Stock market: Europe weak at mid-session as crude oil prices fluctuate; Milan down 0.2 per cent
The luxury sector leads the way on the Milan Stock Exchange
(Il Sole 24 Ore Radiocor) - Following a brief surge, oil prices are cooling off again, but European stock markets remain in negative territory as the market waits to see what the concrete consequences of the talks between the US and Iran will be. Milan is down 0.23 per cent, Paris 0.15 per cent, Frankfurt 0.50 per cent and Amsterdam 0.27 per cent. Brent futures have changed direction several times and are now trading flat at $99.25, whilst WTI futures are down 0.8% at $89.76 per barrel. Crude oil therefore remains the focus of attention, with the market closely monitoring the impact on prices, not least from the perspective of central banks. This afternoon, several Fed members are due to speak, and investors will be looking for confirmation of last week’s developments and expectations of a further rise in interest rates before the end of the year. On the equity market, movements are largely sector-specific: in Milan, the luxury sector leads the way with Ferrari (+1.3%), Moncler (+1.16%) and Brunello Cucinelli (+0.95%) leading the way; banks have weakened, though Banco Bpm (+0.6%), Mediobanca (+0.5%) and Mps (+0.3%) remain in the spotlight. Amplifon rose by 0.6 per cent on the back of positive market prospects and its merger with GN Hearing. Fincantieri (-3%) is at the bottom of the table; tech stocks are struggling, with ST down 1.3%; Unipol (-2%) is weakening along with the entire insurance sector, whilst utilities and oil are also in the red.
In the currency markets, the dollar has hit its highest level since July: the euro is down to 1.1418 (from 1.1437). The euro/yen exchange rate is little changed at 180.21 (from 180.06), whilst the dollar is also gaining ground against the Japanese yen at 157.81 (from 157.43). Bitcoin is down (-0.3% to $85,747). Natural gas in Amsterdam is down 1.2% to 72.45 euros per MWh, whilst gold is down (-0.9% to $4,314 per ounce for the spot contract).
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