Stock markets: Seoul deals another blow to tech stocks, but Milan holds firm (+0.4 per cent). Wall Street closes lower; oil up 9 per cent

Shares in the semiconductor sector are under pressure, partly due to SK Hynix : the South Korean giant fell by over 14 per cent in Seoul , after gaining 13 per cent on its debut on the Nasdaq last Friday. In today’s trading session, the share price slipped by more than 7 per cent on the US market as well. Profit-taking in the sector is also focused on Intel, Micron Technology and Nvidia Corp.

“The closure of the Strait will cast a shadow over the market, creating a climate of risk aversion,” writes Ben Emons, founder of Fed Watch Advisors. “However, unless a serious shutdown is on the cards in the coming months, attention will (also) be on the Consumer Price Index (CPI), on Warsh and on bank earnings.” The inflation figures are due tomorrow, the same day that Kevin Warsh, the new Fed chairman, is due to give evidence before Congress.

On the Milan Stock Exchange, energy sector shares are surging, buoyed by the spike in crude oil prices: Eni (+3.9%) is leading the sector’s gains. The spotlight is also on Stellantis (+2%), which has released its estimates for consolidated global deliveries in the second quarter, forecast to rise by 10 per cent, with growth limited to 5 per cent in Europe and a surge of 38 per cent in North America. Tech stocks were the main drag on the market, following the wave of selling that swept across the Far East. St (-0.7%) and Prysmian (-1.2%) fell in particular, the latter linked to the sector due to its role in electrification and data centres. Selling pressure then returned to the defence sector, affecting Leonardo (-1.3%) and Avio (-1.2%) in particular.

Inwit, on the other hand, had a volatile trading session (+2.5%). The share price closed higher after an intraday slump caused by legal sources, according to which the Milan court had rejected the company’s application for a stay of proceedings regarding TIM’s (+0.4%) withdrawal from the MSA.

Market attention remains focused on the banking sector and, in particular, on MPS (+1.3%). The chief executive, Luigi Lovaglio, stated that the potential of the Siena-based bank is greater than that currently reflected by the stock market, adding that the management has a duty to also consider any alternative offers – to that of Intesa (+1%) – in the interests of the bank and its shareholders. Fineco performed strongly (+1.8%) following rumours of potential interest from Unicredit (-0.5%).

On the foreign exchange market, the euro remains at around 1.14 dollars (1.1432 at Friday’s close), whilst bitcoin has fallen below 63,000 dollars.

On the energy front, the new tensions in the Middle East are, as mentioned, driving up oil prices.

The WTI is thus approaching $75 a barrel, whilst Brent has surpassed the psychological threshold of $80. Gas prices are also on the rise, with the August TTF contract in Amsterdam trading at over 51 euros per megawatt-hour.

The spread between BTp and Bund bonds closed slightly higher amid renewed tensions between Iran and the US. At the close of trading, the yield spread between the benchmark 10-year BTp and the German Bund of the same maturity stood at 76 basis points, one basis point higher than last Friday’s close. The yield on the benchmark 10-year BTp also rose, closing at 3.86 per cent, up from 3.80 per cent in the previous session.

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