EU stock markets rebound, with tech stocks leading the way in Milan. Bitcoin hits a three-month high
Stock markets are shaking off fears over the consequences of ‘Economic D-Day’ and are awaiting Nvidia’s results. Oil prices are falling, but Brent remains above $90 a barrel
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(Il Sole 24 Ore Radiocor) - The European stock markets are gradually shaking off fears over the consequences of "economic D-Day" announced by the US against Iran and are thus trading higher, following the previous day’s falls. The strategy of sanctions and economic isolation announced by the US Treasury Secretary against Tehran – which aims to strike at all of Iran’s financial links – has ‘proved less dramatic than expected, with a wide gap between rhetoric and substance’, according to analysts at Rystad Energy. The FTSE MIB in Milan, the CAC 40 in Paris, the DAX 40 in Frankfurt, where in August, the Ifo index – which measures business confidence in Germany – rose to its highest level in a year at 88.8 points.
The markets are thus turning their attention back to the key events coming up this week. Among these are the US consumer price figures (Wednesday 26 August), which will provide important guidance to the Fed regarding its next moves on interest rates. In any case, further clues as to the trajectory of the Fed’s monetary policy are likely to emerge on Friday 28th with a speech by Fed Chairman Kevin Warsh at the Jackson Hole symposium. On the technology front, all eyes are on the financial results of the Californian giant Nvidia (scheduled for the 26th).
Tech takes centre stage in Milan, whilst luxury takes a back seat
On the stock market, tech shares are standing out on the Milan Stock Exchange following the previous day’s sell-off: Prysmian has thus shot to the top of the index, whilst Stmicroelectronics is also performing well. Buying in the oil sector with Tenaris and Saipem. The banking sector remains in the spotlight, with moves by Banca Monte Paschi Siena failing to meet the ‘targets’ in recent days Banca Generali and Banco Bpm. Furthermore, later today, the board of directors at Piazza Meda will be called upon to assess Monte’s offer. Luxury stocks are down, with Moncler, Ferrari and Brunello Cucinelli.
In Paris, all eyes are on Essilorluxottica following Leonardo Maria Del Vecchio’s decision to step down from all his roles within the company to focus on new business ventures.
Oil prices fall, gas prices remain steady at around 70 euros
On the foreign exchange market, the euro/dollar exchange rate remained largely unchanged at 1.16. On the energy front, the price of oil is falling, with the October WTI futures contract at around 84 dollars per barrel and the contract with the same expiry date for Brent at around 91 dollars. Natural gas prices in Amsterdam natural gas in Amsterdam is flat, though it remains close to 70 euros per megawatt-hour, its highest level since January 2023. Gold is largely unchanged, with spot delivery at around 4,650 dollars per ounce.
