Markets

End-of-war euphoria propels stock exchanges, Milan +3.2% as oil plunges

US President Donald Trump said Iran called for a ceasefire, claims denied by Tehran. Avio in the lead at Piazza Affari, oil stocks retreat

by Ivan Torneo and Martina Soligo

1 April 2026

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3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

(Il Sole 24 Ore Radiocor) - European stock exchanges choose to believe in peace in Iran, which this time appears within reach after a month of war, the worst for European equities since June 2022. More than one signal points in that direction: first President Donald Trump said that the USA will leave Iran 'within two to three weeks' regardless of an agreement, then he wrote on social media that 'the president of the new Iranian regime has called for a ceasefire'. Claims denied directly by Tehran, while more clarification is expected from Trump's speech at 9pm local time.

Borse europee, il rimbalzo da “fine guerra”

Still, the stock markets believe in it, also helped by thedrop in oil prices. The central issue remains the Strait of Hormuz, which - according to Trump - must become 'open, free and clear' again for the cessation of hostilities. Meanwhile, British Prime Minister Keir Starmer will host talks this week between 35 countries to create a coalition to make the strait 'accessible and safe after the fighting stops'.

Thus, Milan's Ftse Mib ended the session up 3.17%, a more than positive session also for the Paris Cac (+2.1%) and Frankfurt's Dax (+2.6%). Amsterdam's Aex (+1.7%), Madrid's Ibex (+3%) and London's Ftse 100 (+1.8%) also did well.

Wall Street closes up, DJ +0.48%, Nasdaq +1.16%

Wall Street closed positive. The Dow Jones climbed 0.48 per cent to 46,565.86 points, the Nasdaq advanced 1.16 per cent to 21,840.95 points, and the S&P 500 advanced 0.72 per cent to 6,575.36 points.

On the macroeconomic front, private sector employment in March grew more than expected. According to the monthly report compiled by Adp, 62,000 jobs were gained compared to the previous month, against expectations for job creation of 40,000. The manufacturing Ism in March rose to 52.7, exceeding estimates at 52.3. Retail sales were also slightly above expectations, rising 0.6 per cent in February against estimates for a 0.5 per cent increase.

Defence shines in Milan with Avio and Leonardo, down oil stocks

Defence shone in Piazza Affari with Avio leading the list at +10%, followed by Leonardo (+7.9%). Buzzi (+6.3%) and Prysmian (+5.9%) were also bought after the approval of the 2025 accounts, with Jefferies confirming its buy rating but raising its target price from €104 to €117. All banks bought well, led by Unicredit (+5.6%) and Intesa Sanpaolo (+4.4%), while Ferrari (+3%) was also boosted by Jefferies, which raised its target price to buy from hold. Oil prices weighed down as crude oil prices retraced: Eni, which had posted +24% in March, was at the tail at -4.7%, while Tenaris (-2.2%) and Saipem (-0.6%) were also down.

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Oil falls, euro/dollar recovers

The oil retreats, with investors seeming to believe the US president's statements on the war. Brent futures fell 14.2 per cent to $101.5 per barrel and Wti futures fell 2.1 per cent to $99.2. "Although the signs of willingness to negotiate are positive, obstacles remain before a real conclusion to the conflict," commented Ubs analysts, "The rresumption of energy flows could take even longer. Moreover, 'a sudden end to the conflict, while leaving the status of the Strait of Hormuz uncertain, could also keep energy prices higher for a longer period'. Ttf gas in Amsterdam slips 6% to EUR 47.7 per Mwh. Spot gold was up 2.3% at $4,777 an ounce. On the currency side, the euro/dollar traded at 1.1608 (from 1.152 at yesterday's close), the euro/yen at 184.1 from (183.1) and the dollar/yen at 158.6 (from 159).

Iran tra armata Usa e dialogo

Spread down to 86 points, 10-year yield down to 3.85%

The BTp-Bund spread closed lower with yields on the euro curve benefiting from increased optimism for a near-term end to the conflict in the Middle East. At the end of the session, the yield differential between the benchmark ten-year BTp and the German peer maturity markeda final position at 86 basis points, four points lower than the 99 points of the previous close. The yield on the benchmark ten-year BTp also fell sharply, marking a final position at 3.85% from 3.90% at the eve's close.