European stock markets are weak ahead of the ECB meeting. Gas at 78 euros
According to experts, the Governing Council of the European Central Bank is set to announce a 25-basis-point rise in interest rates to 2.5 per cent. Brent crude remains close to $100. The yen is at its highest level since February.
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(Il Sole 24 Ore Radiocor) - The latest rises in oil prices – with Brent crude approaching $100 a barrel – and in gas prices – which in Amsterdam stand at 78 euros per megawatt-hour – are prompting caution amongst European stock markets, which are awaiting the outcome of Thursday’s ECB Governing Council meeting. The market expects a 25-basis-point rise in interest rates, but traders will be closely assessing any indications regarding the central bank’s next moves, whilst the latest cross-attacks on energy infrastructure in the Persian Gulf between the United States and Iran are likely to keep pressure on prices high.
The FTSE MIB on the Milan Stock Exchange is thus trading slightly below par, in line with the other major European indices.
Meanwhile, on the subject of monetary policy, the countdown has also begun for the meeting of the FOMC, the Federal Reserve’s operational arm, scheduled for next week. According to CME FedWatch data, the market estimates a 60 per cent probability of a quarter-point rise in US interest rates.
Buying in oil stocks; banks weak
Among the leading stocks on the Milan stock exchange, high oil prices continue to buoy energy shares, led by Eni . Attention remains focused on the banks, which are generally down, on the eve of the AGM of Intesa Sanpaolo which is set to give the green light to the capital operation in support of the takeover bid for Banca Monte Paschi Siena . As for the Siena-based bank, on Tuesday, as expected, the non-executive directors Gianluca Brancadoro and Alessandro Caltagirone were co-opted onto the board.
All eyes are also on the tech sector and Stmicroelectronics , on the day Apple is set to unveil its new foldable iPhone. Finally, TIM is under close scrutiny in the final days of the takeover bid launched by Poste, following the upward revision of the cash price per share.
