Oil nears $100 Per barrel and weak stock markets. This is how the markets' morning can be summed up, at the halfway point. In stocks, after the Asian markets closed lower, Europe's performance is also mixed: Milan At midday, it was down 0,4% to 52.007 points. Below par. Paris (-0,1%), while Frankfurt e Madrid lose 0,2% and 0,3% respectively, Flat London, it's better Amsterdam, which advances by 0,34%. Plunge of Zurich (-1,2%) ballasted by Novartis, in deep red (-9,3%) after the failure of a phase III study on del-desiran, an experimental drug against myotonic dystrophy type 1. Wall Street futures were also mixed.
What is worrying investors is the surge in government bond yields which, combined with the increase in tensions in the Middle East, is pushing oil ever closer to $100. Rising crude oil prices, in turn, threaten to negatively impact theinflation, leading central banks to decide on more restrictive monetary policies. On Thursday 10 September it will be the ECB's turn which, according to expectations, will raise interest rates by a quarter of a pointThe following day, the data on American inflation will arrive, decisive in view of the Fed meeting on September 16th.
Oil nears $100, gas also rises
In this context, The price of the Petroleum rises in step with tensions in the Persian Gulf: WTI for delivery in October is trading at 94,23 dollars a barrel, up 3,01%, while Brent crude for delivery in November is trading at 98,82 dollars a barrel, just shy of 100 dollars, up 1,88%. Also rising the gas, which on the Amsterdam Stock Exchange is moving above 75 euros per mWh (+2,1%).
The increases in raw materials initially boosted oil stocks, but after a strong start, they deflated. Stoxx 600 Energy is up half a percentage point, not far from the highs of last May. In Milan Eni gains 0,37%, Tenaris is just above par, Saipem It rose 0,9% thanks to a new contract in Türkiye. In Amsterdam Shell rises by 0,37%; in Paris Total advances by 0,35%. Loses by 0,5%. Repsol to Madrid.
In Milan, TIM aligns itself with the relaunch of Poste Italiane
In Piazza Affari the spotlight is on Tim, which gained 2,2% to 7,642 euros per share after the board of directors of Post (-0,27%) last night he raised the bid, raising the cash portion by 30 cents, up to 1,97 euros in total, plus 0,218 ordinary Poste shares.
At the top of the Ftse Mib there is however Inwit (+2,5%), while Fincantieri It advances by 1,6% pending the signing between Italy and Greece, expected today, of the implementing agreement for the transfer of two FREMM frigates to the Hellenic Navy, with the potential involvement of the group in various activities.
On the opposite front, it is stmicroelectronics the black jersey (-2,4%), followed by Avio (-1,45%) And Terna (-1,3%).
Understanding drops 1% in anticipation of the meeting that will be called on Thursday 10 September to approve the capital increase at the service of the takeover bid on Ps (-0,2%), whose board of directors will meet today. In red Unicredit (-0,97%), after ECB's authorization for the Danish Compromise on insurance holdings, including Generali.
Copper hits new record high as European yields rise
Among metals, gold is stable, with spot delivery unchanged at $4.400 an ounce. Copper hits a new record, buoyed by short-term supply shortages and expectations that the United States will impose tariffs on refined metal imports. The industrial metal rose for the fourth consecutive day on the London Metal Exchange, hitting an all-time high of $14.617 per ton.
On the currency l'EUR moves at 1,161 against the dollar (-0,08%), while on bonds it spread between BTPs and Bunds It is slightly up to 82 basis points, with the yield on the Italian 10-year bond rising to 4,19% and that on the German 10-year bond at 3,37%. The yield on the OAT 10 also increased, to 4,24%, and the Bonos 10, to 3,82%.
