Europe stocks up, Milan rebounds; oil steady on Middle East risks

European equity markets are trading in positive territory this morning, with Milan’s FTSE MIB up by 0.49%, putting an end to the losing streak that started earlier this week. Investor sentiment remains cautious as tensions in the Middle East continue to fuel oil prices, which stay elevated at $73.58 per barrel. Meanwhile, all eyes are also on upcoming monetary policy meetings by the Fed and other key central banks, as well as the G7 summit underway in Canada.

In Milan, Leonardo, Unicredit, and Saipem are among the top gainers, helping to lift the index. The Italian banking sector remains in focus: BPER Banca has launched its takeover bid for Banca Popolare di Sondrio, while Mediobanca trades little changed following its decision to postpone the vote on the bid for Banca Generali.

On the currency front, the Euro/Dollar exchange rate is stable around 1.155, while gold continues its upward trend, climbing to $3,432.9 per ounce. The spread between Italian and German 10-year bonds narrows slightly to 90 basis points, with Italy’s 10-year yield steady at 3.45%.

Elsewhere in Europe, Frankfurt is hovering around flat levels (+0.08%), London remains unchanged, and Paris posts a modest gain of 0.32%.

Among Milan’s best performers, Banca MPS is gaining ground along with Leonardo and Unicredit, driven by buying interest. Saipem is also trading higher on sector momentum. On the downside, Inwit slips nearly 1%, with A2A, Fineco, and Hera also showing slight losses.

In the MidCap segment, Alerion Clean Power, D'Amico, Fincantieri, and LU-VE Group are seeing healthy gains, while Banca Generali stands out as the main laggard, down by over 2.5%, followed by mild declines for Newlat Food, MFE A, and Piaggio.