Gold’s rally continues, oil nearly hits $70/barrel (Il Sole 24 Ore Radiocor) – Milan, 13 September – European stock markets close higher in the last session of the week.
Milan closed trading with a timid +0.24%, followed by London +0.33%. More significant increases for Paris (+0.4%), Frankfurt (+0.9%) and Madrid (+1.2%) which is the best market in the Old Continent. After the 25 basis point rate cut announced yesterday by the ECB, the market is waiting for clarity on the next moves of the Federal Reserve: in view of the summit next Wednesday, the probability of a maxi easing of monetary policy by 50 basis points is growing again. According to the calculations of Cme FedWatch, this eventuality now has a 43% chance, effectively doubled compared to yesterday after the data on “core” inflation had not dispelled the concerns of observers on the trend of prices. Import prices also contributed to strengthening hopes, decreasing in August by 0.3% compared to the previous month.
This is the largest drop since December 2023, according to the Department of Labor, against expectations for a 0.2% drop. Data that overseas is pushing Wall Street with the Dow Jones currently traveling at +0.9%. Among the main Milanese stocks, Iveco closes at the top of the class at +2.5%, followed by Tim (+2.4%) and St (+1.9%).
Amplifon closes at +1.58%: market analysts have alleviated fears about the new software that will make AirPods capable of amplifying sounds, judging them to be complementary and not a substitute for hearing aids. The stock also benefits from HSBC’s opinion on the entire sector, which also rewards Diasorin (+1.9%). Campari slips, accelerating downwards towards the end and closing at -5.6%. The trend of the beverage sector in the USA weighs on the stock. Nexi is also down (-2.84%), penalised by the collapse of Worldline (-14.38% in Paris), in turn hit by profit worning and the announcement of the CEO’s exit. On the currency market, the euro/dollar exchange rate stands at 1.1089 (1.1036 yesterday at closing), the euro/yen at 155.7 (157.14) while the dollar/yen at 140.41 (142.37). On the energy front, the covering on oil continues: the October future on Wti rises by 1% to 69.67 dollars per barrel, while the November contract on Brent gains 0.99% to 72.69 dollars. The price of natural gas on the TTF platform in Amsterdam is up by 1.47% to 35.71 euros per megawatt hour.
The weakness of the dollar continues to give wings to gold, which has updated a new record: the spot contract rises to 2,578.39 dollars an ounce (+0.75%), while futures are up almost 1% to 2,606.10 dollars.
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(RADIOCOR) 13-09-24 17:47:31 (0487)NEWS,ENE,PA,ASS 3 NNNN