Oil prices remain below the $100 threshold for the second consecutive day amid highly volatile trading conditions. Maritime traffic through the Strait of Hormuz currently remains well below 10% of normal volumes.
Around 9:30 CET, the FTSE Mib index is essentially unchanged.
Market participants are also awaiting March U.S. CPI data, which partially reflects the energy crisis linked to the offensive against Iran. Reuters consensus expects the annual headline index to surge to 3.3% from 2.4% the previous month - the sharpest jump in four years - with the core component also rising to 2.7% from 2.5%. Such figures, if confirmed, could deter the Fed from further rate cuts for the time being.
On the corporate front, BRUNELLO CUCINELLI stands out today with a jump of nearly 5% following first-quarter results that beat expectations. Specifically, the market was buoyed by retail sales increasing 20.1% in the January-March period, while the wholesale channel recorded a 4.3% rise at constant exchange rates, compared to consensus estimates of 15% and 3% respectively.
STM is also seeing demand, posting a gain of around 1.9%.
LEONARDO is back under pressure, retreating 1.5% on sell-side flows. The government has proposed Lorenzo Mariani to lead Leonardo, replacing Roberto Cingolani at the upcoming shareholder meeting to renew the Board. The defense sector is broadly weak across Europe, with Rheinmetall shedding 0.4%.
ENI is down again, falling 0.9% as it tracks the recent volatility in crude prices. Among oil services, TENARIS is losing 1.7% and SAIPEM 0.4%.
Finally, banks are largely overlooked, with the sectoral index down 0.10%.
(Giancarlo Navach, editing Stefano Bernabei)
