Piazza Affari restarts at 50,000 points with eyes on US-Iran, Ferrari slows fall
On the eve of the event, Micron's leap boosted tech stocks, St and Prysmian did well. Oil falls again, with Brent below $100 a barrel
by Paolo Paronetto and Giorgia Colucci
Le ultime da Radiocor
Industria: Istat, +2% fatturato marzo, +4,4% annuo (RCO)
Borsa: Europa in cauto rialzo e Milano (+0,3%) riaggancia i 50mila punti
*** BTp: spread apre in calo a 72 punti, rendimento decennale scende al 3,68%
(Il Sole 24 Ore Radiocor) - The European stocks are moving up cautiously as investors await concrete developments in the negotiations between the United States and Iran and assess the resilience of the fragile truce between the two countries. Eyes are also on statements from Federal Reserve officials, which may give indications on the impact of the energy shock on inflation and thus on central bank policy (April Pce inflation data are due on 28 May).
In this context, Milan's FTSE MIB is moving cautiously, like the other Old Continent listings. However, it regained the 50,000-point threshold, which it had lost in the last few minutes of the session.
Tech is still running, luxury good. Ferrari limits declines
On the equities front, Stmicroelectronics ran, with Micron Technology , on the back of demand for artificial intelligence chips, on Wall Street boosting tech stocks. Purchases also rewarded Prysmian , linked to the AI infrastructure sector. Elsewhere, luxury stocks sprinted ahead with Moncler and Brunello Cucinelli among the list's best performers, while Stellantis also did well. On the opposite front Ferrari slowed its fall, after losing more than eight percentage points on the eve of the unveiling of its first electric model. Oil stocks, Tenaris , Eni and Saipem , in the wake of crude oil prices.
Euro in the 1.16 area. Oil falls again
On the currency market, the euro remained above the 1.16 mark (up from 1.1621 at the eve of the close). On the energy front, prices of oil fell again: the July Wti future hovered around USD 91 per barrel while the Brent crude contract of the same maturity slipped below USD 100 per barrel. Also down was the gas. Slight decline for the spread between the BTp and the Bund. The yield spread between the benchmark ten-year BTp and the German Bund of the same maturity stood at 72 basis points, down from 73 points at the previous close. The yield on the benchmark ten-year BTp also fell from 3.71% at the previous benchmark.
Tokyo retraces from highs
The Tokyo Stock Exchange closed flat, retreating from early intraday highs as initial enthusiasm for the tech sector-led rally on Wall Street faded. The Nikkei index rose 0.01% to 64,999.41 points, while the broader Topix index slipped half a percentage point. Market sentiment was underpinned by cautious optimism that the US and Iran could still reach a peace agreement, despite the rekindling of hostilities in the Middle East. In addition, Japanese equities benefited from the decline in US Treasury bond yields, as markets downgraded expectations of a
