European stock markets are weak; Brent crude is rising again. All eyes are on Iran and the Trump-Xi meeting
‘Positive’ talks between the United States and Iran at the UN General Assembly. Brent crude retreats to around $98 a barrel. Bonds perform well in Asia
Le ultime da Radiocor
Borsa: il Brent sfiora i 100$, Borse virano in rosso
***Pil: Scarpetta, revisione crescita Italia significativa, I sem piu' solido
*** Ocse: alza stime Pil Italia a +0,9% in 2026 con inflazione a 3%
(Il Sole 24 Ore Radiocor) - European stock markets have slowed their pace and are trading mainly flat, whilst Brent crude has resumed its upward trend, although it remains below $100 a barrel. On the Middle East front, there appear to be glimmers of hope for a resolution to the deadlock over the Strait of Hormuz following a three-hour meeting on the sidelines the UN General Assembly, between US and Iranian delegates, which US President Donald Trump himself described as ‘very constructive’, heralding further talks in the near future. Investors are now looking to the meeting between Donald Trump and Xi Jinping, which will focus on key issues such as trade, artificial intelligence, supply chains and geopolitical matters. Chinese President Xi is due to arrive in the US today (23 September) for a visit lasting until 25 September, with a meeting between the two leaders scheduled for Thursday 24 September. Ahead of the summit, the Chinese ambassador to the US said that Taiwan and human rights are ‘red lines’ for China that cannot be crossed.
On the macroeconomic front, there have been positive signs from the PMI indices: for the Eurozone, the manufacturing PMI for September, according to the preliminary estimate, remained unchanged at 52.7 points. The services index rose to 53 points from 51.6 in August.
Against this backdrop, the main European stock markets are trading cautiously: the Milan Stock Exchange (FTSE MIB ), Paris (CAC 40 ), Frankfurt (DAX 40 ), Madrid (IBEX 35 ) and London (FTSE 100 ).
Banks lead the way on the Milan Stock Exchange, whilst utilities and oil shares fall
On the Milan stock exchange, leading the way is Banco Bpm , whilst Unicredit is also performing well. Among the best performers are Amplifon and Moncler. The focus is also on Poste Italiane and Telecom Italia on the third day of the extended offer period (with Poste holding 70.5 per cent of the share capital). Bringing up the rear are utilities and oil stocks, weighed down by the fall in crude oil prices, with Tenaris performing the worst. On the risePirelli & C after the controlling stake headed by Marco Tronchetti Provera rose to 29.9 per cent of the Bicocca-based group’s share capital. Shares are recovering for Industrie De Nora is recovering after yesterday’s plunge following the sudden sale of a 5 per cent stake by Snam .
Crude oil prices fall; Brent drops below $100
Oil prices have fallen for the sixth consecutive trading session, with Brent set to record its longest losing streak in the past year. Optimism regarding a resolution to the conflict is accompanied by news that Saudi Aramco has resumed operations on the East-West pipeline to the Red Sea (which had been closed since 11 September). The November Brent futures contract has fallen to $98.5 per barrel (-0.7%), whilst the WTI contract for the same month is down by over 1% to below $90. Gas prices are down slightly to $73 per megawatt-hour on the Amsterdam trading platform.
