Stock market: Europe braces for a cautious start; in Milan, all eyes are on the banks
Oil prices continue to fall, whilst gas prices are rising
Europe is bracing for a cautious start to the day, with all eyes firmly on the situation in the Middle East. The EuroStoxx futures contract is down 0.13%, whilst the FTSE MIB futures contract continues to rise (+0.6%). Meanwhile, Asian stock markets are trading higher on the back of encouraging news from Switzerland, where talks between the US and Iran are underway. Despite President Donald Trump’s inflammatory remarks against Tehran following the closure of the Strait of Hormuz, Vice-President JD Vance stated that the first round of talks had made progress. This position was also confirmed by the Iranian Foreign Minister, Abbas Araghchi. Oil prices continue their downward trend, albeit cautiously: WTI is down 1.7% at $75.26 per barrel, whilst North Sea Brent is down 1.99% at $78.99. In contrast, gas prices are rising: on the Amsterdam trading platform, the price has risen to €42.54 per megawatt-hour (+1%).
Britain remains under close scrutiny on a day when Prime Minister Keir Starmer could announce his resignation, according to reports in the British media.
On the Milan Stock Exchange, investors are wondering about the future shape of the banking sector following the latest wave of consolidation currently under way. The spotlight is particularly on MPS, as the bank is expected to give its view on the proposals put forward by Intesa Sanpaolo and Banco Bpm.
On the foreign exchange front, the euro-dollar exchange rate stands at 1.1459 dollars (having closed at 1.1468 on Friday). The single currency is worth 185.2 yen (184.93), whilst the dollar-yen exchange rate stands at 161.63 (161.26). Bitcoin is stable at around 64,000 dollars. The dollar-sterling exchange rate stands at 0.7572 (-0.1%), whilst the euro-sterling exchange rate is at 0.8673 (+0.08%).
