Stocks rise on US midterms, oil and gold up
The Ftse Mib gains over 2% driven by banks after the American vote, while crude rises amid expectations of Washington's moves on Iran and gold returns above $4,000.
European stock markets closed higher in today’s session, following the Democratic victory in the American midterm elections reported in the opening of this morning’s edition. This is reported by FIRSTonline and SoldiOnline. This is a story that this morning’s edition had not yet reported, distinct from the one on gas and fuel prices published this morning.
Madrid led the gains among the main European markets, with Piazza Affari close behind. Milan’s Ftse Mib gained over 2%, reaching 51,045 points, driven by a rally in the banking sector: Unicredit closed up 5.25%. The spread between Btp and Bund fell in the same session, while defense sector stocks retreated.
On the commodities front, crude oil gained ground as operators remained awaiting the decisions Washington could make regarding Tehran, with Wti trading around $95-96 a barrel. This is reported by MF Milano Finanza and SoldiOnline.
Gold also gained ground, bouncing back to $4,050 an ounce, while silver rose to $52. The movement of the two precious metals moved in parallel with rising oil prices, against a backdrop of markets looking simultaneously at Washington’s new political setup and tensions related to Iran.
The two dynamics — the stock market one, tied to the US vote, and the commodities one, tied to expectations on Tehran — run on separate tracks but converge within the same overall picture of the day: markets moving on multiple fronts, with Europe accompanying the American election result while keeping an eye on developments in the Iran dossier.
The available material does not specify which measures Washington might be considering regarding Iran, nor does it provide a deadline for any decisions: this remains a point of anticipation that markets have already begun to price into the rise in crude oil.
For Italy, the combination of rising bank stocks and a narrowing spread represents the most significant data point of the session, on a day when the defense sector instead lost ground compared to previous valuations.
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