European stock markets pared losses in mid-afternoon, as rising tensions in the Middle East and the US homeland blockade on Iranian shipments announced by President Donald Trump Trump are causing oil prices to soar. Brent exceeds 86 dollars a barrel, after the 9,6% jump in the previous session. Increases also in the price of gas, which in Amsterdam is moving in the 53 euro per megawatt hour range. The United States “they want to be reimbursed”because "we are protecting a very rich area of the world", he reiterated today Donald Trump, speaking to reporters in the Oval Office about the 20 percent tax on goods passing through the Strait of Hormuz.
At midday, however, the focus of the stock markets shifted to the US where the inflation data surprised the market. In June, consumer prices rose by 3,5% per year, below analysts' expectations who were betting on a +3,8%. On a monthly basis they are dropped by 0,4% while the market was betting on a 0,1% decline. The core index Excluding energy and food, it slowed to +2,6% year-on-year from 2,9% the previous month, below estimates (+2,8%), while on a monthly basis it was zero, down from 0,2% in May (up from an estimate of 0,2%). The figure fuels expectations of a less restrictive Fed and pushes back the possibility of a rate hike feared yesterday by Fed Governor Christopher Waller.
Meanwhile, anticipation is building for the hearing of Fed Chairman Kevin Warsh before the Commission. for financial services of the House. In the text prepared in view of the speech, the head of the Federal Reserve promised that the US central bank will “free” the US from an “inflationary spike” that has been going on for years. "The Fed's primary goal is to implement the right monetary policy, or as close to it as possible," Warsh will tell Congress. "If we can implement the right policy—and we will— the inflation surge of the last five years will be just a memory”, he will add.
Sul front corporate, the quarterly earnings season has officially begun: JP Morgan, Bank Of America, Goldman Sachs, Wells Fargo e Citigroup They have published their accounts, all with profits in sharp increase.
Returning to the stock markets, Wall Street opened positively, driven by the price-quarterly earnings combo. European stock markets, however, pared their losses, gradually approaching parity. London rose, the best market in Europe.
A Business Square, which in the early afternoon turns positive, attention remains focused on the banking sector: in the sector Bpm bank falls on the day of the board of directors which is expected to take stock of the merger proposal sent to MPS last June 6th. Sales also on sienna, Bper, Fineco, and Unicredit. Luxury and defense are down, with Cucinelli, Leonardo and Moncler in decline. Stmicroelectronics, After a downward start, it turns positive, also supported by the anticipation for the launch of Apple's new foldable smartphone. Oil stocks are rising, with Eni at the top of the FTSE MIB in the wake of rising oil prices. Also doing well A2a.
Outside the Ftse Mib Gens Aurea debuts on Euronext Milan, the first IPO of 2026 on the Italian Stock Exchange's main market. The stock, which rose in the opening minutes, is now trading in the red.
Looking at other markets, on the currency the euro is stable at 1,139 dollars, while among precious metals, the price of'gold. On the rise it is spread between BTPs and Bunds, which rose to 80 basis points (from 76) due to renewed tensions between Iran and the US. The yield on the benchmark 10-year BTP also increased, moving into first place at 3,93% from the previous benchmark's 3,86%.
