Who said that the number 17 brings bad luck? At least not on Western financial markets, which on this Thursday, September 17th, are instead experiencing a very lucky session, from Europe to Wall Street, after yesterday The Federal Reserve has made its independence clear in response to pressure from the White House, confirming a hawkish orientationThe rising cost of money is not actually good news for investors, but the rate hike announced yesterday by Kevin Warsh It had already been widely priced in in previous sessions, and therefore good humor prevails today.
All Western stock markets are doing well, from Europe to Wall Street
European stock markets closed as follows: Milan +0,8%, Paris +0,57%, London +1,2%, Frankfurt +0,7%. Overseas, it is above all the Nasdaq that stands out, with the composite index of technology stocks gaining 1,5%, as did the super-basket Top-100. The Dow Jones advanced by half a percentage point. The Federal Reserve has in fact triggered a positive domino effect, reviving the tech sector, causing the price of oil to decrease (which however remains above $100 a barrel) and giving relief to government bond yields, in particular that of the 10-year T-Bond which in the last few trading sessions had exceeded the 5% threshold, the highest in almost twenty years.
Intel soars on Nasdaq amid rumors of a joint venture with Sk Hynix
On the Nasdaq, it was said, tech is a big protagonist with a general and consistent rebound: among the most traded stocks are the usual Micron +6%, Nvidia +2,5%, Sandisk +6%, Invesco +1,5%. On the AI front, AMD also gained 6%, while the best stock of the session for now is Intel with an astonishing +8,5%, on the news that the Korean SK Hynix is reportedly discussing the possibility of producing memory chips in the US, potentially using Intel's plant in Ohio or through a joint venture. Even traditional big tech companies are joining the party, starting with Amazon +2,5%, Tesla +2%, Google +1,5%SpaceX also rose by 2%, just days after the launch of Starship Flight 14, Starship's first orbital attempt.
Oil prices fall but hold above $100, gas at 76 euros
Oil prices deflate but hold above $100 a barrelBrent crude is trading at $103 today, while WTI crude is just above the triple-digit mark. The decline reflects the easing of fears of supply interruptions, following Saudi Arabia's announcement that it could restore about half the capacity of the damaged East-West pipeline within days and full operation within six weeks. Riyadh is also offering additional crude cargoes to Asian refiners via ship-to-ship transfers off Oman, thus ensuring an alternative export route. European natural gas also falls, which is currently worth around 76 euros per megawatt-hour. Gold is up 2% toward $4.400 an ounce, while silver is up 4% to $66.
The yield on US Treasury bonds falls, but remains close to 5%.
The yield on the 10-year US Treasury bond benefits from the signals sent by the Federal Reserve and retraces slightly, but remains just shy of the 5% threshold. As a result Italy's benchmark 10-year BTP is also breathing, whose yield, however, remains at 4,3%, with the spread against the Bund not far below 90 basis points. The uncertainties of recent trading sessions had significantly boosted the US dollar, but today the euro recovered some of its lost value against the American currency, bringing the exchange rate close to 1,15. Bitcoin moves little, holding above $76.000.
Poste and Tim stand out at Piazza Affari, with the takeover bid closing soon
Last but not least, Piazza Affari had an excellent session, comfortably regaining the 52.000 point mark. Poste Italiane's takeover bid for Telecom Italia is nearing completion. And it's convincing the market: today, their respective shares are up 3,4% and 3%. Stellantis is up 2,26% after yesterday's decline. With a few exceptions, energy is doing very well: Hera is up 2%, Enel is up 1,7%, Terna is up 1,66%, and Saipem is up 1,2%. Banks in disarray, ready for the final assault of the game of risk, which will somehow end up overturning the Italian financial scenario: Mediobanca +1,4%, Banco Bpm -0,4%, Mps +1,3%, Unicredit +0,9%, Intesa Sanpaolo +1,1%. Outside the main basket, Pininfarina soars +17%., on the verge of delisting.
