Equities had already opened on a firm footing this morning, bolstered by a rally in Asian markets driven by AI-related tech stocks after South Korea's Samsung surpassed the one trillion dollar market capitalization threshold.
Later in the morning, reports circulated by Axios suggesting that the White House believes it is close to an agreement with Iran on a memorandum of understanding aimed at ending the conflict and establishing a framework for deeper nuclear negotiations, further boosting investor confidence.
As a result, oil prices are retreating by 8%, with Brent crude falling to just under 100 dollars per barrel.
One trader noted that Trump's latest move is being interpreted by investors as a concrete step toward peace negotiations with Iran, restoring market confidence.
On the macro front, investor attention will shift to the afternoon with the release of ADP private sector employment data for April in the U.S. - projected at 99,000 compared to 62,000 in March - serving as a precursor to the general payroll figures due Friday, which are considered crucial for shaping Fed expectations.
Furthermore, the earnings season is entering its peak, significantly influencing market price action.
Shortly before 1:00 p.m., the FTSE Mib index is up 2.2%, with the blue-chip index at 49,630 points, not far from the all-time highs reached in early March 2000 at 50,108 points. Volumes stand at 2.7 billion euros.
Today's featured stocks
** Banks remain strong, with the sector index advancing 4.8%, led notably by UNICREDIT, up 6.2% following yesterday's better-than-expected quarterly results, and INTESA, which is gaining 4.3%. BPER is also well-supported, rising 4.2% ahead of results to be released tomorrow before the market open.
** Gains of over 4% were also seen for BANCO BPM following yesterday's accounts, with market focus on potential M&A developments for the bank. CREDEM is racing ahead by 4.6% after a quarterly report showing profit growth that beat expectations.
** Earnings impact for AMPLIFON as well, the top performer on the list, leaping over 13% after results significantly exceeded analyst expectations, particularly regarding net profit, as the stock recovers from an oversold phase. Intermonte noted in its daily report that quarterly results outperformed expectations and revised 2026 estimates 'with revenues substantially unchanged and adjusted Ebitda up by approximately 1%, with an Eps upgrade of about 2%'. The 'outperform' rating and 16-euro target price were confirmed.
** LOTTOMATICA is also climbing, up 6.8% post-results, which were also better than expected. 'Results beat expectations at the Ebitda level, thanks to online margins,' Equita wrote in its daily note.
** Buying interest in LEONARDO, up 1.6%, as the market welcomes the results and the confirmation of full-year guidance. There is also anticipation for the management conference call with analysts in the early afternoon.
** Cyclical stocks are also sharply higher, with STELLANTIS advancing 7.8%, BREMBO up 5.8%, and in the luxury sector, FERRAGAMO gaining 5.2%.
** Cement producers are also in favor, with WEBUILD up 7.7% and BUZZI up 5.6%.
** On the downside, profit-taking hit ENI, which is sliding 6.5% following the drop in crude prices. Oil services are also down, with SAIPEM retreating 2.6% and TENARIS falling 3.1%. Regulated utilities are also seeing selling pressure, with SNAM down 1.8% and TERNA down 0.6%.
(Giancarlo Navach, editing Andrea Mandalà)
