European stock markets on the rise: focus on Hormuz, US employment and drop in oil prices

European stock markets on the rise with a focus on Hormuz and employment data in the United States which could have a specific impact on the path of the Fed's interest rates. The Old Continent area index, the Stoxx 600, rises by more than half a percentage point with the impetus above all of the technological ones.

Financials and energy, however, remain weak.

The latter with the drop in oil prices. Brent remains below 100 dollars (-2.4%) while WTI is below 90 dollars (-3.7%). The decline is believed to be due to rumors that some European countries are discussing the release of strategic reserves to mitigate the surge in fuel prices. The price of gas drops 1.27% with TTF contracts at 73 euros per megawatt hour.

As for government bonds, the spread between BTPs and Bunds is fluctuating. The differential widened to 128 points and then fell back to 125 points. The fact that the tension on bonds remains undetected is also demonstrated by the fact that the risk premium on French bonds has risen to 150 basis points, for the first time since 2012. As regards yields, the only ones rising are the French Oat at 4.92%. T-Bonds are decreasing with the ten-year bonds traveling at 5.23%, the BTP at 4.65%, the ten-year German bond below 3.42%.

In relation to the individual markets, Milan recovers ground and rises with the Ftse Mib to +0.41%, where Technoprobe (+5%), Stellantis (+4.37%), Prysmian (+4.33%) are ahead. Among the other stock exchanges, Frankfurt gains 1%, Paris 0.7%, London +0.27%, Madrid 0.4%.

Finally, for exchange rates, the euro weakened against the dollar with the single currency changing hands at 1.1228 against the greenback.