Stock market: Europe opens lower with crude oil near $100; Milan down 0.3 per cent
On the Milan Stock Exchange, TIM surges (+2.3 per cent). Profit-taking in the tech sector
(Il Sole 24 Ore Radiocor) - European stock markets have opened cautiously, with Asian markets closing lower (Nikkei -1.7%) and markets eagerly awaiting the reopening of Wall Street (mixed futures), following the long break over the weekend and Labour Day. Milan is down 0.3 per cent, Paris 0.3 per cent, Frankfurt 0.2 per cent and London 0.1 per cent. Markets remain concerned by the surge in bond yields over recent weeks – partly confirmed yesterday – combined with the escalation in the Middle East, which is once again pushing the price of crude oil close to $100 a barrel. This ‘has increased the likelihood of a prolonged stalemate’, explain analysts at ANZ Research, who do not rule out ‘supply constraints from the Persian Gulf for the remainder of 2026’. This is an issue being monitored for potential inflationary risks by central banks too, which are due to announce their interest rate decisions in the coming days: on Thursday 10th, it will be the ECB’s turn, and it appears set to raise rates. On Friday, meanwhile, the US inflation figures will be released, which will be decisive ahead of the Fed’s meeting on 16 September.
On the Milan Stock Exchange, attention is focused on the takeover bid for TIM (+2.3%), which tops the main index after the board of directors of Poste Italiane (-0.4%) raised the cash offer last night by 0.30 euros, bringing the total to €1.97, plus 0.218 ordinary shares in Poste. Oil stocks are also up, once again riding the wave of rising crude oil prices: Eni (+1.3%), Saipem (+1.2%) and Tenaris (+0.8%) stand out. Lottomatica’s rally continues (+1.4%), riding the long-term wave of its mega-merger with the Spanish firm Cirsa (+0.9% in Madrid). On the banking front, Intesa’s (-0.2%) shareholders’ meeting is scheduled for Thursday, at which they will vote on the capital increase to fund the public takeover bid for MPS (+0.2%), whose board of directors is meeting today. Unicredit (-0.4%) saw little movement following the ECB’s authorisation of the ‘Danish Compromise’ on insurance holdings, including Generali.
Bringing up the rear were Stellantis (-1.2 per cent), Avio (-1.5 per cent) and the tech sector, with St (-1.3 per cent) and Prysmian (-1.3 per cent).
In the commodities market, Brent crude stood at $98.6 per barrel (+1.7 per cent) and WTI at $94.1 (+1.7 per cent). Gas in Amsterdam traded at €74 per MWh (+1.1 per cent). In the currency markets, the euro is trading at $1.1619 (down from $1.1623 at the previous close); the single currency is also worth 178.8 yen (down from 179.39) and the dollar is at 153.9 yen (down from 154.3). The Japanese yen is trading at its highest level since February, buoyed by growing expectations – following better-than-expected GDP figures – of a rate rise by the Bank of Japan next week.
