% at the time of writing. The travel sector, however, is under pressure, always influenced by geopolitics: Booking -4,5%, Airbnb -3%.
Oil remains near $100 as Saudi Arabia restarts East-West pipeline
Geopolitical tensions today do not allow oil to return above 100 dollars a barrel, because positive news prevails: US President Trump declared at the UN that he believes that US to reach deal with Iran soon after midterm elections November. Furthermore, Saudi Arabia has reactivated the East-West pipeline—halted following the drone attacks earlier this month—with the possibility of crude oil exports resuming later this week. Brent crude remains very close to, but currently below, the $100 a barrel mark, while WTI crude oil is trading below $92. European natural gas price stable at 73 euros per megawatt hourGold also remained substantially unchanged at $4.340 an ounce and silver at $66.
The yield on the 10-year T-Bond deflates. Record-breaking Oat-Bund spread
Tensions on government bond yields are easing: the US 10-year T-Bond, which had broken through the 5% threshold a few days ago, is now falling back Around 4,93%, a value that is still quite high but lower than the psychological quota. What is making the news today is rather the French Oat, with the spread with the German Bund that reaches above 106 basis points, the highest since 2012. The Oat-Bund spread is more than 15 basis points higher than the BTP-Bund spread. And it's becoming a key indicator eight months before the next presidential election in April 2027: investors are increasingly alarmed by France's difficulties in reducing its high budget deficit. The BTP Bund is also rising, approaching 90 basis points, with the yield on the 10-year BTP still high at 4,3%.
Stm soars at Piazza Affari, but banks and insurance companies continue to decline.
The euro-dollar exchange rate remains more favorable to the US currency, around 1,144. Bitcoin, on the other hand, continues to soar, having been in full hype for a few sessions.: today it exceeds $86.000 in value, which is the highest since January. Here's how the European stock markets closed: Milan -0,53% but defends the 52.000 points, Frankfurt at parity with Zalando +3,7% in dust, Paris +0,2%, London -0,3%. The FTSE MIB is paying a bit of the price for the Italy's failure to exit the EU infringement procedure, which will reduce the margins in the next budget: yet another flop for the Meloni government. At Piazza Affari the best stock by far is Stm +4,37% in the wake of the American tech, but Prysmian (+2,5%) and Campari (+2%) are also pushing up. The two protagonists of the takeover bid, Poste Italiane -4% and Telecom Italia -3,3%, are falling, but the banking and insurance sector is especially depressed: Finecobank -3,7%, Generali -3,3%, Unipol -1,6%, Bper -1%, MPS -1%, Unicredit -0,5%, Banco Bpm -1,7%, Intesa Sanpaolo -0,7%.
