(Il Sole 24 Ore Radiocor) – Milan, 19 August – European stock markets are in positive territory at mid-session, on the first day of trading in a week that will be dominated by anticipation for the Jackson Hole central bankers’ symposium. Investors are particularly awaiting the speech by Fed Chairman Jerome Powell, scheduled for Friday, to confirm the expected interest rate cut in September and the trajectory of monetary policy easing. The market currently believes a 25 basis point rate cut in September is 73.5% likely, while a double cut, equal to 50 points, is quoted at 26.5%, according to CME FedWatch. After last week’s gains (the best in three months in the Old Continent and since the beginning of the year for Wall Street), the Ftse Mib gained 0.6% at Piazza Affari, while in the rest of Europe Frankfurt stopped at +0.16%, Paris at +0.33% and Amsterdam at +0.11%. London was just below parity (-0.09%), while the pink jersey went to Madrid (+0.97%). Among the Milanese stocks with the highest capitalization, Tim rose by 3.52% after Nokia announced a partnership with the telecommunications group for the expansion of the 5G network in Brazil. Purchases also on Stellantis (+1.67%), Bper (+1.58%), Erg (+1.37%) and Brunello Cucinelli (+1.35%). Generali (+0.39%) was in the spotlight, with the prospect that the Central Bank of India will invest in the Lion’s local jvs. Leonardo (-0.93%) and the entire European defense sector performed poorly in the wake of news that the German government plans to block new federal budget funding for Ukraine. On the currency market, the dollar is weak in view of the Fed rate cut. The euro rose to its highest level of the year against the greenback and is worth 1.1036 from 1.0990 on Friday at the close. The yen is strong, although falling from its highs: the Japanese currency is indicated at 161.52 for one euro (from 162.90) and at 146.37 for one dollar (from 148.20). The price of oil is falling, with the October futures on WTI down 0.95% to 74.82 and the analogous delivery on Brent down 0.94% to 78.93 dollars. The price of natural gas on the Amsterdam TTF platform rose 0.7% to 39.9 euros per megawatt hour. Gains on gold, which had risen to new highs on Friday due to global geopolitical uncertainty and the expected Fed rate cut: spot delivery fell 0.4% to $2,496.46 per ounce (Friday’s record high of $2,509.65) and futures slipped 0.1% to $2,534.80 (2,543.50 the high).
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(RADIOCOR) 19-08-24 13:07:11 (0215)NEWS 3 NNNN