European stocks rise as they wait for the Fed, oil drops

First trading on the rise for European stock markets, with investors continuing to monitor the trend of energy prices and the conflict in the Middle East, waiting to know the decisions that the Fed will take on rates this evening.

Milan advances by 0.5%, ahead of London (+0.4%, Frankfurt (+0.3%) and Paris (+0.2%) while in New York futures on Wall Street are rising, with the Nasdaq advancing by 0.4% and the S&P 500 by 0.2%. Government bonds have moved little, with yields remaining at the highs reached in recent sessions and the market betting on a 25 basis point tightening by the Fed. The ten-year Treasuries remain close to 5% while the BTPs remain above 4.4% with the spread with the Bund stable at 88 basis points.

After the rally of the day before, oil is taking a bit of a breather, with the WTI dropping 1.5% to 104.2 dollars a barrel and Brent falling 1% to 107.7 dollars. On the other hand, gas in Europe is on the rise, with TTF futures remaining above 80 euros per megawatt hour (+1.4% to 81.2 euros) while gold advances by 1.3% to 4,335 dollars an ounce. Bitcoin moved little at 75 thousand dollars, after yesterday's slide linked to the US Senate's stop to a new regulation favorable to cryptocurrencies.

In Piazza Affari, the increases are led by Prysmian (+1.9%), STM (+1.9%) and Unicredit (+1.4%) while Stellantis (-1.6%) retreats, cut by Berenberg, Ferrari (-0.7%) and Amplifon (-0.6%).