Stock market: Oil and tech slow down Europe, Milan -1.6%

European stock markets are under pressure, caught between the rush of oil and gas, the correction in the technology sector and the sales in financials. In particular, investors remain cautious about the returns from massive AI investments. The sector then affects today's performance of tech-related stocks and which also influences futures on Wall Street, all of which are negative.

The growing tension in the Strait of Hormuz then pushes crude oil prices upwards with Brent aiming for 112 dollars a barrel and WTI which is above 99 dollars a barrel. The price of gas continues to move at the highest levels since December 2022 at 89 euros per megawatt hour. The spread between BTPs and Bunds, after having widened to 127 points, fluctuates at 124 basis points with the yield at 4.61%. The French Oat remains stable above 5%.

Among the individual markets, Milan, which dropped to -2%, travels at -1.6% with Technoprobe and Prysmian (-both -4.34%) in the black followed by STM (-3.74%). The banks are under sale with Intesa giving up 2.75%, Unicredit 2.66%, Banco Bpm 2.63%, Mps 2.52%. On the opposite side, purchases rewarded Avio (+1.91%), Inwit (+1.53%), Leonardo (+1.5%). As for the other markets, Frankfurt lost 0.9%, Paris 1.31%, Madrid 1.41%. London is on a marginal -0.39%.

Finally, for exchange rates, the euro is falling against the dollar. The single currency changes hands at 1.1219 on the greenback.