European stock markets fall, oil prices volatile. All eyes on Iran and the Trump-Xi meeting
The market is awaiting the actual outcome of the talks between US and Iranian delegates at the UN General Assembly. Brent crude is seeking direction, the euro/dollar exchange rate is weakening, and gold and bitcoin are falling
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(Il Sole 24 Ore Radiocor) - The initial optimism on the European stock markets is waning, with shares trending downwards whilst oil prices are fluctuating as markets await the concrete outcomes of the talks between the United States and Iran. President Donald Trump described the meetings held the previous day as ‘very constructive’, on the sidelines of the UN General Assembly, between US and Iranian delegates, and announced further talks in the near future. Investors are also looking ahead to the meeting between the US President and his counterpart Xi Jinping (scheduled for Thursday 24 September), which will focus on key issues such as trade, artificial intelligence, supply chains and geopolitical matters. Chinese President Xi is expected to arrive in the United States today (23 September) for a visit lasting until 25 September, which will include a meeting between the two leaders on Thursday 24 September. Ahead of the summit, the Chinese ambassador to the US has stated that Taiwan and human rights are ‘red lines’ for China that cannot be crossed.
On the macroeconomic front, there have been positive signs from the PMI indices: for the Eurozone, the manufacturing PMI for September, according to the preliminary estimate, remained unchanged at 52.7 points. The services index rose to 53 points from 51.6 in August.
Against this backdrop, the main European stock markets are trading below par: Piazza Affari (FTSE MIB ), Paris (CAC 40 ), Frankfurt (DAX 40 ), Madrid (IBEX 35 ) and London (FTSE 100 ).
Luxury stocks perform well on the Milan Stock Exchange, with Fincantieri bringing up the rear
On the Milan stock exchange, the luxury sector leads the way with Ferrari and Moncler andBrunello Cucinelli. In the banking sector, the following are rising: Banco Bpm and Mediobanca and Banca Monte Paschi Siena, whilst other stocks in the sector lag further behind. Amplifon is performing well, benefiting from positive market prospects and its integration with GN Hearing. Attention is also on Poste Italiane and Telecom Italia on the third day of the extended offer period (with Poste holding 70.5 per cent of the share capital). Fincantieri Fincantieri slips to the bottom of the table, whilst tech shares are down (Stmicroelectronics ) and Unipol along with the entire insurance sector. Utility and oil shares are down. Outside the main index, Pirelli & C is holding its ground following the announcement that the control structure led by Marco Tronchetti Provera has been strengthened to 29.9 per cent of the Bicocca-based group’s share capital. Industrie De Nora is recovering following the previous day’s plunge, which was triggered by the flash sale of a 5 per cent stake by Snam
Oil prices on a rollercoaster ride
Crude oil remains the focus of attention, with the market closely monitoring its impact on prices, not least from the perspective of central banks. The futures contract on Brent futures once again hit $100 a barrel before fluctuating several times, whilst WTI futures continued to fall and are hovering around $90. Hopes for a resolution to the conflict are accompanied by news that Saudi Aramco has resumed operations on the East-West pipeline to the Red Sea (which had been closed since 11 September). Gas prices are down slightly to $73 per megawatt-hour on the Amsterdam trading platform.
