European stock markets are sluggish, whilst tech shares shine in Milan. Countdown to US inflation figures
Asian markets are up, buoyed by technology shares. Oil continues to rally, with Brent nearing $90 per barrel
Le ultime da Radiocor
Aeroporti: a Catania voli sospesi fino alle 18 per eruzione Etna
Borsa: Europa fiacca in attesa di inflazione Usa, a Milano (+0,3%) brilla Prysmiam
*** Borsa Tokyo: Nikkei in lieve rialzo (+0,8%) ma pesa incertezza per Medio Oriente
(Il Sole 24 Ore Radiocor) - European stock markets are trading cautiously European stock markets are trading cautiously, whilst investors await the US inflation report for July and its possible implications for interest rates. On the eve of the report, Wall Street closed lower, weighed down once again by geopolitical uncertainty which has pushed up crude oil prices, fuelling inflation fears, whilst Asian markets posted solid gains (particularly the Kospi in Seoul), buoyed by technology stocks, which are riding the wave of strong results from the US firms Super Micro Computer and CoreWeave (both rallying in after-hours trading on Wall Street). Consequently, the FTSE MIB in Milan, as is Frankfurt (DAX 30) and Madrid (IBEX 35), with Paris lagging behind (CAC 40 ).
Uncertainty over the Fed’s next moves, the standoff between the United States and Iran, and doubts as to whether the artificial intelligence sector is overvalued or not are fuelling investor caution. As mentioned, today’s market mover will be the US inflation figures, from which the market will try to gauge the US central bank’s next moves on interest rates: at present, according to the CME FedWatch tool, the probability of the Fed raising rates at its next meeting in September stands at around 50 per cent, whilst another 50 per cent expect the status quo to be maintained.
Tech stocks shine on the Milan Stock Exchange; banks perform well
Technology stocks are once again leading the buying on the Milan Stock Exchange, with Prysmian and Stmicroelectronics topping the Milan stock exchange. Utilities are also trading strongly, with Hera posting the sector’s best performance, whilst gains were also seen in the banking and asset management sectors: Azimut , Banco Bpm , Banca Mediolanum . At the bottom of the list, Diasorin,whilst the sell-off is also affecting the luxury sector (Brunello Cucinelli, Moncler )
Oil continues to rally, with Brent nearing $90 per barrel
On the energy front, contradictory reports from the Middle East – with Tehran reiterating that the Strait of Hormuz will not be reopened until all conditions have been met, whilst US President Donald Trump maintains that the US has ‘full control’ of the waterway – are fuelling the rally in oil prices. Brent crude is thus up 0.78% at $89.6 per barrel, whilst WTI is trading at $84.06 (+1%). Gas prices are also up gas prices in Amsterdam are also up, at €60.4 per megawatt-hour (+2.9%).
Gold sets its sights on $4,400 per ounce again
In the foreign exchange market, the euro/dollar exchange rate stands at 1.1535 (1.1540 at Tuesday’s close), whilst the euro/yen stands at 183.85 (up from 183.80) and the dollar/yen at 159.38 (up from 159.27). Gold is rising again, with the spot price setting its sights back on $4,400 an ounce.
