Markets still nervous at midday, caught between contradictory signals on the geopolitical front and new pressures on energy and inflation. Donald Trump's new postponement on Iran, another 10 days of halt to attacks against energy infrastructure, it's not enough to reassure investors. Rather, it fuels the perception that the conflict is destined to continue.
The result is a climate of mistrust with Asia closing in the red and Europe weak. Oil, although slightly traced from the night peaks, remains above $108, while the gas remains under pressure with new warnings from Qatar and Saudi Arabia.
Tensions are rising on the bond front. The yield on Ten-year BTP rises up to 4,10%, with the spread in the 98-100 basis point range, as markets begin to price in the risk of a more restrictive monetary policy. Gold is worth $4.429,27 an ounce (+1,68%).
Thus European stock markets are moving into negative territory, weighed down by a mix of macro and geopolitical factors. Frankfurt retreats, Paris remains weak and London is little moved, while theeuro/dollar it remains stable in the 1,15 area.
The sentiment is also influenced by the inflation data in Spain, which rose to 3,3% in March, the highest level since June 2024, driven primarily by conflict-related energy price increases. The figure is below expectations but still signals a renewed acceleration in prices.
from Mixed signals are arriving from FranceThe 2025 deficit improves to 5,1% of GDP, but the debt rises to 115,6%, confirming the structural weaknesses of the public finances.
In Milan, the FTSE MIB lost around 1% after a volatile start above par. The index remains under pressure near the 43.500-point mark. Amplifon, Nexi, Ferrari, and Recordati (still positive) are holding their ground. after the total takeover bid by CVC at 52 euros per share). On the other side, the worst performers are Stm, Leonardo, and Saipem. Unipol performed poorly after confirming its 2025 results, while MPS remains under close scrutiny on the governance front.
International moves. Novartis accelerates its biotech strategy with a deal worth up to $2 billion to acquire Excellergy., strengthening the pipeline in anti-IgE therapies with the candidate Exl-111 for conditions such as asthma and urticaria. Pernod Ricard is reportedly in talks for a possible merger with the producer of Jack Daniel's whiskey., fueling investor interest: stocks in the sector are recording strong increases on the stock market.
