Rebus Hormuz on stock exchanges, Milan -0.6%. Oil falls sharply in WS
Iranian state TV announced a draft agreement between the US and Iran, which was narrowly denied by the White House. The price of crude oil fell and dragged down oil prices in Piazza Affari. Downward turn for tech while luxury shines
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(Il Sole 24 Ore Radiocor) - The European stock exchanges closed with contrasts after another session marked by the ballet of news between Iran and the United States on the Strait of Hormuz and peace talks. The market was dominated by the sharp depreciation of crude oil, which dragged down oil stocks: the Wti dropped below 90 dollars (now close to 91) after the news, broadcast by Iranian TV, that Tehran will restore traffic throughHormuz, as part of a framework agreement with Washington. But - the White House narrowly retorted on X - the draft agreement circulated by Iran "is a total fabrication. No one should believe what is reported in the Iranian media'.
Meanwhile, ECB Vice-President Luis de Guindos, reiterated that the conflict in the Middle East 'is putting a strain' on market resilience. And the repercussions on the global economy and financial stability 'will worsen as the conflict continues', although the impact 'is not yet clear' . According to Ing's forecast, a June rate hike by the Frankfurt-based institution is 'clearly on the agenda'. As for theFed, according to BlackRock, the US Pce data (due tomorrow 28 May) will help 'confirm the upward surprise in the Consumer Price Index, which shows higher core inflation, as markets discount a rise in interest rates later this year'.
In this context, Milan's Ftse Mib closed down 0.64% below 50,000 points. Amsterdam also fell (-0.2%) while Paris, Frankfurt, Madrid and London ended in positive territory.
Wall Street closes higher: DJ +0.36%, Nasdaq +0.07%
Wall Street closed slightly positive. The Dow Jones rose 0.36 per cent to 50,644.28 points, the Nasdaq advanced 0.07 per cent to 26,674.73 points, and the S&P 500 advanced 0.02 per cent to 7,520.48 points. Wall Street's major indices moved against each other, with the S&P and Nasdaq in negative territory after eve's record highs triggered by Micron Technology's technology rally and the slump in oil prices, fuelled by hopes of a deal to end the war with Iran. U.S. memory chip maker - which veered into negative territory - saw shares soar 19% on the eve of the day, surpassing the $1 trillion market capitalisation threshold for the first time. Micron benefited from Ubs forecasts that the stock could more than double, thanks to long-term agreements signed by memory suppliers to encourage the implementation of artificial intelligence.
Oil closed sharply lower in New York, where prices dropped 5.5 per cent to USD 88.68 per barrel.
