Stock exchanges, Europe poised between tensions and US-Iran openings. Milan (+0.5%) holds with defence. WS positive
At Piazza Affari, Avio continued its run (+5.2%). On the macro front, US inflation rose to 3.8% (in line with estimates), GDP rose 1.6%. Oil falls with Wti below 90 dollars
(Il Sole 24 Ore Radiocor) - After a day characterised by strong nervousness at the end of the day, European stock exchanges reduced their falls and Milan was the only market to close in positive territory (+0.5%). Improving the tone of the markets, albeit slightly, was the news reported by Axios that American and Iranian negotiators had reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and begin negotiations on Iran's nuclear programme. President Trump, however, has not yet given his approval, according to two US officials told the newspaper. The signing of the memorandum of understanding would represent the most significant diplomatic step forward since the beginning of the war, but a final agreement that meets Trump's demands on the nuclear issue would still require further intensive negotiations. Indiscretions push oil prices down with Wti dropping below USD 90 per barrel.
Wall Street closes positive, inflation rises to 3.8% in April
Indiscretions of an agreement between the US and Iran also benefited the American market, Wall Street closed trading in positive territory: the Dow Jones index rose by 0.05% to 50,668.97 points, while the Nasdaq rose to 26,917.47 (+0.91%). The S&P 500 also rose, to 7,563.67 points (+0.58%).
On the macro front, the US Pce (personal consumption expenditures price index) figure, the Federal Reserve's preferred measure for calculating inflation, rose in April by 0.4% compared to the previous month, up from 0.5% expected. Compared to a year earlier, it rose 3.8%, in line with expectations, but up from 3.5% a month earlier. The 'core' component of the figure, stripped of volatile elements, grew by 0.2% month-on-month, in line with expectations, and by 3.3% year-on-year, still in line with expectations. Moreover, GDP grew at an annualised rate of 1.6% in the first quarter of 2026, according to the second estimate released by the Bureau of Economic Analysis. The consensus of economists surveyed by FactSet forecast 2% growth, the same as the preliminary reading. On the employment front, the number of first-time workers claiming unemployment benefits rose by 5,000 in the week ended 23 May to 215,000 (seasonally adjusted), according to the Labour Department. Expectations were for a figure of 213,000. The previous week's figure was revised from 209,000 to 210,000.
In equities, the focus is on Snowflake, which is trading strongly after the cloud-based data platform provider delivered better-than-expected forecasts for its fiscal second quarter, as well as better-than-expected first quarter earnings and revenue results. The company also signed a plan to invest $6 billion in Amazon Web Services over five years.
Avio's run at Piazza Affari does not stop, good defence
At Piazza Affari, Leonardo (+5.36%) closed at the top of the list, followed by Avio (+5.21%) with SpaceX propulsion warming up its engines for its debut on Wall Street on 12 June. Also doing well was St (+3.09%) on the assumption that the entire chip segment will post substantial growth to provide components needed for Ai implementation. On the banking front, purchases on Mps (+2.56%) still benefited from the prospects illustrated by the CEO, Luigi Lovaglio, who even declared that the capitalisation of the Siena institution will go up to 50 billion, almost double its current stock market value. The market is also wondering whether the Lucano ceo is already preparing the cards for a merger with Banco Bpm (+0.8%). Opposite sides for Unipol (-3%) and Fineco (-2.74%) which slipped to the bottom of the list.
