Stock exchanges seesaw between high crude oil prices and the Middle East, Milan (+0.4%) sees Inwit soar

(Il Sole 24 Ore Radiocor) - Markets remain at the mercy of news from the Middle East front that gives no respite to volatility, while the new rise in oil prices fuels fears that the war in Iran could worsen the global energy crisis. Thus ended a nervous session to the end for European stock exchanges, grappling with a succession of conflicting announcements on peace talks. There have been "contacts" between the US and Iran and Tehran is willing to listen to "sustainable" proposals to end the war, according to CNN quoting an Iranian source. US President Donald Trump had already spoken of ongoing talks, while, Pakistan is ready to host the talks. The crux remains theclosure of the Strait of Hormuz, where Tehran has started charging transit fees to some commercial ships. Investors are also waiting for indications on the economic consequences of the war and energy price rises.

Against this backdrop, Milan closed cautiously up at +0.42%, along with Paris (+0.2%) and Amsterdam (+0.8%), while Frankfurt and Madrid stopped around parity.

Wall Street closed negative. The Dow Jones lost 0.18 per cent to 46,123.72 points, the Nasdaq gave up 0.84 per cent to 21,761.89 points, and the S&P 500 dropped 0.37 per cent to 6,556.34 points. Wall Street's major indices moved against each other as the price of Wti oil rose again. On Monday, the price of the barrel had lost more than 10 per cent, pushing stock markets higher on news of possible news on the US-Iran war. Despite the optimistic tone of Trump's statements on the eve, Citi analyst Scott Chronert doesn't believe investors are out of the woods yet. "We still have a long way to go in terms of the ultimate trend in oil prices and their impact on underlying economic conditions. So for now, we think we are safe with this forecast of a 5-10% decline, but we have to remain vigilant because the risks are still there and quite significant," he told Cnbc.

In equities, the stock of Apollo Global Management is under pressure after the asset management giant decided to limit withdrawals from its private credit flagship fund.

Turning to equities, glimmers of peace put the brakes on Defence stocks, with Avio (-5.7%), Fincantieri (-3.8%) and Leonardo (-2.4%) closing at the tail end of the Ftse Mib . On the opposite front, Inwit (+9.9%) had a great session, following the new rumours relaunched by Il Sole 24 Ore on a possible takeover bid by Brookfield. Diasorin (+4.8%) rebounded after plummeting more than 12% on the eve of the event; purchases were also made in the oil sector, with Saipem (+3.1%) and Tenaris (+2.6%). Reduce losses Tim (-0.36%) and Poste (-0.3%), with the eyes of the market turned to the opas launched by the company led by Matteo Del Fante on the tlc company led by Pietro Labriola.