Today's mini-rally is supported by a dip in Brent crude prices, which continue to hover around 107 dollars per barrel. This comes as the market began pricing in yesterday the prospect of more restrictive central bank monetary policies in the face of inflationary risks stemming from the conflict in the Middle East.
Around 9:30 CET, the FTSE Mib index is up 1.3%, while the pan-European Stoxx index recovers 0.9%.
Banking and cyclical stocks are gaining ground against weakness in the energy sector, a sector rotation typical of technical adjustment sessions following sell-offs in this extremely volatile market phase marked by high uncertainty.
Among banks, MPS and MEDIOBANCA are gaining approximately 4%, while the Italian sector index rises 2.6%. BANCO BPM, UNICREDIT, and BPER are trading substantially in line with the sector.
In other segments, BUZZI is up 3.9%, STM 2.1%, and MONCLER 2.2%.
** On the downside, following yesterday's slump, INWIT continues its decline, dropping about 9% this morning after confirming a guidance cut following the agreement between Tim (+0.9%) and Fastweb+Vodafone to build new mobile phone towers.
(Andrea Mandalà, editing Stefano Bernabei)
