MILAN – The attack of Israel toIran it causes concern in the markets. The Asian stock markets all felt the pinch with Tokyo leaving 2.66% on the ground. Tension also in Europe, with price lists moving sharply downwards at the start. Then, during the session, some concern eased with the news that Tehran is dealing with an “investigation into the incident” but without planning an immediate reaction.
The military offensive also has inevitable repercussions onpower. Oil jumped by more than three percentage points overnight, still remaining below 90 dollars. Also in this case, the barrel then moderated its increases. Big leap also for the gas, which rises above 33 euros per megawatt hour. Here, analysts’ fear is linked to Iran’s possible closure of the Strait of Hormuzthrough which 20% of commercial LNG traffic passes.
The attack also has direct repercussions on Israel, with Standard & Poor’s which cut the country’s rating to A+, with a negative outlook. S&P itself will update its rating on our country this evening, confirmed in October at BBB, two steps above the junk level, with a stable outlook.
4.19pm
Wall Street mixed at the opening, Netflix down
Mixed opening for Wall Street as the Fed’s rate cut recedes and nervousness over the escalation of conflict in the Middle East fades. The Dow Jones rises by 0.16%, the Nasdaq loses 0.56%, the S&P 500 loses 0.10%. Netflix falls 8.2% after the quarterly report, weighing on the Nasdaq.
3.19pm
European stock markets improve
EU stock markets improve, with Milan and Paris having eliminated their losses. Frankfurt and Amsterdam lost half a percentage point, Madrid 0.45%. Even though tensions in the Middle East are running high following Israel’s dawn attack on Iran, investors are betting that the move will not cause further escalation. Thus Wall Street is also preparing to open with a limited decline. In the business market, stocks are volatile: Tim, which dropped more than 1% in the morning, rose by 0.6%. The banks are also trying to raise their heads, with Intesa Sanpaolo gaining 0.22%. Oil shares remain weak, with Saipem down 2.5%. Meanwhile, WTI oil lost 0.3%, settling at 82.47 dollars a barrel.
2.39pm
Milan moves on parity in the middle of the session
The Milan Stock Exchange improves more than other lists and eliminates the decline. The Middle East is less scary, with Iran having scaled back Israel’s attack and also the spread between BTPs and Bunds remains in the area of 142 points with the yield on the Italian 10-year bond stable at 3.9%. Piazza Affari marks a marginal -0.04% to 33,865 points with the financial markets recovering and the utilities showing strong performance. Terna (+1.84%) and Enel (+1.1%) lead the way. Among the stocks under scrutiny, Tim gains 1.5% ahead of the meeting next week. Then Diasorin (+1.4%) and Inwit (+0.96%) rise. Saipem continues to slow down (-2.5%), followed by StM (-1.3%) and Tenaris (-1.2%). As for the other markets, Paris lost 0.17%, Frankfurt 0.63% and London 0.53%.
12.52pm
Bper elects the board of directors. Unipol 7 places, but the funds win
The Bper assembly elected the new board of directors who will remain in office for the next three years. The board of directors, we read in a note, will be made up of 15 members of which 7 taken from the Unipol list, 5 from that of the Sardinia Foundation and 3 from that of the funds. The note does not give information on the votes that were collected by the three lists but the fact that the first elected is Silvia Elisabetta Candini, nominated by the Management Committee, suggests that the list of funds is the one that has collected, equal to three years ago, more votes, beating both Unipol, the first shareholder with 19.9% of the capital, and the Sardinian institution, the second shareholder with 10.2%.
12.51pm
Panetta: “Growth prospects remain modest”
“The global economy has demonstrated remarkable resilience in the face of numerous challenges. Thanks to progress made in the fight against inflation, risks are more balanced and a soft landing is now more likely. However, medium-term growth prospects remain modest.” This was stated by the governor of the Bank of Italy, Fabio Panetta, speaking in Washington at the 109th meeting of the Development Committee of the World Bank and IMF.
12.49pm
Markets reduce losses, high raw materials agitate the Fed
Tensions on European markets are easing after an initial phase of shock due to fears of a possible escalation of the crisis in the Middle East after Israel’s attack on Iran. In fact, during the morning, the stock exchanges of the Old Continent gradually reduced their losses, especially when it emerged that Tehran, now dealing with an “investigation” into what happened, was not planning an immediate reaction. According to CNN, direct attacks may be over. The Euro Stoxx 600 index initially reached one-month lows and then recovered ground, but without particular conviction. Towards the middle of the session, Piazza Affari, which had lost more than 1%, limited its losses to 0.2%. Similar trend in Paris (-0.3%), London (-0.5%), Madrid (-0.4%) and Frankfurt (-0.7%). Wall Street futures are negative, with Netflix dropping 7% in the pre-market despite the accounts being above expectations. In any case, uncertainties remain regarding a conflict that could destabilize the entire region (as evidenced by the “blaze” of oil prices at +4% which then died out as the hours passed). The rate issue with the Fed and the ECB remains in the background, given that the increases in raw materials, with crude oil in the lead, risk calling into question the slowdown in inflation on which the hypotheses for an initial cut in the cost of money are based.
09:05
European stock markets fall at the start
Declining opening for Piazza Affari. In early trading the Ftse mib recorded -0.84%. The other European stock markets also performed poorly. The Dax in Frankfurt loses 0.96%, the Cac40 in Paris loses 0.65% and in London the Ftse 100 falls by 0.37%.
08:35
The spread opens slightly higher
The spread between BTPs and Bunds opens slightly higher at 143 points, compared to 142 the day before. The yield on the Italian 10-year bond fell by 5 basis points to 3.86 percent.
08:21
China, first anti-dumping measures on US duties
Beijing has announced an anti-dumping action against imports of propionic acid, used as a preservative additive, from the USA after “an investigation found that American dumping caused damage to the Chinese industry”. Starting Saturday, “importers will be required to make cash deposits for related US exports at Chinese customs,” a Commerce Ministry memo said in the first retaliation after Washington’s latest measures on Chinese companies and the President Joe Biden’s proposal to triple duties on steel and aluminum made in China
