Financial Markets Under Pressure: Concerns About US Inflation and Tensions in the Middle East

Listen to the audio version of the article

(Il Sole 24 Ore Radiocor) – Concern about US inflation, and the consequent moves of the Federal Reserve, and the very high tension in the Middle East, are keeping the financial markets under pressure and in particular the stock markets which have been in the red since from the first bars of the session. While oil heats up and the spread rises, the increase in industrial production in the Eurozone in August did not provide relief to the price lists. Down the FTSE MIB in Piazza Affari, as well as the CAC 40 of Paris, the DAX 40 of Frankfurt, theAEX of Amsterdam and theIBEX 35 of Madrid. Wall Street futures are also falling as the first quarterly results of the big US companies arrive: the asset management giant Blackrock showed a 13% growth in profits, exceeding expectations, JpMorgan reported a net profit of 13.2 billion dollars in the third quarter, a marked improvement compared to a year ago. During the day, all eyes will be on the annual IMF-World Bank meeting in Marrakech, with the speech among others by ECB President Christine Lagarde, and where the meeting of G20 finance ministers and bank governors will be held over the weekend central.

Banks in the spotlight in Piazza Affari

In Milan it stands out Banca Pop Er rewarded by a recommendation from Barclays analysts. Oil prices on the rise Eni, Tenaris e Saipem who are benefiting from the new rise in oil prices due to the war in Israel. Telecom Italia it rises two days before the deadline for the submission of KKR’s binding offer for the infrastructure network. Flat Banca Mps, also rewarded by Barclays, when the Minister of Economy Giancarlo Giorgetti confirmed the Treasury’s desire to exit the capital, specifying that this will happen when the price and market conditions are “suitable”. Among the stocks most affected by the sales are asset management companies such as Generali Bank, Finecobank e Azimuth. Male Diasorin, which is affected by the profit warning in the sector of the German Sartorius group. Down too Davide Campari penalized by a report by Oddo Bhf analysts

Crude oil rises sharply, dollar strengthens

Oil prices rose by more than 3%, bringing December Brent to 89 dollars a barrel and November WTI to almost 87 dollars a barrel. Natural gas in Amsterdam is very volatile: after exceeding 55 euros per megawatt hour, prices slowed to 52.8 (-0.4%). The dollar strengthens and is traded at 1.051 for one euro. The spread returns above 200.

2023-10-13 10:28:51
#Stock #markets #Europe #inflation #fears #Oil #jumps #climbs #Spread