EU stock exchanges up, for Milan new top since 2000. Crude oil falls sharply

(Il Sole 24 Ore Radiocor) - The European stocks lengthen their stride at the mid-session mark, awaiting a breakthrough on the Middle East front after US President Donald Trump's optimism about an agreement with Iran to end the war, while a ten-day truce between Lebanon and Israel came into effect. The truce between Washington and Tehran, however, is due to expire next week and possible developments on its extension are expected over the weekend: the US and Iran are "very close" to aagreement also on the nuclear issue, Trump said. Meanwhile, today in Paris French President Macron is bringing together, among others, Italian Prime Minister Meloni with his German and British counterparts - Starmer and Merz - to discuss a multinational force to defend traffic in the Strait of Hormuz after the conflict. "Markets head into the final session of the week at key technical and psychological levels, with a persistent lack of conviction as traders await clearer signals from the Middle East," wrote Nick Twidale, chief market analyst at AT Global Markets, in a note.

In a session lacking in macro data, the recession alarm raised by the IMF and the uncertainty over the next central banks' moves remain in the background. Fed Governor Stephen Miran signalled on the eve of the meeting a possible downsizing of monetary easing expectations, bringing his forecast for the year down from four to three cuts. For the ECB, on the other hand, the head of the IMF's European department Alfred Kammer expects 'a cumulative increase of 50 basis points by the end of the year'.

Against this backdrop, the Old Continent's stock markets moved mostly in positive territory with the FTSE MIB updating highs from September 2000. Plus signs also for the CAC 40 and the DAX 40 . For Wall Street, too, a start in positive territory is looming, with futures up half a percentage point and the S&P 500 index still above 7,000 points.

On the Milan stock exchange runMediobanca ,Banca Monte Paschi Siena and Banco Bpm. The pause in the banking risiko, to elect the boards of directors of Rocca Salimbeni and Piazza Meda, now seems to be over also at Piazza Affari, with the market immediately returning to the idea of a "third pole", albeit dampened by those directly involved, and of possible movements in the shareholding structure of the institutions. Well Finecobank, with analysts at Intermonte forecasting "solid and in line" quarterly figures (due out on 7 May). Purchases also on Ferrari , followed by Stellantis, after rumours about a possible partial conversion to war production resurfaced, in the wake of press rumours that the Pentagon is holding talks with GM and Ford to this effect. Eyes on the tlc sector (Telecom Italia in Milan) in light of negotiations between Bouygues, Orange and Iliad to take over most of Altice's French assets. At the back of the pack were oil stocks (Saipem, Tenaris, Eni ) and utilities ( Terna, A2a, Hera).

Oil prices fell after US President Donald Trump expressed optimism that a permanent ceasefire with Iran could be reached. The Brent trades at $96 a barrel and the Wti at $90. Gas in Amsterdam fell again to 41 euros per megawatt hour while on the currency front, the euro/dollar exchange rate moved little.