La fragility of the truce between the United States and Iran has created a climate of market uncertainty, as gunfire is exchanged in the Gulf. Prices of Petroleum They are giving up slightly this morning but are remaining well above $100 a barrel, while Asian stock markets are falling albeit in light trading due to the public holiday in several countries.
Trump's Operation "Project Freedom" Is Not a Sure Thing
Oil prices moved slightly lower this morning after news that a nave for the transport of flagged vehicles US has managed to leave the Gulf unharmed through the Strait, escorted by the U.S. military, partly alleviating fears of supply disruptions. However, the operation "Project Freedom" pompously announced by President Trump in the last few hours has not offered many other guarantees: several merchant ships in the Gulf have reported explosions or fires, including one South Korean ship, the United States said it destroyed six small Iranian naval vessels, and an oil port in the United Arab Emirates, home to a large U.S. military base, was set ablaze by Iranian missiles.
Brent crude oil futures for July fell $1,22, or 1,1%, to $113,22 a barrel after closing up 5,8% yesterday. U.S. West Texas Intermediate (WTI) crude oil fell $2,02, or 1,9%, to $104,40, after gaining 4,4% in the previous session.
Wall Street fell yesterday. FedEx and UPS plunged following the opening of Amazon's logistics network.
Wall Street closed lower yesterday, largely due to concerns over the war in the Middle East. The S&P 500 retreated from its recent all-time highs and closed down 0,41%, the Nasdaq down 0,19%, and the Dow Jones Industrial Average down 1,13%.
Yet investors have so far been faced with better-than-expected quarterly resultsAccording to LSEG I/B/E/S, companies in the S&P 500 index are expected to experience a aggregate earnings growth of 28% on an annual basis in first quarter, doppio compared to the 14% expected in early April. Much of this optimism is due to Wall Street giants in the artificial intelligence sector. Noteworthy is the 10% drop in shares of GameStop and the 5% jump in eBay After the video game retailer submitted a proposal to acquire the online marketplace for approximately $56 billion, in a deal involving a mix of cash and stock. GameStop's market capitalization is around $11 billion.
The shipping company FedEx fell by 9,1% and United Parcel Service fell by 10,5% after AmazonAmazon.com announced the launch of Amazon Supply Chain Services, allowing other companies to store and ship goods, from raw materials to finished products, through its vast network spanning sea, road, rail, and air. This is part of the e-commerce giant's strategy to challenge a market long dominated by UPS and FedEx. This move could position Amazon as a major player in the industry. Amazon boasts a fleet of over 100 cargo planes, second only to FedEx and UPS, as well as a vast network of warehouses and fulfillment centers. The decline of FedEx and UPS dragged the Dow Jones Transportation Average down 4,8%, reaching its lowest level in nearly a month.
The cruise operator Norwegian Air fell 8,6% after lowering its annual forecast due to rising fuel costs linked to the conflict in the Middle East. Apple has begun exploratory talks about using Intel and Samsung Electronics to produce the core processors for its devices, a move that would offer a secondary option to longtime partner Taiwan Semiconductor Manufacturing. Palantir Technologies (+1,4%) raised its revenue forecast for the current year, beating analysts' estimates and offering an optimistic outlook for a controversial company at the center of debates over data, surveillance, and AI-based warfare. Elon Musk reached a settlement with the SEC in the lawsuit related to the Twitter revelations, receiving a $1,5 million fine. Among the quarterly results scheduled today are data from the chip giant. Amd and the pharmaceutical company Pfizer.
During the US session, the US government bonds have seen a decline across the yield curve, pushing the 30-year bond yields at 5%, the highest level since July. Traders have increased bets that the Federal Reserve will have to reverse course and raise interest rates to curb inflation following the surge in oil prices.
In Asia, trading is slow due to the holidays. Australia raises rates by 25 basis points.
Stock markets in Japan, China, and South Korea are closed for holidays, keeping trading volumes low in the Asia-Pacific region. Open markets are generally down, reflecting the negative performance on Wall Street. The MSCI Asia Pacific stock index fell 0,4% from yesterday's all-time high.
The Hang Seng index of Hong Kong The Straits Times Index fell 0,8%. Singapore falls 0,3%, while India's Nifty 50 loses 0,4%.
The ASX 200 Index Australian falls 0,7% and the Australian dollar is down 0,08% at $0,7162, after the Reserve Bank of Australia ha increased rates interest rate hike of 25 basis points for the third time this year, as expected in an attempt to combat rising inflation. Among the stock market securities worth noting is the drop in Westpac Banking down 1,8% after first-half profit fell short of market expectations. gold producer Regis Resources fell 4,6% after announcing its acquisition of competitor Vault Minerals.
Il dollar strengthened against most G10 currencies. The rose 0,3% to around $4.540 an ounce, while the Bitcoin reached $80.500.
European stocks opened lower. At the Milan Stock Exchange, UniCredit and Stellantis were all eyes on the market.
European stocks are expected to open lower, with Eurostoxx 50 futures down 0,21%.
UniCredit UniCredit reports record quarterly profit and launches its bid for Commerzbank. Revenue for the first quarter of 2026 grew 5% year-over-year to €6,9 billion, and net revenues rose 3,3% to €6,7 billion. Net profit increased 16,1% to €3,2 billion, EPS rose 19,7% to €2,15, and ROTE rose 2,7 percentage points to 25,8%. “UniCredit has delivered another record set of quarterly results across all key financial metrics, demonstrating the robustness and consistency of our model and the execution of our strategy,” said CEO Orcel.
The actions of Rheinmetall fell 1,8% in pre-market trading after first-quarter revenue fell short of expectations.
Mps Bank – Carlo Vivaldi has been removed from his position as a director because he also serves on the board of directors of Banca Mediolanum. Energy – Economy Minister Giancarlo Giorgetti has said he might support the introduction of an EU-wide tax on energy companies' excess profits.
Eni In April, it resumed drilling for Venezuelan crude oil in exchange for gas produced in the country, to recover past debts accrued with Caracas. It also began selling its 5% stake in the Renaissance joint venture in Nigeria.
Stellantis – In April, the group's sales in Italy increased 14,4% year-on-year, with a market share of 31,25%, compared to an 11,6% growth in the automotive market. These are Reuters data based on registrations reported by the Ministry of Transport.
stmicroelectronics – Aims to exceed $3 billion in revenue for its space semiconductor business between 2026 and 2028.
appointmentsAmplifon – Q1 Board of Directors. Banco BPM – Q1 Board of Directors. Ferrari – Q1 Board of Directors. Italgas – Q1 Board of Directors. Lottomatica – Q1 Board of Directors.
