Stock markets slalom between Putin and Iran. Wall Street closes positive

(Il Sole 24 Ore Radiocor)- Closing at different speeds for BEuropean stocks as investors continue to monitor developments in the negotiations between the US and Iran. While the setback in the negotiations between the US and Iran pushed up oil prices, the more conciliatory tones of Russian leader Vladimir Putin on a possible end to the war in Ukraine penalised defence stocks. The rise in crude oil, meanwhile, has fed back intofears of energy shocks and possible restrictive responses from central banks, while in the US the new Fed Chairman Kevin Warsh is expected to take office and the market looks to US President Donald Trump's upcoming trip to China to see if it will help resolve the Middle East standoff.

Indices moved little on Wall Street, after a positive week (the sixth in a row for the S&P and Nasdaq, the fifth out of six for the Dow Jones). The rise in oil prices, after US President Donald Trump rejected Iran's latest response to his proposal to end the Middle East war, effectively extending the closure of the crucial Strait of Hormuz. This week, investors will focus on theApril consumer and producer price indices, which could provide new indications on the impact of the war on inflation.

Wall Street closed on a positive note. The Dow Jones advanced 0.19% to 49,704.34 points, the Nasdaq rose 0.10% to 26,274.13 points and the S&P 500 gained 0.19% to 7,412.87 points.

On the equities front, purchases mainly rewarded oil stocks, such as Eni and Saipem, thanks to new crude oil price increases. Meanwhile, the quarterly earnings season continues. In the Italian stock market, Diasorin soared after Friday's results, rewarded by the confirmation of guidance despite a weaker-than-expected first quarter. Purchases also rewarded Stmicroelectronics, which benefited from euphoria in Asian chipmakers. Opposite side for the defence sector, with declines in Leonardo and Avio . In no particular order is the banking sector, awaiting the accounts of Banca Monte Paschi Siena . Still on the credit institutions front, the CEO of Banca Mediolanum , Massimo Doris, said on the sidelines of the press conference presenting the group's national convention, that the banking risk "can benefit us in the short term"

Trump's rejection of Iran's proposal pushes up oil prices with the Brent moving above the $100 per barrel mark and the Wti approaching $100. According to Ricardo Evangelista, senior analyst at ActivTrades, "Brent prices are expected to remain above $100, with traders continuing to focus on the progress of diplomatic exchanges between the US and Iran, as the hopes and setbacks generated by these negotiations remain the main drivers of oil prices for now. Rise also for gasnatural, which is trading at EUR 45 per megawatt hour, while on the precious metals front, gold gave up almost one per cent to USD 4,665 per ounce. On the currency front, the euro trades against the dollar at 1.175 (from $1.177 at Friday's close). The euro/yen stood at 184.68 (184.4) and the dollar/yen at 157.08 (from 156.64 and 156.4).