The words of the President of the United States, Donald Trump, they return to shake the markets and push in red the European Stock Exchanges in the last session of the week. On Friday, the US, UK, and European markets will be closed for the Easter holidays, reducing liquidity and trading activity.
In his speech to the nation, Trump He declared that "we are on the path to completing all military objectives" in the conflict with Iran, suggesting a possible conclusion within "two to three weeks," but without ruling out escalation: in the absence of an agreement, the United States is ready to strike Tehran "with force and send it back to the Stone Age." This message quickly dampened the optimism of the previous day.
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The impact is immediately visible on energy, with the Petroleum on the rise: Brent breaks through $100 a barrel again ($108,72, +7,49%) and WTI at $107,98 (+7,88%). Also rising is gas natural gas in Amsterdam, which earns around 6% at 50 euros per megawatt hour.
On the macro front, less encouraging signs are arriving. S&P Global has halved its growth estimates for Italy and warns: if the energy shock continues, Europe could enter a technical recession by mid-year. These concerns are also shared by the governor of the Bank of Italy, Fabio Panetta, which raises risks to inflation and financial stability. Even the ECB signals price pressures: inflation could exceed 2% in the near term, peaking at 3,1% in the second quarter of 2026.
The negative climate is reflected in the stock markets: Milan, Paris, Frankfurt e Madrid they close in the red, albeit moderate, recovering in the final stages, in the wake of what happened in Asia, where Tokyo The Nikkei closed down 2,4% at 52.449 points. Only London was spared, while Wall Street hovers around parity.
At Piazza Affari it stands out Eni, which is leading the gains thanks to rising oil prices and upward revisions to price targets. Also buy on Tenaris e Stellantis, supported by registration data. On the other side, the figures are falling back stm e Avio, follows Prysmian penalized by the indiscretions of the Wall Street Journal on possible new US tariffs on steel and aluminum which could increase import costs. The banking sector is also weak, with Unicredit among the best-selling stocks, while among the stocks outside the main basket, the decline of Bff Bank after Moody's downgrade.
Lo spread The spread between the 10-year Italian Treasury bond and the German Bund has risen to 90 basis points, up from 86 at the previous close. The yield on the 10-year Italian Treasury bond has also risen, rising to 3,93% from 3,85% the day before.
The geopolitical tension is also reflected in the raw material, with widespread sales on precious metals: the spot price returns to $4.600 an ounce, while the future falls by 3,8% to $4.626. Also falling silver, palladium e PlatinumThe market is also weak cryptocurrency, with Bitcoin down 2,9% to $66.400.
On the currency market, however, a strengthening of the dollar can be observed:euro/dollar drops to 1,1520 (from 1,1608).
