Despite signals of potential negotiations between the US and Iran, progress appears limited, keeping uncertainty high, even if markets do not seem to be pricing in the risk of an imminent escalation.
In this context, investors are focusing on Nvidia's quarterly results due tonight, seen as a key litmus test for AI-related demand, while on the macro front, attention turns to the Fed minutes for clues on the interest rate trajectory.
Around 1:00 p.m., the FTSE Mib index is up 0.5%. Trading on the Milan stock exchange is sluggish, with turnover just under one billion euros.
Stock highlights:
** A rebound in the semiconductor sector across Europe and Wall Street is driving buying interest in STM, which is up nearly 5% at the top of the FTSE Mib.
** The index is also supported by energy stocks, with TENARIS rising 2.4%, and the defense sector, where LEONARDO is up 1.7%. This follows this morning's announcement of a contract worth approximately 320 million euros with Abu Dhabi Ship Building (ADSB), part of the Emirati group Edge, to supply naval combat systems for the Kuwaiti Navy.
** AVIO continues yesterday's rally, triggered by news of the successful Vega C VV29 launch, advancing by more than 3%.
** STELLANTIS is up 1.7% following the announcement of a new joint venture with China's Dongfeng in Europe, and ahead of tomorrow's scheduled investor day.
** MAIRE gains 2.3%, bolstered by the announcement of new orders totaling approximately 1.3 billion euros.
** On the downside, DIASORIN loses 2%, showing a slight deterioration after announcing the targets of its new strategic plan through 2030.
** ARISTON drops 4.6% after Barclays initiated coverage on the stock with an 'underweight' rating and a price target of 3.1 euros, citing structural difficulties in the group's core markets.
(Andrea Mandalà, editing Gianluca Semeraro, Francesca Piscioneri)
