EU stock exchanges bet on US-Iran pax, for Milan (+1.4%) new all-time high
The Ftse Mib breaks the March 2000 highs while Wall Street and London are closed for holidays. Crude oil is down, with the Wti dropping to $90 a barrel and Brent crude trading at $97
by Enrico Miele and Martina Soligo
(Il Sole 24 Ore Radiocor)- Hopes for peace between the U.S. and Iran have given a boost to European stock exchanges, which closed the first session of the week with a solid rise, with the Ftse Mib (+1.43%) reaching a new all-time high at 50,220 points. The Milanese list beat its previous record of 50,109 points, which had lasted since 6 March 2000, at the height of the dot-com bubble. On the geopolitical front, the US Secretary of State, Marco Rubio, let it be known that he has "what I believe to be a fairly solid agreement on the table", while an Iranian delegation led by Parliament Speaker Mohammad Bagher Ghalibaf and Foreign Minister Abbas Araqchi is in Doha for talks with the Qatari Prime Minister on a possible agreement between the US and Iran that would definitively end the conflict.
Thus, in a session without the lighthouse of Wall Street and London (closed for holidays), the other European stock markets also approached their historical highs: the Cac in Paris closed at +1.76% and the Dax in Frankfurt at +2%. Amsterdam's Aex (+0.83%) and Madrid's Ibex (+2.2%) also did well.
Avio and Nexi fly in Milan, oils down
On the main list of Piazza Affari Avio (+7.2%) is still running with the Space X listing now just around the corner and a renewed focus on the entire space sector. Purchases also rewarded Nexi (+6.5%) after Cdp made it known that it wanted to strengthen its capital to the 30% threshold. The Cassa, however, does not intend to launch a tender offer for the shares. Positive sessions for Diasorin (+3.78%) and Amplifon (+3.9%), which benefited from Kepler's positive ratings. Ferrari closed at +2.8% on the day the veil was lifted on "Ferrari Luce", the Maranello company's first electric car. Oil stocks fell, with Eni (-1.1%) slipping to the bottom of the list and Saipem (-0.28%). Defence was also down with Leonardo (-0.57%).
Peace hopes cool crude prices
On the foreign exchange front,the euro strengthened to $1.164 ($1.160 at Friday's close). It is also worth 185.04 yen, while the dollar-yen stands at 158.89. Finally, the geopolitical clarification cooled commodity prices: gas lost its value at EUR 45.4 per MWh (-6.7 per cent), Wti oil lost 5.9 per cent to USD 90.9 per barrel and North Sea Brent dropped to USD 97.8 (-5.6 per cent).
Spread drops to 71, down 10-year yield to 3.66%
The spread between the BTp and Bund closed lower. At the end of the session, the yield differential between the benchmark ten-year BTp and the German Bund of the same duration stood at 71 basis points, down from 73 at Friday's close. An even more significant drop was seen in the yield on the benchmark ten-year BTp, which ended the session at 3.66% from 3.76% at the previous benchmark.
