(Il Sole 24 Ore Radiocor) – Prudence remains the watchword for European stock markets. Investors await concrete developments in negotiations between Russia and Ukraine to reach an understanding at least on the ceasefire, while disappointing data on Chinese manufacturing activity and the prospect of a use of strategic reserves by the United States puts a brake on growth of energy prices. In Piazza Affari the FTSE MIB thus moves around parity. In any case, the lists are preparing to close the month of March with a good rebound. Among the main Milanese stocks, banks and in particular Banco Bpm are weak, Saipem is gaining ground.
As mentioned, the price of oil is decreasing, bringing it back towards 100 dollars a barrel. According to press reports, Washington is preparing to withdraw about one million barrels of oil a day from strategic reserves to curb expensive energy. The May WTI future dropped 5.03% to 102.4 dollars a barrel, while the similar delivery on Brent slipped 3.62% to 109.34 dollars.
On the foreign exchange market, the euro consolidated its positions on the eve of 1.1171 dollars (from 1.1162). The yen showed a slight recovery, at 135.96 for one euro (from 136.11) and 121.72 for one dollar (from 121.94).