US-Iran tensions return to the stock markets; oil prices surge
US forces have attacked the Iranian island of Larak, in the Strait of Hormuz, prompting a retaliatory strike by Tehran against US targets in Jordan. Brent crude has once again risen above $90, whilst the euro/dollar exchange rate has remained largely unchanged
Le ultime da Radiocor
Borsa: Europa debole con nuove tensioni MO, a Milano (+0,2%) scattano i petroliferi
BTp: spread con Bund apre stabile a 82 punti, rendimento decennale sale al 4,10%
*** G20: Bessent, vanno riesaminate le condizioni commerciali con la Cina
(Il Sole 24 Ore Radiocor) - European stock markets are searching for direction in the final trading session of August. The markets are keeping a close eye on tensions in the Middle East, with renewed clashes between the US and Iran, whilst looking ahead to September with their attention fixed on macroeconomic data, starting with eurozone inflation (1 September) and figures on the US labour market (6 September), particularly in light of the inflation concerns expressed last Friday by Fed Chairman Kevin Warsh in Jackson Hole.
Meanwhile, on the geopolitical front, the United States has carried out attacks on the Iranian island of Larak (opposite the Strait of Hormuz), prompting retaliation by Tehran against US targets in Jordan, which has driven up the price of oil. Pressure is also continuing on the economic front through sanctions. Ahead of the G20 Finance Ministers’ meeting (31 August–1 September), US Treasury Secretary Scott Bessent stated that he would not rule out possible sanctions against China as well, due to its trade relations with Tehran. Furthermore, in an interview with Reuters, he emphasised that ‘the world cannot afford a China with a trade surplus of 1,200 billion dollars’. Bessent will urge the G20 to review trade conditions with Beijing.
In this context, the FTSE MIB in Milan is trading higher, buoyed by oil stocks, whilst the other European markets are performing in a mixed fashion.
On the Milan Stock Exchange, oil stocks surge (Eni , Tenaris and Saipem) were buoyed by rises in crude oil prices. Stellantis and Generali, whilst the market’s attention remains fixed on the key players in the takeover battle following the dual bid by Banca Monte Paschi Siena for Banco Bpm and Banca Generali, which contrasts with that of Intesa Sanpaolo on Monte, flanked by Unipol. Bringing up the rear are defence and aerospace stocks (Fincantieri, Leonardo and Avio ).
Euro/dollar trade remains largely flat. Oil prices rise
In the currency markets, theeuro/dollar exchange rate is little changed at 1.159 (1.1583). The price of oil is rising again following fresh clashes between the United States and Iran. US forces have carried out strikes on the Iranian island of Larak (in the Strait of Hormuz), the first in a month, prompting retaliation by Tehran against US targets in Jordan. As a result, November Brent futures have risen above $90 per barrel and WTI is heading towards $86.
