Stock exchanges, Europe avoids new rout with oil below $100. Milan -0.3%, WS +0.5%
Wall Street also reduced declines but eyes remain on the war in Iran and the risk of escalation in the Middle East. The risk-averse environment supports the dollar. Spread closes down at 76 points, 10-year yield falls to 3.62%
Le ultime da Radiocor
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(Il Sole 24 Ore Radiocor) - A new rout in Europe's financial markets has been avoided as crude oil's run slows back below $100 a barrel after a meeting of G7 countries aimed at containing the energy shock from the Iran war entered its second week. The finance ministers' decision not to draw on strategic reserves, alongside Trump's statement to the New York Post about the US being "nowhere near" a ground invasion in Iran, helped improve the mood in the markets. The day had started off on the wrong foot: in the first hours of the session, Piazza Affari had managed to cede over 2%, while black gold was flying at +20% and more. By the end of the session, the FTSE MIB was down -0.3%, the Cac 40 in Paris was down -0.98%, the Dax in Frankfurt was down -0.57% and the Ibex in Madrid was down -0.7%, while the Aex in Amsterdam was up 0.3%.
Investor attention remains high on developments in the Middle East conflict after the flare-up of crude oil (over $100) and natural gas fuelled fears of stagflation, as it simultaneously fuels inflation and hampers economic growth.
Wall Street closes positive, Wti back below $100
Wall Street wiped out its initial losses and closed positively as oil fell back below 100 dollars: the Dow Jones rose 0.50 per cent to 4,7740.80 points, while the Nasdaq advanced 1.38 per cent to 22,695.95. The S&P 500 also extended, at 6,795.99 points (+0.83%). Wti fell back below $100 a barrel, after hitting the highest level since 2022, fuelling concerns about a stagflationary environment for the US economy, characterised by rising inflation and slowing growth. US President Donald Trump wrote that a rise in "near-term oil prices" is a "very low price to pay" to destroy the Iranian nuclear threat. "We cannot rule out a bearish market if investors begin to anticipate a stagflation scenario, similar to the 1970s," wrote Ed Yardeni, president and head of investment strategy at Yardeni Research. "If the oil shock persists, the Fed's dual mandate would be sandwiched between the growing risk of higher inflation and rising unemployment." Yardeni added that he remains optimistic that the war will be resolved in a few weeks, and his base case scenario still predicts a technology-driven economic boom and a bullish market.
Leonardo still rallying at Piazza Affari
On Milan's Ftse Mib, Leonardo-Finmeccanica (+6.6%) continues its run, along with the defence sector. Buyers also bought Saipem (+4.8%) and Eni (+2.3%), which continue to benefit from high oil prices. Nexi (+3%) also did well, recovering ground thanks to the promotion decided by Morgan Stanley analysts. Brunello Cucinelli (-3.8%), Stellantis (-3%) and Hera (-2.9%) closed at the back. Ferrari and Prysmian also suffered with falls of over 2%. Among the banks, Mediobanca (-2.1%) and Mps (-1.66%) suffered most, while Bper, Pop.Sondrio and Intesa Sanpaolo recovered ground. The Lottomatica Group continued to climb, confirming the positive trend following the publication of its 2025 accounts. . Outside of the main basket, Avio rises: as of 23 March, the stock will enter the Ftse Mib in place of Banca Popolare di Sondrio.
Dollar remains strong with risk aversion
In the currency market, rising risk aversion continued to support the dollar, which was quoted at 1.155 to the euro from 1.159 at the close on Friday. The greenback was also worth 158.50 yen (from 157.62), while the euro/yen ratio stood at 183.07 (from 182.80). Bitcoin little moved to $67,200.
