Trump's reassurances had a significant impact on markets, causing crude oil to lose ground after climbing to nearly 120 dollars a barrel, its highest level since July 2022. Today, Brent futures are dropping over 8% to 90.71 dollars a barrel.
Tokyo also performed well this morning, with the Nikkei index closing up 2.9%.
As of 9:35 a.m., the Milanese FTSE MIB index is up 2.45%.
Banking stocks, which saw heavy selling yesterday, are recovering strongly, with the sector index rising 3.8%. UNICREDIT, the stock with the heaviest weighting on the blue-chip list, leads the pack with a 4.4% jump, followed by MEDIOBANCA and MPS, both up 4%.
Buying interest is also widespread across the industrial sector, with PRYSMIAN jumping 4.1% and STM up 3.65%.
The sharp decline in Brent prices is weighing on oil companies, with ENI retreating by more than 2%.
Utilities, which have been under pressure during this period of market turbulence, are performing well, with ENEL advancing 1.8% and A2A up 1.6%.
Earnings results are boosting SAN LORENZO, which is gaining 6.5% after confirming its financial targets.
CIR is also performing well, rising over 4% following the announcement of a share buyback plan for 5.4% of its capital at 0.68 euros per share. According to an Equita daily note, "with the shares already held in its portfolio, Cir would reach 11.65% of its capital. Unlike the two previous buybacks in 2021 and 2024, the intention to cancel them has not been explicitly stated; if they were all cancelled, the NAV would rise by approximately 4%."
(Giancarlo Navach, editing Stefano Bernabei)
