“Global oil demand will contract by 420.000 barrels per day on an annual basis in 2026, reaching 104 million barrels per day, or 1,3 million barrels per day less than our forecast pre-war”, but despite this “this year global oil supply will not be able to meet total demand with the war with Iran which is devastating oil production in the Middle East”. The International Energy Agency (IEA) has raised the alarm in its monthly report on the oil market, which is bound to have an impact on the markets. For now, however, not so much, given that the stock markets in general are holding up and oil itself is not experiencing a cautious, consolidation session, with Brent at $107 a barrel and Wtid Crude Oil at $102.
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Stock markets hold up except for the Dow Jones, while T-Bond yields soar.
Apart from the Dow Jones which as we write is losing half a percentage point, the stock markets, as mentioned, are responding positively despite everything: Milan +1%, Paris +0,35%, Frankfurt +0,6%, London +0,35%, Amsterdam +0,9%, S&P 500 +0,2%, Nasdaq Composite Index +0,7%. The US dollar strengthens again against the euro, bringing the exchange rate to a low of 1,17 from nearly 1,18 at the start of the week. Bitcoin, however, after a couple of weeks of rallying, has once again fallen below the $80.000 mark. The overall positive market sentiment, despite geopolitical tensions and the British crisis, is causing the BTP-Bund spread to narrow: today it stands at 76 basis points, with the yield on the 10-year BTP still somewhat high at 3,87%. Speaking of government bonds, The above-expected US inflation figure has pushed the yield on the 30-year T-Bond above 5%. and ten-year bonds at 4,5%.
Exploits of STM and Stellantis on Piazza Affari. Bad Nexi, Avio and Lottomatica
The FTSE MIB returns to 50.000 points, gaining 1%. The best stock in the basket is by far Stm +9,9%, but Recordati and Prysmian also stand out, both up 4%, followed by Stellantis, up 3,4%, and once again the pharmaceutical company, Diasorin, up 3,3%, which is tipped to be a big deal on the potential hantavirus pandemic. The worst performer is Nexi, down 2,46%. Fight the banksBper is up 2% after yesterday's plunge, while Unicredit is up 1,5%. Meanwhile, Intesa Sanpaolo is down 1% and Banca Mediolanum is down 0,75%. Oil uncertainty is holding Eni back, down 0,4%.
Nasdaq tech stocks have a bright day, with Tesla among the top performers.
Overseas, tech stocks are shining on the Nasdaq. In particular, they stand out. Marvell +7%, Tesla +4%, Micron +3,4%, but also Google +2,7%, Nvidia +2,5%, Apple +1%, Amazon +0,7%, Meta +0,5%, Microsoft in the red -0,9%. eBay's rally continues, up 2,3%. after the board of directors rejected GameStop's $56 billion offer. Among the worst stocks, Palantir, which seems very volatile at the moment and at the time the European stock markets close, it loses 3,7%.
