Le European stock markets are moving cautiously higher following the White House summit between US President Donald Trump, his Ukrainian counterpart Volodymyr Zelensky and the leaders of the European Union. Although some fundamental details on the security guarantees for Kiev and the possible transfer of territories Ukrainians to Russia, the meeting seems to have represented a step forward on the road to peace, with a conclusion permeated with optimism in view of the possible bilateral meeting between Russia and Ukraine or the trilateral meeting (with Trump) that the US would like to organize at the end of the month. Meanwhile, the eyes of the markets are focused on the symposium of Jackson Hole which will begin on Thursday. All is eagerly awaited for Jerome Powell's keynote speech, scheduled for Friday, which could provide some indication of a possible 25 basis point rate cut by the Federal Reserve in September. A rate cut is considered approximately 84% likely based on market futures compiled by CME FedWatch.
The opening of the European Stock Exchanges
In this context, the stock markets of the old continent are travelling in a fractional increase, with Business Square which rose by 0,39% to 42.807 points. Positive session also for Parisi (+0,29%), Amsterdam (+ 0,2%) and Madrid (+0,21%), while Frankfurt After a green start, the stock market turns negative (-0,1%). London remains stable.
Overseas, the Nikkei Japanese stocks hit a new high during the session, but then reversed course, weighed down by the crash of Softbank (-4%), which collapsed after the announcement of the purchase of a $2 billion stake in Intel.
Banks are back in the spotlight in Milan
In Milan, the spotlight is once again on the banking sector, with Monte dei Paschi (+ 2,49%) and Mediobanca (+2,13%) at the top of the FTSE MIB. The Siena-based bank's share price is being driven by the increase in subscriptions to the public offering launched in Piazzetta Cuccia. The stakes contributed to the offer have increased from 13,4748% to the current 19,4168%. According to rumors, Delfin is credited with contributing an additional (and significant) block of Mediobanca shares to Rocca Salimbeni's offer. Mediobanca For its part, it is rising in the wake of the green light, received yesterday evening, from the ECB for the offer on Banca Generali. Looking at other sectors, luxury is buoyant with Moncler (+ 2,8%) and BRUNELLO CUCINELLI (+1,6%). Purchases also reward Buzzi (+ 2,2%) and nexi (+ 1,66%).
Thump of Leonardo, which is at the bottom of the list with a drop of 5,2%. Weighing on the stock is the general weakness of European defense stocks (Rheinmetall -2,4% in Frankfurt, Thales -2,3% in Paris), following the gains of the previous day and the announcement by Ukrainian President Zelensky that he was willing to purchase, with the help of other European countries, US weapons worth 90 billion dollars.
Benefits also on energy: Italgas (-0,5%), Hera ed Eni, both at -0,16%.
Out of the main basket, WeBuild Up 0,6%: The company announced a new €1,6 billion contract from RFI, as part of a consortium, for a new tunnel on the Salerno-Reggio Calabria line.
Euro, oil, gas, bitcoin, spread
On the foreign exchange market, theeuro is worth 1,1678 from 1,1668 yesterday at the close. The single currency is also trading at 172,38 yen (from 172,58), while the dollar/yen rate is at 147,62 (from 147,91). On the energy front, the price of Petroleum, with the October Brent futures down 0,83% to $66,05 a barrel and the corresponding delivery for WTI down 0,97% to $62,09. Down 0,9% to 31 euros per megawatt hour is gas natural on the Amsterdam TTF platform. Finally, the Bitcoin, after last week's highs, below $115.
Finally it spreads, which is slightly higher than yesterday's session at 82 basis points, with the yield on the benchmark 3,591-year Italian bond at 10% and that on the 2,772-year Bund at XNUMX%.
