Le European stock exchanges are traveling in the red, while oil and gas prices continue to run and yields continue their upward trajectory. Meanwhile, the markets are growing in anticipation of the Federal Reserve, which tomorrow could decide to raise interest rates, triggering the wrath of US President Donald Trump, while the US remains under special surveillance tech sector after the debacle of the previous day triggered by concerns related to AI and its security.
Oil and gas prices rise sharply
After having touched the 110 dollar mark per barrel yesterday, only to then fall back, the Brent is trading today at 107,8 dollars, up more than 2%, while the wtf advances by the same percentage to 103.4 dollars. Also under observation is the gas, which in Amsterdam is above 82 euros per megawatt hour after having exceeded the 83 euro mark.
The main factor is the closure of theSaudi East-West Oil Pipeline, caused by attacks by Yemeni rebels Houthis. The energy infrastructure, which transports oil to the Red Sea port of Yanbu, is crucial for bypassing the Strait of Hormuz and could remain down for several weeks pending repairs. Furthermore, the Houthis have launched missiles and drones against the Khamis Mushait military base in Saudi Arabia, reviving concerns that the Middle East conflict could spread to other Gulf countries.
Stock Market: Europe Down, Milan Down with Banks
In this context Paris and Frankfurt they give up 0,7%, Amsterdam loses half a percentage point, Madrid It's down 0,3%. They're doing worse. London (-0,84%) And Milan (-0,82%), with the Ftse Mib however moving away from its lows and recovering the 51 thousand points lost at the start of the session.
The banks are the ones that are weighing down the price list, with Unicredit (-2,1%) black jersey after the meeting between CEO Andrea Orcel and German Finance Minister Lars Klingbeil on the future of Commerzbank. Bad news too Bper (-1,8%) which according to Mf he would have put on the plate 400 million for payment services and the BFF custodian. Below Understanding (-1%) And Ps (-0,34%), with the Mount that considers the Ops irrevocable su Bpm bank (-0,37%) And General Bank (-1,8%) even in the event of a successful takeover bid by Intesa, which, upon request of Consob, recalculated the exchange rates, at a discount without the Intesa "effect". The rest of the managed savings are also in the red, with Mediolanum Bank and Fineco which mark -1,3% and -1,2% respectively and Azimuth down 1%.
Tech still weak, with St in parity and Prysmian (-0,6%) despite the US antitrust approval of the Atkore acquisition. On the earnings front, oil stocks stood out, supported by rising prices: Tenaris + 1,7% Saipem + 0,7% Eni +0,6%. positive Avio (+0,8%) after the successful launch of the Sentinel satellites from the group's Vega C rocket.
Yields rise, Italian government bonds reach their highest levels since November 2023.
Yields also remain at their highest levels: Treasury US 10-year remains just above 5%, for the first time since 2023. In Europe, the BTP at 10 years is at 4,48%, while the Waist German equivalent maturity rises to 3,56% for one spread stable at 89 basis points.
In the currency market, the dollar strengthened against the single currency, with markets pricing in a Fed rate hike tomorrow and looking to Kevin Warsh's speech for guidance on the future: the euro is trading at $1,1534 (from $1,1549 the day before); the greenback is also worth 154,9 yen (from 154,3), with the BoJ also expecting a rise on Friday.
