Stock exchanges, Wall Street closes lower. Piazza Affari (-0.8%) fails the assault on 50,000 points

(Il Sole 24 Ore Radiocor) - European markets took a breather after last days' run, although investors remain optimistic about an imminent agreement between the US and Iran to end hostilities in the Middle East. As proof, the price of crude oil continued to slide (-3.3% to $97.8 per barrel; Wti -3.5% to $91.7). On the other hand, the situation remains extremely delicate, with experts now accustomed to dealing with sudden reversals in negotiations. What's more, investors are also taking a reality bath and so are beginning to count the actual damage of the war, which will continue to impact the economy in the coming months. Across the Atlantic, for example, Whirpool has raised the alarm that soaring fuel prices and plummeting consumer confidence are weighing on durable goods purchases. Stocks are tumbling about 16%. Wall Street, however, still rose, albeit slightly, driven mainly by a better-than-expected quarterly earnings season. The Dow Jones even surpassed 50,000 points during the day. Wall Street then closed negative. The Dow Jones lost 0.63% to 49,596.97 points, the Nasdaq 0.13% to 25,806.20 points and the S&P 500 0.38% to 7,337.11 points. By contrast, European stock exchanges were sluggish. In Milan, the Ftse Mib dropped 0.82%, moving away from the 50,000 point threshold, which it had tried to conquer, and approaching the all-time top of 50,109 points reached at the close on 6 March 2000. The spread improved to the 73-point area and theyield on ten-year BTPs rose to 3.7 per cent, from 3.73 per cent on the eve of the session.

European stock exchanges opened higher, surpassing their eve's highs, but slowed their pace during the day. Paris and Amsterdam shed 1.17%, Frankfurt 0.99% and London 1.6%. Madrid went against the trend, rising 0.28%. However, markets are convinced that the US-Iran negotiations will bear fruit. Reuters reported that Washington and Tehran are getting closer to an agreement, albeit a limited and temporary one. In fact, there appears to be a draft of a framework plan that envisages a cessation of fighting, while not resolving more controversial issues such as the nuclear issue. Oil thus deflates. A different film than Europe is being experienced by Wall Street, with indices on the highs and the Dow Jones even surpassing 50,000 points, then falling. Thanks to above-expected quarterly reports, despite some crunches such as that of Whirpool, which went downhill after the group's top management warned that household purchases of durable goods were slowing down.

At Piazza Affari the case of the day was Campari (-14.4%), sunk after a below-expectations quarterly report. The confirmation of the 2026 guidance was of little use. Oil stocks were also heavy, especially Tenaris (-6.7%): the company's accounts were better than estimates, but the market watched - in addition to the drops in crude oil - the cautious outlook and the change at the top, with Gabriel Podskubka appointed as new CEO. Defence was also in the red withFincantieri (-2.3%), Leonardo (-1.9%) andAvio (-1.3%) all down. On the other side of the market, the Telecom Italia (+3.7%) and Poste Italiane (+2.4%) were buoyed by the company's accounts and integration process, with the Tim stock option expected to be launched in the third quarter of 2026. Luxury also did well with Moncler (+1.2%) and Brunello Cucinelli (+0.8%). Asset management stocks were a special watch, withBanca Mediolanum (+0.4%), Azimut (-4.29%) and Finecobank (-1.78%), which published their quarterly reports. Of the three, however, only Mediolanum's shares closed in positive territory. Looking at the rest of Europe, it is worth highlighting the 7.2% slide of Germany's Rheinmetall, which paid tariffs for its below-expected first-quarter accounts in a sector that has been growing strongly in recent months. However, the group's net profit rose 32% to EUR 111 million. However, Mwb Research warned that Rheinmetall will struggle to meet its 2026 guidance if the second quarter disappoints even 'modestly'.

Among commodities, the gold spot rose +1.1% to $4,744 an ounce. On the other hand, Ttf gas in Amsterdam fell 0.4 per cent to EUR43.7 per megawatt-hour. On the currency, the euro is up slightly at $1.177. The euro/yen stands at 184.1 and the dollar/yen at 156.4.