21/10/2026 – Volatility returns to energy markets: first rumors of new negotiations between the United States and Iran, then threats of attacks and denials – Read other news

GAS & POWER: Yesterday's session for gas prices was highly volatile, with fluctuations of almost 7€/MWh: the front-month TTF after having exceeded the 90 €/MWh threshold for the first time since 2022 suffered a sharp wave of sales in the wake of rumours about the resumption of negotiations between the United States and Iran, brokered by Qatar and Pakistan, hitting day lows below 84€/MWh. However, as has happened in the past, the diplomatic rapprochement was subsequently disavowed by the parties and hopes of détente quickly cooled, with prices this morning once again in the 90 €/MWh area.

EQUITY: Markets are testing recent lows, seeking support from tech hopes, while geopolitics and commodities continue to provide elements of heightened uncertainty and volatility. In Germany, the ZEW economic sentiment index fell to 28.1 in October (below analysts' expectations), reflecting renewed fears about the strength of the country's recovery due to high energy costs and their effects on inflation and production costs. Inflation in the UK grew by 3.5% year-on-year, returning to its highest level since October last year.