Stock market: Europe up but below early session highs; Milan slows to +0.9%

WTI down by more than 5%

European stock markets are up, but remain below the highs reached shortly after the opening. Milan, whilst still trading at record levels, is up 0.95%, Paris 1.24%, Frankfurt 1.45% and Madrid 2.1%. The rise in London was more modest (+0.7%).

The agreement reached overnight between the United States and Iran, initialled with a digital signature and pending official ratification scheduled for Friday in Geneva, is in fact merely a framework agreement that paves the way for more detailed negotiations – particularly on the nuclear issue – set to take place over the next 60 days.

Investors welcome the more relaxed atmosphere, but at the same time are aware that unforeseen events or unexpected twists could still arise. For this reason, a mood of cautious optimism prevails. Meanwhile, the fall in oil prices continues: WTI is down 5.4%, settling at $80.23 a barrel.

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