EU stock markets edge up cautiously; gold hits a three-month high. The banking crisis fails to boost the Milan stock market
Precious metals are surging on the back of the massive debt buyback programme launched by the US Treasury. On the Milan Stock Exchange, attention is focused on the dual public offer launched by MPS for Banco BPM and Banca Generali. Oil prices remain high, despite a slight dip.
Le ultime da Radiocor
Oro: sfiora massimi da tre mesi con mossa Tesoro Usa e calo dollaro
***Bce: attese consumatori inflazione a 1 anno scese al 2,9% a luglio (da 3%)
Mps: Lovaglio, noi amichevoli ma no contatti con soci (RCO)
(Il Sole 24 Ore Radiocor) - European European stock markets are trading cautiously in the final session of the week, whilst scepticism is growing amongst investors regarding the massive plan by debt buyback launched by the US Treasury. The bond market remains under pressure, with Treasury yields unchanged (the 30-year yield stands at around 5.2 per cent), despite US Secretary Scott Bessent emphasising to CNBC that the buybacks could exceed $4 billion per transaction. The US Treasury’s move is driving up gold prices, which are returning to near three-month highs. In Milan , the banking crisis is failing to boost the FTSE MIB : the market has reacted rather coolly to the two takeover bids launched by MPS for Banco BPM and Banca Generali, worth a total of 34 billion euros. The first is trading at a discount of around 0.6 per cent, whilst the second is trading at a premium of 10 per cent.
Then there remain the tensions in the Middle East, following the escalation of economic threats from the United States towards Iran and the lack of progress towards de-escalating tensions between Washington and Tehran. Consequently, the CAC 40 in Paris, and the DAX 40 in Frankfurt and other European stock markets.
In Milan, the focus is on banking risk
On the Milan Stock Exchange, all eyes are on the banks following the two public offers launched by Banca Monte Paschi Siena on Banco Bpm and Banca Generali for a total value of 34 billion euros. Rocca Salimbeni has officially unveiled the two-pronged deal devised by CEO Luigi Lovaglio to fend off the takeover bid by Intesa Sanpaolo and approved the previous day by a majority of the board of directors. These consist of two voluntary public exchange offers, which are simultaneous and parallel, and consist entirely of shares: the offer for BPM will be worth approximately 25.3 billion, and the one for Banca Generali approximately 8.7 billion.
Prysmian in the spotlight, oil shares fall
As for other shares, tech stocks are in the spotlight, with Stmicroelectronics and, above all, Prysmian. In the spotlight: Avio , with the Advent funds considering the purchase of further shares on top of the stake of almost 7 per cent they will hold following the planned reserved capital increase. Good news for Stellantis and Ferrari are performing well. By contrast, oil stocks are slipping, with Tenaris, Saipem and Eni .
Crude oil down slightly, gas remains at around 65 euros
On the energy front, the price of oil remains high, although it has fallen slightly, with the Brent at around $93 a barrel and WTI above $86. Gas prices in Amsterdam are also down slightly, though they remain close to 65 euros per megawatt-hour. On the currency market, the dollar is weakening further, with the single currency trading at around 1.17. Bitcoin continues to surge, breaking through the 75,000-dollar mark.
