Financial markets are still uneasy in the wake of the geopolitical tensions that are bringing the oil very close to $100 a barrel and the whole domino effect of this situation, namely high inflation and the resulting fears of a new rate hike by the Federal Reserve in the fall. Wall Street reopens after its Labor Day break. and it does so in the name of selling, especially on the Dow Jones which loses 1% (also weighed down by the -2,6% of Johnson & Johnson) while the Nasdaq oscillates around parity. Technology stocks are currently trading at alternating current.Among the most traded were Micron at par, Nvidia in the red while Sandisk and Tesla rebounded, with 2% and 3% respectively.
AI stocks soar on Nasdaq, but traditional tech stocks suffer
Artificial Intelligence, and therefore semiconductors and data centers, are always under special observation: among the exploits of the day is that of AMD, which recovers from the losses of the last few weeks by collecting 6%. Very good also Intel +8%, Nebius +7,6% and Lumentum +10%On the other hand, traditional big tech stocks are suffering: Apple, Amazon, Microsoft, and Google are in the red. SpaceX is up 1% today, approaching $150 a share. Travel is under pressureUS-Iran tensions and higher oil prices are making flights and vacations more expensive, raising concerns about tourism demand. Booking drops 5%Bitcoin remains just below $80.000.
Oil price increasingly close to $100 a barrel
Oil prices continue to rise. Today Brent hits $98 a barrel, the highest since late July, while WTI Crude Oil approaches $93 following news of attacks that have blocked the operations of several energy plants in southern Saudi Arabia. The state-run Saudi Press Agency reported that the attacks injured several people, while Houthi militants, backed by Iran, have claimed responsibility for the action against the Jazan refinery (with a capacity of 400.000 barrels per day) and other facilities intended for the domestic market.
European natural gas prices hit record high since Christmas 2022, copper hits all-time high
Attention also to the European natural gas, which is one step away from 76 euros per megawatt hour, the highest since Christmas 2022Gold and silver remained stable at $4.400 and $66 an ounce. Worth noting, however, was the Copper reaches historic record of $6,7 per pound, after expectations of new U.S. tariffs on imports of the metal continue to push operators to divert shipments to U.S. warehouses, thus reducing availability elsewhere and pushing up the price.
Tim stands out in Milan, in the final rush to sign up for the Poste Italiane takeover bid.
There is no shortage of ideas on the European front either. Starting with Piazza Affari, which recovered at the end with -0,1% above 52.000 pointsAmong the stocks that are doing well is Telecom Italia while we are in the decisive days for memberships to thePublic Offering of Poste Italiane, which today raised its bid by abandoning the minimum threshold of 66,67%. This decision, aimed at boosting acceptances of the offer, sent TIM shares up 2,9% and Poste Italiane shares up 0,5%. In today's session on the Ftse Mib, industry is in fashionPrysmian +2,4%, Fincantieri +2,1%, Avio +1,8%. Stm plunged -3,4% in the wake of uncertainty in the American tech sector, and the automotive sector also fell, with Stellantis -2,8% and Ferrari -2,2%.
Intesa Sanpaolo in the red during the crucial days of the MPS operation.
Banks are in full swing. Attention these days is focused primarily on Intesa Sanpaolo, which is down 0,7% today: this is the decisive week for the takeover bid on MPS and in 'extraordinary meeting on Thursday, September 10 The shareholders will be called upon to approve the capital increase necessary to finance the operation.
Other European stock markets are uncertain: Paris +0,14%, Frankfurt at parity, London -0,1%.euro consolidates against the US dollar, with the exchange rate at 1,163. The currency closes slightly lower. spread between BTPs and BundsAt the end of the session, the yield spread between the benchmark 10-year BTP and the German Bund of the same duration stood at 81 points, up slightly from Monday's close of 82 points. The yield on the benchmark 10-year BTP fell more sharply, falling to 4,17% from the previous benchmark of 4,20%.
