Yesterday's fragile optimism about a potential de-escalation of tensions in the Middle East has given way to caution. That relief arrived with the postponementTrump's threat to bomb Iran's power grid it didn't even last a day with Tehran who denied having entered into negotiations with Washington and theenergy supply The global situation remains compromised. What is true is that the US bombing, which Trump had planned for this morning, did not take place, while Reuters reported that, although there were no direct talks between Washington and Tehran, some Asian and Gulf countries acted as intermediaries.
Il context remains anyway fragile and flammable and signals of bad moods returned this morning: price of the Petroleum which has risen again, stock lists in the balance, the dollar which recovered the losses and bond markets that are falling. Futures are indicating uncertain openings for both European stock markets and Wall Street.
Even though Trump added five days to Saturday's ultimatum, which required Iran to reopen the Strait of Hormuz within 48 hours, there are no signs of an imminent end of the conflict in the Middle East. Iran launched a series of missiles at Israel while the Israeli forces bombed Lebanon overnight with a series of air strikes against the south of the country and the southern suburbs of Beirut. According to the Wall Street Journal the allies of the United States in the Persian Gulf they are approaching ajoint action against Iran.
Some governments are organizing to deal with the oil shock
Lo energy shock prolonged has forced governments around the world to scramble to secure supplies and find ways to reduce demand. Japan plans to start releasing oil from joint reserves held by producing countries by the end of March, Prime Minister Sanae Takaichi said in a post on X. South Korean President Lee Jae Myung called for a nationwide energy-saving campaign, saying public institutions will reduce the use of cars. Meanwhile, according to industry sources, traders have offered Iranian oil to Indian refineries at a higher price than ICE Brent, after Washington temporarily lifted sanctions to ease the energy crisis.
Wall Street rose yesterday, but futures are forecasting a decline this morning.
Yesterday the three major stock indices Wall Street closed up more than 1%, as markets were still looking primarily at Trump's postponement of attacks on Iran, despite Tehran having dampened optimism. Dow Jones closed at +1,38%, S & P 500 to +1,15%, Nasdaq to +1,38%.
All 11 major industrial sectors of the S&P 500 Index advanced, with strong gains in cyclical sectors such as consumer goods which closed up by 2,46%, while the defensive sectors were weaker with healthcare slightly higher and consumer staples up 0,37%.Russell 2000 index small-cap stocks outperformed large-cap indices, closing up 2,3%.
The actions of the airline companies, which are extremely sensitive to the price of oil due to jet fuel costs, rallied yesterday as the price of crude oil was falling. Alaska Air and United Airlines both rose more than 4%, while American Airlines gained 3,66%. Shares of airline operators also rose cruise ships have soared, with Norwegian Cruise Line rising more than 6% while Carnival Corp and Viking Holdings both rose more than 5%.
This morning Wall Street index futures pointed to a lower opening, while U.S. Treasury yields rose after an earlier sharp decline. The yield on the two-year U.S. Treasury note jumped 7 basis points to 3,9015%, while the yield on the benchmark 10-year note rose more than 4 basis points to 4,3797%.
Asia rises: Kospi rises 2%, Hong Kong rises 1,5%
Le asian bags rebounded slightly, gaining ground on their global counterparts overnight. The MSCI Asia-Pacific stock index rose 1,3%, while the Nikkei Tokyo is up 0,95%. In Japan inflation It fell below the central bank's 2% target set in February for the first time in nearly four years. According to Capital Economics, the data did not significantly alter expectations for the Bank of Japan's policy, and the institution is expected to raise interest rates next month. The Purchasing Managers' Index (PMI) showed that Japanese manufacturing activity grew at a slower-than-expected pace in early March, while growth in services also slowed.
Il Kospi South Korea's stock market rises 2%. Investors fear a more aggressive Bank of Korea stance under new governor Shin Hyun-song, but hopes for de-escalation are overcoming these fears. The CSI 300 and the Shanghai Composite China rise by 0,1% and 0,6% respectively, while the Hang Seng Hong Kong jumped 1,5%. All three had briefly turned negative during the session. Australia's ASX 200 rose 0,2%, while India's Nifty 50 advanced 1%.
Oil futures Brent are rising above 102 dollars (+2,7%), partially recovering the 10% drop recorded in the previous session, while the US crude oil rose 2,8% to $90,6 a barrel.
Il dollar US recovered from Monday's decline, pushing theeuro down 0,24% to $1,1587, while the GBP lost 0,5% to $1,3389. The risk-sensitive Australian and New Zealand dollars lost more than 0,5% each. In the precious metals sector, the Spot gold fell 1,3% to $4.350,51 an ounce, amid expectations of prolonged high U.S. interest rates.
European stock markets opened little changed. At the Milan Stock Exchange, eyes were on MPS and Stellantis.
European stock markets are seen opening little changed with Eurostoxx 50 futures hovering around parity.
Today's agenda includes the indexes Preliminary PMIs for March for the Eurozone, the United Kingdom and the United States.
PsThe board is suing CEO Luigi Lovaglio. Palermo is close to becoming the sole CEO. Decisions are expected at today's board meeting after the Tortora list entered the fray. Two legal opinions are against the outgoing CEO, who is targeting the funds' vote at the meeting. Proxies' recommendations will be available by Easter.
Credit Agricole has submitted a list of seven candidates for the renewal of the board of directors of Banco BPM, of which it is a shareholder, but has not proposed candidates for the roles of CEO or chairman.
CarsIn the EU, EFTA, and UK areas, car registrations in Europe rose 1,7% year-on-year in February to 979.321 vehicles, according to ACEA data. Also in February, the group Stellantis recorded year-on-year growth in registrations of 9,5%, with market share increasing to 17,4% from 16,2% a year earlier.
Brembo Intesa Sanpaolo raised its rating to Buy from Neutral. The target price was lowered to €10, from €11,60.
Telecom Italy – Oddo raised the target price to 0,64 euros from 0,51 euros previously, maintaining a Neutral rating.
Eni – UBS raised its target price to 28 euros, from 23 euros previously, with a Buy rating confirmed.
Prysmian – Morningstar raised its recommendation to Hold from Sell, with a target price unchanged at 87 euros.
Desio BankConsob has approved the offer document for the tender offer for Solutions Capital Management Sim at a price of €4,61 per share. The acceptance period runs from March 30 to April 24, 2026.
Rai Way closed 2025 with a net profit of 88,6 million euros, down 1,4% compared to the previous year, while adjusted EBITDA was 191,8 million, up 3,3%, higher than expectations at the beginning of the year.
