Stock market: Europe weak as Brent crude tops $107. Milan holds up, buoyed by the defence sector
Further attacks on Saudi energy infrastructure. All eyes on the Fed, with the market anticipating a rate rise. Mixed performance in Asia, with artificial intelligence-related shares regaining ground
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(Il Sole 24 Ore Radiocor) - The rise in oil prices shows no sign of abating, with Brent remaining above $107 a barrel in response to tensions in the Middle East, whilst the recovery in tech shares in Asia is not enough to drive European stock markets and bond yields remain on the rise, even across the Atlantic. The main indices on the Old Continent are therefore down, but above this morning’s lows, with Milan weighed down by banks but supported by the defence sector: the FTSE MIB hit a low below 51,000 points for the first time since last June, before climbing back to parity. In this week of central bank news, all eyes are on the Fed: whilst a rate rise is almost taken for granted (following Friday’s US inflation figures, the probability is now 87 per cent), attention will be focused on the remarks by Kevin Warsh and on the US Federal Reserve’s interpretation of the latest macroeconomic data and the state of the economy.
Oil prices rise following fresh attacks on Saudi oil pipelines
Oil prices are rising, with Brent crude above $107 (having touched 110 the previous day) and WTI above 103, after the latest attacks damaged a Saudi oil pipeline crucial for bypassing the blockage at Hormuz. Houthi forces in Yemen launched further attacks against Saudi Arabia on Monday, whilst the Gulf Arab states have postponed planned talks with Iran, fuelling fears that the conflict in the Middle East could escalate and further disrupt global oil supplies.
New highs were also recorded for European TTF gas, which surpassed the 83-euro-per-MWh mark in Amsterdam.
Banking shares under pressure on the Milan Stock Exchange; oil and defence shares surge
Banking shares are down on the Milan Stock Exchange, starting with Unicredit , with the dialogue initiated with the German Government regarding the 12.7 per cent stake in Commerzbank. On the other hand, the battle between Intesa Sanpaolo and Banca Monte Paschi Siena , with Monte Paschi, which regards the public offers for Banco Bpm and Banca Generali even should Intesa’s public takeover bid (OPA) be successful, but which has recalculated the exchange ratios at the request of Consob, at a discount excluding the Intesa “effect”.
