Stock market: Nasdaq rebound boosts Europe; Milan (+0.2%) hits new highs with St
Fall in crude oil prices drags down oil shares; MPS shares volatile
European stock markets rallied in the final hours, buoyed by the momentum from Wall Street sparked by Intel’s surge (up over 9 per cent) on the Nasdaq (+1.3%) following President Donald Trump’s announcement of a partnership between the company and Apple (+1.4%) to design chips in the United States. On the Milan Stock Exchange, the FTSE MIB closed up 0.18%, setting a new record at 52,688 points, with a surge in ST (+4.2%) offsetting the slump in Saipem (-7.3%). Oil stocks were affected by the sharp fall in oil prices, ahead of the possible reopening of the Strait of Hormuz. WTI is trading at $74 a barrel (-3.5%), whilst Brent stands at around $77 (-3%). Prices remain a long way from the figure of around $70 recorded before the war, but also from the $100 and above seen just a few weeks ago. The agreement between the United States and Iran is, however, instilling optimism, offsetting fears of a more aggressive Fed.
On the Milan stock exchange, ST closed at the top of the FTSE MIB, in a chip sector buzzing with activity, partly due to rumours about the launch of the new generation of iPhone Air, as well as the agreement between Apple and Intel. Prysmian also benefited (+1.2%). Banco BPM (+2%) was also among the top performers, buoyed by the possibility of a stake increase by its largest shareholder, Crédit Agricole. UniCredit performed well – albeit at a slower pace, up 0.64% – after *Il Sole 24 Ore* reported on a proposed exchange offer made to Delfin for a 10% stake in Generali, which instead closed lower (-0.4%). It was a volatile session for MPS (+0.38%) following comments from Minister Giorgetti, who considers the ABB one of the best solutions for the sale of the Treasury’s remaining stake. Avio turned negative (-1.16%) as – following the successful launch of the Ariane 6 with the new P160 boosters – it was affected by SpaceX’s decline (-8% on Wall Street). There was further selling in the automotive sector, with Stellantis down 3.67% in the wake of BMW’s profit warning the previous day (down around 4% in Frankfurt). Bringing up the rear on the index were Saipem (-7.34%), Tenaris (-4.5%) and Eni (-3.16%).
On the foreign exchange market, the dollar strengthened to 1.1479 per euro (from 1.1513 at the open and 1.1591 at yesterday’s close). The greenback also rose to 160.9 yen (160.60 at the open and 160.24 the previous day), whilst the euro/yen exchange rate remained largely unchanged at 184.72 (from 184.90 and 185.70). On the energy front, natural gas in Amsterdam fell by 3% to 40.6 euros per megawatt-hour.
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