Weak morning for Piazza Affari and other European exchanges due to renewed sharp tensions in the Middle East.

Overnight there were cross-attacks between the US and Iran after two tankers were hit yesterday in the Strait of Hormuz, and a few minutes ago from Ankara US President Donald Trump declared the preliminary peace agreement between the two countries void.

Those remarks moved equity and bond markets, pushing US index futures sharply lower and deepening losses across European bourses.

Around 11 a.m., the Ftse Mib index is down 1.65%.

Stocks in focus today:

In line with European trends, the banking and auto indexes are down about 3%, while the energy sector is accelerating thanks to the jump in crude prices, up 5% after Trump's latest statements.

ENI and SAIPEM are up nearly 4%, TENARIS 3%. Utilities and STM are also holding up, after a recent decline tied to the broader tech sector.

PIRELLI is adding to its sector's weakness with a Citi downgrade to 'neutral' and is down 3.8%. STELLANTIS is off more than 4%.

Luxury, construction and defense stocks are lower.

(Claudia Cristoferi, editing Stefano Bernabei)