Stock market: Europe cautious ahead of Fed decision and rising oil prices; in Milan (-0.24%), Stellantis stands out
Brent above $115, WTI over $101
(Il Sole 24 Ore Radiocor) - European stock markets got off to a cautious start as oil prices surged again, with Brent at $115.28 per barrel (+1.27 per cent) and WTI at $101.40 (+1.5 per cent). European markets are not benefiting from the positive performance of Asian markets (Nikkei +1.08%), where tech stocks shone following the buoyant results from semiconductor giant SK Hynix (+11% on the Seoul Stock Exchange). On the macroeconomic front, investors are awaiting the Fed meeting, which is not expected to bring any surprises, with rates likely to remain unchanged at 4 per cent. Consequently, Milan is down 0.24 per cent, Paris 0.03 per cent and Frankfurt 0.18 per cent. Turning to the Milan Stock Exchange, Stellantis has shot to the top of the index, having risen by 4% at the open and now trading up 2.87% following its third-quarter results, which saw losses reduced by 90% to 453 million, whilst the company confirmed its guidance for 2026. Technoprobe is performing well (+1.78 per cent) in the wake of the tech sector rally in Asia, whilst earnings reports from giants such as Alphabet (Google), Microsoft and Meta Platforms are awaited. Banks are mixed, with the ‘Risiko’ issue still at the forefront. Intesa is down 0.37% after the ECB yesterday gave the green light to the bid for MPS (-0.2%), whilst Banco BPM (+0.33%) has announced that it will not attend the Monte meeting scheduled for tomorrow. Oil stocks are also rising, with Tenaris (+0.34%) leading the gains on the back of the recovery in oil prices. At the bottom of the list, TIM (-1.27%) and Buzzi (-1%) are slipping. On the currency front, the euro remains weak, trading at 1.1125 against the dollar. Finally, natural gas prices in Amsterdam rose by 0.97% to 97 euros per megawatt-hour.
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