For the first time since July, oil surpassed the psychological threshold of $100 a barrel, and stock markets, already off to a poor start, extended their losses. By midday, all markets were in the red: Milan drops 1,5% and falls below the 52 point threshold (to 51.379), Paris lose 1,46%, Frankfurt 1,34%, Madrid is the worst (-2%), weighed down by Inditex, which after the accounts recorded a fall of over 4%. The losses were more contained London with the Ftse100 marking -0,7%.
Oil jumps above $100, gas also rises
The United States announced it destroyed five Iranian oil tankers in the Persian Gulf in response to attacks on its warships. In further retaliation, Iran's Revolutionary Guard Corps said it attacked two U.S. ships, eight oil tankers, and ten other vessels.
The markets are also reacting to the new escalation of tension in the Middle East, with the Brent North Sea crude has broken through the $100 per barrel threshold, returning to the levels seen at the end of July: the increase is currently 2,6% at $100,47 per barrel. Also up is the wtf Texan, which changes hands at 95,13 dollars (+2,1%).
The price of the gas, which is worrying given that European countries will have to stockpile electricity for the winter. In Amsterdam, it's trading at €78,3 per megawatt-hour (+3,2%).
The surge in prices pushes energy stocks higher. In Milan Eni is at the top with a rise of 1,3%. They also rise Italgas (+ 0,7%) and Snam, while they travel downwards Tenaris (-1,2%) and the Saipem (-0,4%), which had performed well yesterday following the announcement of the award of a new contract in Turkey for the commissioning services of the Osman Gazi Floating Production Unit intended for the development of the Sakarya natural gas field in the Black Sea.
In the rest of Europe, the Spanish ones are also well set up Repsol (+1,6%) and the French TotalEnergies (+0,9%), as well as the British ones Bp (+1,4%) and the Shell (+ 0,6%).
Anticipation for the ECB is growing
Rising energy prices could impact inflation. This scenario will certainly be analyzed by the ECB, which tomorrow should announce a new rate hike, bringing them to 2,5%. The real puzzle, however, concerns the future moves that the Federal ReserveThe market is betting on a restrictive orientation, so much so that government bond yields remain high: the Waist 10-year yields 3,4%, the Italian BTP 4,24% and the Treasury 4,8%. Next week, the Japanese central bank will also make a statement, which is expected to raise rates to support the yen.
In Milan, banks are in deep red
In Milan, banks are in sharp decline. The worst is Banca Mediolanum, which leaves 3,38% on the ground, followed by unicredit, down 2,8% despite the ECB's approval of the Danish Compromise yesterday. Among the banks involved in the game, Bper drops by 2,7%; while Understanding falls by 2% 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 (-1,7%). 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 sector, Post drops 2,6% after the relaunch on Tim (-1,9%), while stmicroelectronics drops 2,3% on the day Apple unveils its new foldable iPhone.
Seight the lens WebuildShares fell more than 6% after press reports – denied by the company – of a letter sent to the government requesting €22 billion in additional costs.
