Crude oil is retracing from its highs, falling to around 108 dollars a barrel after OPEC+ increased May oil production in a move that was largely symbolic, given that Hormuz remains blocked.
Markets are bracing for a wave of US quarterly earnings this week. On the macroeconomic front, key data points include US trade figures, the ISM services index, JOLTS, jobless claims, and ADP employment data, all preceding the week's main event: Friday's monthly non-farm payrolls report.
Furthermore, the London Stock Exchange is closed today for a bank holiday, which is expected to result in thinner trading volumes across other European markets.
Around 9:50 CET, the FTSE Mib index is up 0.14%.
STM is rising sharply with a jump of nearly 4%. The Franco-Italian semiconductor maker has been in a bullish channel for three consecutive sessions following its quarterly results.
NEXI is also showing momentum, gaining 4% in its third consecutive positive session. The stock returned to the spotlight last week following reports that private equity fund Cvc is interested in launching a takeover bid for the fintech firm.
Banks are seeing little movement, with the sector index up 0.3%. UNICREDIT is performing well, rising 0.66%, while INTESA is down 0.20%.
Utilities are seeing a generalized decline, with ASCOPIAVE the worst performer, dropping 3.2%, while ENEL and A2A are losing between 0.6% and 1.1%.
STELLANTIS is seeing a cautious recovery (+0.40%) after the sharp drop of over 6% recorded last Thursday following quarterly results that nonetheless beat expectations. Broker Intermonte reduced its target price by 3% to 8.2 euros from 8.5 euros, noting slightly lower estimates for the first quarter of 2026, 'which was difficult to read due to volatility linked to exogenous factors'.
Finally, LEONARDO is in demand, rising 0.6%.
(Giancarlo Navach, editing Claudia Cristoferi)
