EU stock markets are weak as investors await the US plan for sanctions against Iran. Oil prices are falling, whilst gold is rising
Treasury Secretary Scott Bessent is expected to unveil the details of the strategy to impose economic isolation on Tehran later today. On the Milan Stock Exchange, the credit crisis continues to dominate the headlines.
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(Il Sole 24 Ore Radiocor) - European stock markets are trading cautiously in the first session of the week, awaiting the unveiling of the new US sanctions plan against Iran, which is expected to be presented later today by Treasury Secretary Scott Bessent. The technology sector is under pressure ahead of Nvidia’s results, due on Wednesday (after the close of Wall Street), which will have to meet extremely high expectations, whilst investors will also be focusing on US inflation data, with July’s personal consumption expenditure (PCE) figures (also due on Wednesday). The following day, all eyes will be on the start of the annual symposium in Jackson Hole organised by the Fed, with Chairman Kevin Warsh due to speak on Friday.
Against this backdrop, the FTSE MIB in Milan is trading around the break-even point, with the key players in the banking crisis under close scrutiny, whilst other European stock markets are also performing weakly.
Inwit surges, Stellantis and tech stocks under pressure
On the Milan stock exchange, Inwit , which is benefiting from a rating upgrade by Barclays, whilst Stellantis slips to the bottom of the table. Also down are Prysmian and Stmicroelectronics after gains in previous sessions. In the banking sector, Mediobanca performed well, whilst Banca Monte Paschi Siena and Banco Bpm following the market’s lukewarm response to the Siena-based bank’s dual takeover bid for Piazza Meda (whose board of directors is due to meet on 25 August) and for Banca Generali . Unipol is up, and Generali is little changed.
Euro/dollar trade sideways, crude oil falls
In the currency markets, the euro/dollar is trading little changed at 1.167 (the same as Friday’s close). On the energy front, oil is holding back: Brent futures are down but remain firmly above the $90 per barrel mark, following a 13% surge over the last 15 days. Gas is trading above 65 euros per megawatt-hour on the TTF platform in Amsterdam. The spread between Italian BTPs and German Bunds – whose yields last week reached their highest levels since 2011 for both the 10-year and 30-year maturities – has fallen to 81 basis points (from 82 basis points at the previous close).
Gold at its highest level in over three months
Gold, which has already been buoyed in recent days by the massive US debt buyback scheme, continues to surge and is trading at over $4,600 an ounce, reaching its highest level in over three months. The yellow metal is being buoyed by the weakening dollar, whilst attention has shifted to key US inflation figures and the speech that Federal Reserve Chairman Kevin Warsh is due to deliver later this week.
