Global markets start the week under pressure, shaken by the new escalation in the Middle East which brings volatility to stocks, commodities and currencies. The new US attacks in Iran and the tensions in the Strait of Hormuz Rekindling fears about energy supplies and a possible reacceleration of inflation, pushing investors towards a more defensive stance.
The first indications are arriving Asia, where they prevail widespread salesThe technology sector leads the declines, with the Kospi index dropping almost 9% and semiconductor stocks under strong pressure while the Hyundai workers' strike against the entry of humanoid robots into factories. And so Sk Hynix leaves more than 14% on the ground, dragging the entire sector down. Tokyo's decline was more contained, with Nikkei falls around 1,9%, while the MSCI Asia-Pacific index fell by around 1,6%, signaling a deterioration in sentiment after the rally of the previous weeks.
The main catalyst remains the oil, which returns to run with determination: the Brent returns to the $79 per barrel area (+ 4,5%) and the WTI above $74, incorporating a new "war premium" tied to the risk of supply disruptions through Hormuz, which carries approximately 20% of global crude oil. The energy price surge fuels inflation expectations and strengthens bets on the Federal Reserve's continued restrictive monetary policy.
The climate is also reflected in Europe, which after a declining start is trying to stabilize without finding a clear direction. The continent's main stock markets are hovering just below par. Piazza Affari stands out slightly, moving against the trend and managing to return above parity with a gain of 0,08%, supported above all by energy and defense-related stocks, favored by the rise in oil prices.
At Piazza Affari theattention is focused on energy and financial stocks, with Eni, Saipem, and Tenaris under close scrutiny in light of the surge in oil prices. The banking sector is also in the spotlight, amidst the ongoing risk-taking and moves at MPS and Banco BPM. Stocks most exposed to the global cycle and energy demand are also in the spotlight, in a context that favors rotation toward more defensive sectors.
On the currency market the dollar strengthens, supported by its safe-haven status and expectations of higher rates, while the yen remains under pressure. Gold, on the other hand, is falling back which slips towards the $4.060 an ounce area, penalized by the rise in bond yields, with the two-year Treasury at its highest since February 2025. Cryptocurrencies are also falling, with Bitcoin falling back below the $63 mark.
Finally, all eyes remain on Wall Street, where futures point to a sharp decline, with the Nasdaq under pressure (-1,1%) and the technology sector still at the centre of volatility.
