Gold remains above $2700/ounce, oil on the rise (Il Sole 24 Ore Radiocor) – Milan, 21 October – European stock markets widen their losses mid-session, with the Ftse Mib of Milan abandoning its positions on parity and it fell by 0.57%. The Ibex of Madrid (-0.8%), the Cac of Paris (-0.8%), the Dax of Frankfurt (-0.77%) also fell. Amsterdam (-0.26%) and London (-0.17%) do slightly better. Although the People’s Bank of China has slashed key lending interest rates to new lows, and the latest moves are seen as part of a broader package of measures, Goldman Sachs believes the stimulus is ‘unlikely’ to have a significant impact on short term on luxury spending. In this context, after Friday’s brilliant session on expectations of interventions in China, profit-taking prevails in the sector: Kering (-1.45%), LVMH (-1.6%), Hermes (- 0.7%) and in Zurich Richemont (-0.5%). On Piazza Affari, Brunello Cucinelli (-1.9%) ends up at the bottom of the list, while Moncler loses 1.12%. Banks are also weak on the Milanese list, with Mps (-2%) and Pop di Sondrio (-1.5%) leading the declines, penalized by the European Central Bank’s intention to ask banks for more moderation in distributions of dividends and buybacks; Unicredit (-1.15%) is also discounting the rumors about new obstacles from the German government to the deal with Commerzbank (-1.24% in Frankfurt). Utilities also fell, in particular Erg (-1.4%) and Hera (-1%), which were affected by the 1.3% drop in electricity demand in the Italian market compared to the previous year, as released by Terna Friday’. Oil sector stocks in the spotlight, with increases in the price of crude oil: at the top of the Ftse Mib are Saipem (+1.9%), Eni (+1.5%) and Tenaris (+0.9%).
Outside the main list, the Cy4Gate stock is advancing rapidly (+3%) thanks to the signing of cyber security contracts in recent weeks for a total value of approximately 2.5 million euros.
On the energy front, as mentioned, the price of oil rises with December North Sea Brent futures at 74 dollars a barrel (+1.3%), while contracts expiring in November on the WTI stand at 70.2 dollars ( +1.4%). The euro weakens against the dollar and trades at 1.0848. The single currency is also worth 162.65 yen, while the cross between the greenback and the Japanese currency stands at 149.93. Natural gas traded in Amsterdam rose by 2.4% to 40.145. The price of gold continues to update its highs, with the spot contract standing at 2731.94 dollars per ounce (+0.38%), while the December future at 2746.25 dollars (+0.6%) .
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(RADIOCOR) 21-10-24 13:04:02 (0310)NEWS 3 NNNN
