General rebound on global financial markets, encouraged by theannouncement by Israel of having eliminated the Iranian leaders. This leads investors to believe that the conflict in the Middle East can actually be resolved quickly and therefore Stock markets are celebrating, from Europe to AmericaAsia got off to a somewhat timid start, with Tokyo's Nikkei losing 0,1%, but news of the war in Iran hadn't yet arrived. Milan rose 1,22%, Frankfurt 0,7%, Paris 0,5%, London 0,9%, the Euro Stoxx 50 0,5%, the Dow Jones 0,2%, and the Nasdaq Composite Index 0,4%. In this scenario, The euro regains strength against the US dollar, bringing the exchange rate back above 1,15, and the BTP-Bund spread also benefits, which had already deflated yesterday, returning below 80 basis points and today narrowed by another 3% to around 76 basis points. The yield on the 10-year BTP falls below 3,70%.
Commodity News: Oil prices rise again, gold returns to $5.000
The evolving situation in the Middle East pushes stocks but doesn't seem to slow down the oil rally, as operations at the Shah gas field in the United Arab Emirates have been suspended and an Iraqi oil field has also been hit by drones and missiles, in addition to cargoes from Fujairah being disrupted again, further straining global supply with the near-total closure of the Strait of Hormuz. Oil prices have increased by more than 40% since the conflict began., although prices eased on Monday ahead of the first release of U.S. emergency reserves. Today, WTI Crude Oil listed in New York rose to around $95 a barrel, while Brent crude consolidated above the $100 mark, trading above $101 a barrel at 5:30 p.m. Italian time. On the other hand, safe-haven assets slowed, but Gold manages to re-attach the $5.000 threshold an ounce, with silver instead falling below 80 dollars.
Amplifon's collapse continues at Piazza Affari and the Defense Department falls, while oil and Stellantis soar.
Positive session for Milan, which approaches 45.000 points, gaining 1,22%.Only a handful of stocks in the FTSE MIB index closed in the red, particularly Defense with Leonardo -0,75% and Fincantieri -2%, then Stmicroelectonics -0,44%, recovering from yesterday's gains, and especially Amplifon, which had already lost more than 14% on Monday following the completion of the GN Hearing integration. Today, the stock is down another 10,6%, after S&P Global confirmed Amplifon's BB+ rating with a stable outlook. Rising oil prices lift energy stocksEni +3,6%, Enel +2,7%, Tenaris +3,6%. Stellantis (+3%, like Telecom Italia) is also attempting to react, having fallen more than 11% in the last month alone (almost 50% in the last 12 months). Banks performed generally well, especially Mediobanca +2,2%, MPS +2%, and Banco BPM +1,5%. Unicredit +0,5% after Commerzbank CEO Bettina Orlopp expressed surprise at Andrea Orcel's relaunch.
Other European stock markets also do well and Wall Street opens well
On the European stock markets The luxury crash in Paris is worth noting with LVMH -1,4%, Hermes -2%, and Kering -0,8%. In Frankfurt, Commerzbank's rally continues, up 1%. Wall Street also gets off to a strong start, although it appears more timid than European stock markets, at least at closing time: Dow Jones +0,2%, Nasdaq +0,4%. Bitcoin consolidates above $74.000 after it had fallen to 63.000 in recent weeks. Technology stocks in general seem to be in tune but not all: Nvidia (which aims to increase revenues at $1 trillion in 2027), Microsoft and Meta all three at -0,3% at the time of writing, then Tesla +0,5%, Amazon +1.000%, Apple +0,9%, Alphabet +0,9%, Micron +3%.
