FX.co ★ FTSE MIB Hits Record as Oil Falls on Iran Deal Hopes

Italy’s FTSE MIB index hit a record intraday high of 50,114 points on Monday before paring some of its gains, as crude oil prices slumped on rising expectations that the US and Iran were nearing an agreement to reopen the Strait of Hormuz. Brent crude dropped nearly 6% to below $100 a barrel after senior US officials signaled on Sunday that both sides were close to a deal to restore traffic through the key Middle East shipping lane, although final approval may still take several days. The slide in oil prices eased some inflation concerns and prompted investors to dial back expectations for further interest rate hikes. Even so, money markets continue to price in two additional European Central Bank rate increases by year-end. On the corporate front, Nexi jumped more than 6% after state-backed investor CDP Equity unveiled plans to raise its stake in the payments company to as much as 29.9%.