Le European stock exchanges They try to leave behind the tensions of the last sessions and take a breath while waiting for the most important appointment of the week: the decision of the Federal Reserve on rates. In the background remain the tensions between the United States and Iran and the difficulties on the energy front, but sentiment is supported by the Petroleum, which after the recent surge is losing ground again, partly due to the increase in American reserves. Prices remain high, however, and the closure of the important Saudi oil pipeline continues to put pressure on the energy sector.
So the stock markets are attempting a timid rebound: Frankfurt 0,18% salt, Paris by 0,33% and Madrid of 0,15%. They do better London (+ 0,52%) and Milan, with the Ftse Mib at +0,54%, still below the psychological threshold of 52 points. The picture, however, remains influenced by the new data on theItalian inflationIn August, the EU harmonized index of consumer prices rose 3,2% year-on-year, from 2,9% in July. Month-on-month, the increase was 0,1%, after a 1% rise in July. Energy products were the main drivers, with growth rising from 11,6% to 17,1%. Also positive were Wall Street futures.
Fed moves towards rate hike, Warsh expected
The main game, however, is being played overseas. The Fed's decision on interest rates is expected at 20 pm Italian time, while the press conference Kevin Warsh is due at 20:30 PM. Traders are giving a 93-94% chance of a 25 basis point hike, the first since 2023. With the tightening now widely expected, attention is now shifting to the indications for the next few months: a more restrictive message could keep the pressure on high bond yields, which in the meantime are showing some signs of easing. XNUMX-year US Treasury returns below 5%, to 4,99%, after the peak of 5,04% reached in the previous session, the highest in almost twenty years. In Europe too, yields are showing some signs of recovery: theOat French drops to 4,53%, the passes Spanish stands at 4,03% and the applies British at 5,36%. In Italy it spread Btp-Bund falls to 88 basis points, while the yield of the ten-year BTP it rises to 4,407%.
The Fed, however, will not be the only central bank to dictate the pace of the markets. On September 17th, it will be the turn of the Bank of England, following the data on British inflation, which rose to 3,1% in August from 2,9% in July. Core inflation remained stable at 2,6%. On September 18th it will be the turn of the Bank of Japan.
Piazza Affari focuses on technology, banks attempt to recover
In Milan, purchases are mainly in the technological sector, with Prysmian up 2,83% e stm by 2,7%. Energy-related stocks also performed well.
Among the bankers, Intesa Sanpaolo rises by 0,75%. The bank has received preventive authorization from IVASS for the acquisition of indirect stakes in Generali and the joint ventures Axa Mps Assicurazioni Vita and Axa Mps Assicurazioni Danni, as part of the MPS operation. Intesa also recalled that yesterday the Antitrust Authority opened an investigation into thePublic takeover bid on MPS, defining it as a “practical and expectant” procedure for evaluating the effects of the offer on competition.
Unicredit also performed well, +0,9%, while the comparison with Berlin remains in the spotlight on CommerzbankAndrea Orcel is calling for CEO Bettina Orlopp's departure and opposing the German government's request to retain two representatives on the supervisory board. UniCredit is also targeting Chairman Jens Weidmann's departure.
Positive Bpm bank (+0,34%), which on September 15 purchased 436.880 treasury shares, equal to 0,03% of the ordinary shares, for approximately €7 million. Total treasury shares held thus rise to 9,78 million, equal to 0,65% of the share capital.
Among other titles, Tim The market is awaiting AGCOM's decision on network tariffs: the new price list is expected to go into effect today, although a final decision may take several more weeks. The new tariffs could impact operators' operating costs.
Eni It instead fell 0,12% after the memorandum of understanding signed with Senegal for preliminary studies on the potential of five offshore blocks. Heavier. Stellantis, -2,69%, after Berenberg cut its rating from buy to hold and its target price from 7,80 to 5,10 euros, in a weak European automotive sector.
Among the stocks outside the main list, the following stand out: Webuild and Trevi, following Consob's approval of the document relating to the voluntary takeover bid launched by Webuild for Trevi ordinary shares.
The other markets
On the currency market theeuro/dollar remains substantially stable above the 1,15 level, at 1,1540 compared to the previous close.
The energy sector is more lively: the wtf for October delivery falls below $105 a barrel, while Brent November remains around 108 dollars. The gas natural gas in Amsterdam remains above 80 euros per megawatt hour.
Among the precious metals they are gaining ground e silverGold rose 0,81% to $4.367 an ounce, while spot silver gained 1,26% to $64,488. Also rising is Copper, at $14.176 per ton, supported by the decline in Treasury yields. The performance of the Bitcoin, which remains below the $76.000 threshold.
