Piazza Affari enjoyed a positive morning session as it joined global markets in celebrating the framework agreement announced over the weekend between the U.S. and Iran, which is expected to be signed this Friday.

The news is particularly boosting stocks in the automotive, luxury, and financial sectors, while shares sensitive to the sharp retracement in crude oil prices are declining in anticipation of the reopening of the Strait of Hormuz.

U.S. index futures are also pointing toward a decisive move higher.

Around 11:00 a.m., the FTSE Mib is up 0.8%, with gains in banks (index up 1.3%) and the automotive sector (+4.2%) partially offset by a decline in the energy sector (-3.2%).

At the top of the main index are STELLANTIS (+5.1%), INTERPUMP, and FERRARI, both up 4%.

On the opposite end of the spectrum are ENI (-4.3%), ERG, and TENARIS.

Stocks that could benefit from post-war reconstruction are showing momentum, such as WEBUILD (+5%) and BUZZI (+4%).

In the luxury segment, CUCINELLI is racing ahead by 3% and FERRAGAMO is up 2% on hopes of a restart in tourism flows and sales in the Middle East.

(Claudia Cristoferi, editing Cristina Carlevaro)