It restores navigability to the Strait of Hormuz (and the surrounding waters), benefiting global logistics. It promises, among other things, stability in the energy market. As well as, in the medium term, a slowdown in inflation. The announcement of the agreement between the US and Iran was good news for those who hoped for a cessation of hostilities and for those who feared its consequences for the fashion industry. However, the reasons for concern remain.

The US-Iran deal

The memorandum agreed between Washington and Tehran follows the April truce (which has not always been respected). It also marks the path to resolving the disputes between the two sides, starting with the Iranian nuclear issue. Stock markets welcomed the agreement. The FTSE MIB, in Italian terms, closed the session following the announcement (Monday the 15th) up 0.66%. Although some stocks (primarily those in the energy sector) lost ground, luxury goods companies performed strongly: Ferrari rose 4.07%, Brunello Cucinelli 3.1%, and, to round out the list, Moncler 1.2%.

Reasons for concern

There’s no shortage of cause for concern, as we were saying. First, because the diplomatic corps itself, reports La Repubblica, isn’t confident the agreement will stand the test of time. And second, because in the geopolitical context, signs of détente are always offset by those of tension. The G7 meeting on the shores of Lake Geneva (Evian, June 15-17), Il Sole 24 Ore reports, was the scene of a resurgence of the trade war. Why? On the one hand, French President Emmanuel Macron says he won’t back down on the 3% digital tax on US giants. And on the other, his US counterpart Donald Trump (pictured) reacted by declaring he “will have no choice” but to impose a 100% tariff on French wines. Skirmishes, some might say. The fact remains that, with a military war set aside, a resumption of trade war is immediately threatened.