EU stock exchanges in the red with Iran tensions, oil prices rise. Fincantieri sinks in Milan (-1.2%)

(Il Sole 24 Ore Radiocor) - Geopolitical tensions are once again stirring the markets, with Europe abandoning the highs of the eve and filing a session marked by sales. The FTSE Mib closed with the Old Continent's black jersey, down 1.22%, while American equity indices also moved down and the price of oil rose around the highest since August.

President Trump's more conciliatory tones, who spoke of "positive" talks with Iran, were not enough to lift the stock markets or curb crude oil prices, with Brent crude above 71 dollars (+1.8%) and Wti at 66.5 dollars (+2%). Thus, the hypothesis that a further spread in barrel prices could lead central banks to delay interest rate cuts this year or reduce their magnitude. A possibility fuelled even more by the indications that emerged on the eve of the last Fed meeting minutes, which once again highlighted the institution's caution on rates and internal divisions within the board. The market is still waiting for the release (on 20 February) of key US data on GDP and the Pce price index. Adding to this picture is the quarterly earnings season.

Wall Street closed negative. The Dow Jones lost 0.54 per cent to 49,395.16 points, the Nasdaq gave up 0.31 per cent to 22,682.73 points, and the S&P 500 dropped 0.28 per cent to 6,861.91 points.

US stock indices thus moved lower amid fears of apossible conflict between the US and Iran and the weak outlook of Walmart, the world's largest retailer. Wall Street emerged from a positive session, buoyed by gains in technology stocks and strength in financials and energy stocks. "A rebound in mega-cap stocks, along with a pause in the rotation, would not be surprising in the coming weeks," Angelo Kourkafas, senior global investment strategist at Edward Jones, told Cnbc. Walmart announced that Christmas quarter sales were up nearly 6 per cent and that quarterly earnings and revenues exceeded expectations, but forecasts for the current full fiscal year are lower than expected.

On the macroeconomic front,the number of workers claiming unemployment benefits for the first time declined in the week ending 14 February by 23,000 to 206,000 (seasonally adjusted), according to the Labour Department. Expectations were for a figure of 225,000. The previous week's figure was revised from 227,000 to 229,000. The total number of workers receiving unemployment benefits - for the week ending 7 February, the last for which data is available - increased by 17,000 to 1,869,000. In addition, conditions in the manufacturing sector in the Philadelphia area improved in February, contrary to expectations. The index calculated by the Philadelphia Fed was 16.3 points, against expectations for a figure of 7.5 points, after 12.6 points in the previous month.