Piazza Affari opened sharply lower, tracking other European bourses, after Donald Trump's highly anticipated prime-time address disappointed those seeking clearer signals on the timing of a Middle East de-escalation. Instead, the market heard pledges of severe strikes against Tehran within the next two to three weeks. Iran promptly responded with counter-threats, and the prospect of the Strait of Hormuz remaining closed sent crude prices surging once again.
As of 9:25 CET, the FTSE Mib index is down 1.4%.
The banking sector, which is being hit hard across Europe, is shedding 2.7% in Milan.
Energy stocks are partially offsetting the losses, with ENI rising over 3% on the back of the oil price spike, followed by TENARIS, up 1.1%.
STELLANTIS is performing well (+0.9%) following positive registration data in Italy and the U.S.
STM is under heavy pressure, trading down around 4% in the wake of a very weak tech sector across Europe.
(Claudia Cristoferi, editing Stefano Bernabei)
