by Chiara Di Cristofaro
In Piazza Affari, Saipem does well with new contracts, the banks are positive. Contrasted Asia, oil retreats after hitting a seven-month high. Euro is close to 1.1 dollars
3′ of reading
(Il Sole 24 Ore Radiocor) – European stock markets are pushing upwards, after the day of recovery on the eve and with attention being paid to the numbers on American inflation for July arriving in the afternoon, one of the key data to guide the next steps of the Fed, in the meeting of September. Milan rose by 1%, Paris by 1.22%, Frankfurt by 0.64%, Madrid by 0.74% and Amsterdam by 0.65%. Consumer prices in the US in July are expected to rise by 0.2% on a monthly basis and by 3.3% on a yearly basis.
In Piazza Affari banks recovering again today with increases of one and a half percentage points for Banco Bpm, Bper Banca and Mps, more contained increases for other credit instruments. Saipem rose by 1.9%, yesterday announcing the award of a new 1 billion dollar contract. Moncler (+2%) and St (+1.8%) are also running, Stellantis (+1.7%) is doing well. In the queue utilities and pharmaceuticals. After an uphill opening, the price of gas in Amsterdam drops by 4%, after the rally on the eve of fears of a shortage of LNG supply: European gas is now just below 42 euros per MWh, on the levels of mid June. Oil is slowing down, which during the night rose to a 7-month high with US stocks on the rise: Brent is at 87.56 dollars (+0.02%) while Wti is at 84.36 dollars (-0. 05%). On the currency market, the dollar is weak against the euro in anticipation of inflation, with the single currency nearly 1.1 to 1.099 (from 1.0981 at the close yesterday). The yen weakens, with investors pricing a slow exit from the Greenback up against the yen on a one-month high to 144 (now at 143.95 from 143.61 yesterday), with the Bank of Japan maintains an accommodating attitude. The euro/yen also rose to 158.29.
Gas retreats after the rally but remains at its highest level since mid-June
Possible strikes at Australia’s three largest liguefied natural gas (LNG) plants continue to weigh on gas prices in Amsterdam, which jumped yesterday to their highest levels since mid-June. This morning, after a positive start, prices have retreated and are moving below 42 euros per MWh. Nearly all production workers at Australian energy giant Woodside’s North Rankin, Goodwyn and Angel LNG platforms could stop work as early as next week, reports Australian business newspaper The Australian Financial Review, as well as Chevron employees at its Wheatstone and Gorgon plants. . Australia is not a major European supplier, but a shortage of supplies would lead Asian buyers to move to the European market – hence the sharp increase in prices. Added to this are the forecast of reduced supplies from Norway, which with the war in Ukraine has become the main supplier of natural gas to the European continent, due to a major maintenance of gas plants that could reduce Norwegian exports via pipeline by more than 40%.
Tokyo closes at +0.84% with a weak yen before US data
The Tokyo Stock Exchange is once again the protagonist of a swinging start to August and an overall negative performance. The Nikkei finished trading up 0.84% while the Topix gained 0.92%. Since the beginning of the month the performance of the Nikkei is -2.1%. Today’s recovery was favored by the renewed weakening of the yen which, before the US data on inflation scheduled for the afternoon, is traveling to a one-month low on the American currency: in fact, 144 yen are needed for one dollar. Highlights include video game company Nexon (+10%) which published half-yearly accounts with earnings above company guidance and oil group Inpex (+17%) which raised dividends on the back of positive accounts.
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Clare Di Cristofaro
Radiocor editor
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2023-08-10 07:26:30
#Stock #markets #Europe #positive #day #inflation #Hold #gas
