Stock market, peace hopes push Milan (+1.4%) above record high of 48,000. WS +0.66%
Oil prices fall, Brent and Wti remain below 100 dollars. Quarterly reports under the spotlight in Europe and the United States: in Wall Street Blackrock rises after beating expectations, weak Jp Morgan and Wells Fargo. Sales on the dollar, euro regains 1.18
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(Il Sole 24 Ore Radiocor) - The diplomatic road to an end to the war between the United States and Iran does not appear closed and this is fuelling hopes on the markets that peace is on the way. That could sum up the session on global equities, in which a risk-on mood prevails despite the failure of talks between the United States and Iran over the weekend in Pakistan. But China's disengagement and the possibility of delegations resuming talks before the truce expires, coupled with US President Donald Trump's statements that Iran would like a deal, are enough for investors to prevail in optimism about an imminent de-escalation.
While the Strait of Hormuz remains closed, signs of willingness to detente on the part of both Iran and the US are increasing. Thus, the European stock exchanges and file a session with a solid rise (the Ftse Mib scores a nice +1.36%, surpassing the record high of 48.000 points, Paris closed up 1.1 per cent, Frankfurt up 1.2 per cent and Madrid up 1.5 per cent). Wall Street was also up, with the ten-year Treasury yield slightly below 4.3 per cent, oil moved below USD 100 per barrel and the dollar lost its role as a safe haven asset. Against this backdrop, there remains, of course, the unknown about the effects of the war on the real economy, with the IMF revising its global growth forecasts, speculating on different scenarios for the end of the war and the president of the ECB, Christine Lagarde, painting a scenario of total uncertainty about the future of the ECB monetary policy.
Geopolitics aside, traders are keeping an eye on the corporate numbers, with the quarterly earnings season just beginning in both the States and Europe holding sway.
Wall Street also up with quarterly reports in the spotlight
Indices also rose on Wall Street, thanks to optimism about the possibility of an agreement between the US and Iran. On the eve of the event, the S&P 500 had already cancelled its losses since the start of the war, with a gain of 1%. Moreover, March producer prices, an important inflation figure, rose less than expected despite the conflict: the annual increase was 4%, still the highest since February 2023, but lower than the 4.4% consensus. At the close, the Dow Jones climbed 0.66% to 48,535.81 points, the Nasdaq advanced 1.96% to 23,639.09 points and the S&P 500 advanced 1.18% to 6,967.40 points.
On the equities front, bank stocks were in the spotlight after the quarterly reports: Citigroup's stock was up sharply after above-expected accounts. Despite a positive quarterly report, JPMorgan Chase's stock is losing ground as the bank revised down its net interest margin forecast. The stock of Wells Fargo & Co is heavy after a weak quarterly report while Blackrock rises after beating market expectations. In Monday's session, it was Goldman Sachs which announced record first-quarter 2026 earnings, with the stock, however, under pressure due to fears over the bank's exposure to private debt.
