these These are not times for the faint of heart on global stock markets: today the European stocks bounce back in a robust manner and in the wake of the leap made yesterday by Wall Street, euphoric after US President Donald Trump announced the three-month postponement of reciprocal duties. For everyone, but not for China on whose products the blow has risen to 145%. In response to the White House's outstretched hand, Ue, a few hours ago, has so customs duties suspended decided only yesterday. Morale between duties, against duties, twists and turns Business Square closes a session today in strong recovery, +4,73%, returns to 34.277 basis points and sees all blue chips in green, with Unicredit +8,36% in the lead.
The Milanese price list is the best in Europe, where Frankfurt it appreciates by 4,49%, London + 3,04% Paris + 3,83% Amsterdam + 2,86% Madrid + 4,02%.
The turbulence seen so far may not be over, however. In fact, European stock markets were much more buoyant before the jarring start of Wall Street which, for now, accelerates downwards. Tomorrow also starts the US quarterly season, which will be able to provide indications on the state of health of American companies. The first to present the results will be JPMorgan Chase.
THEinflation The US March data also appears better than expected, but in reality it is a snapshot of the situation prior to the “day of liberation”, the one that unleashed chaos on global markets. Petroleum it is in swoop, dollar plummets and'gold moves again on historical records.
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Wall Street in the red, JP Morgan says suspension extends uncertainty
Wall Street, after experiencing one of its best sessions ever yesterday, is moving down at this moment (DJ -3,23% S & P500 -3,95% Nasdaq -4,67%) between physiological profit taking and creeping doubts. The seismograph of volatility, the vix, has fluctuated wildly during this period, then stabilized around 40, almost double the historical average. Panic selling is not out of the question.
According to Morgan Stanley analysts, the tariff freeze The US does nothing but prolong the current phase of uncertainty and markets notoriously love stability. The US president is then extendedshadow of insider trading and the democratic congressman Adam Schiff asks Congress to investigate possible market manipulation for the sudden suspension of tariffs that yesterday turbocharged the price lists. A suspicion fueled by the fact that a few hours before the unexpected announcement The president wrote in Truth: “Now is a great time to buy!”
Most observers, however, offer an explanation to the tycoon's change of mind. What would have induced him to be more moderate would have been the sell-off of government bonds. The combined effect of the dollar, stocks and bonds in a nosedive would have convinced Trump that it was better to take action. Confirming this hypothesis are the words of the White House's top economic advisor, Kevin Hassett, according to which the bond market trend would have added “some urgency” to the decision to pause the tariffs.
US Bonds Stabilize, While Inflation and Stars and Stripes Fall in March
Trump's decision has so far had the desired effect and today the T-Bonds See Rising Prices and falling yields, with the 4,3-year yielding a rate of 4,5% after hitting XNUMX% the day before. Auctions went well yesterday and today we will see how the XNUMX-year placement will be received.
Meanwhile, there is good news on inflation, although any news gets old quickly these days due to the excessive and contradictory news coming out of Washington these days.
In any case, to stick to the facts, the consumer prices in the United States rose by 2,4% in March, below analysts' expectations and less than the 2,8% of February. On monthly basis there was a 0,1% decline while the market was expecting +0,1%. The core index – excluding energy and food – rose 2,8% on an annual basis, less than the 3,0% expected, and on a monthly basis by 0,1%.
Euro Rallying, Gold Hits Record, Oil Down
On the foreign exchange market, sales are bombing dollar, which is giving up around 2% against the yen, is the safe haven currency par excellence, a status that the greenback has lost in recent times.
THEeuro is rallying and is also gaining almost 2% against the dollar, for a cross at 1,162.
However, the situation that needs to be kept under control is that of Chinese Offshore Yuan, against which the dollar rose 1%, as the People's Bank of China allowed the official rate to weaken for the sixth consecutive day, to a 19-month low.
A rain of purchases is also flooding thegold, galvanized by the falling dollar and demand for safe assets. Spot gold is back in record territory and is currently trading at $3164,79 an ounce.
The trend is opposite for the Petroleum, which looks with great concern at the explosive clash between the two largest economies in the world. The Brent future, June 2025, is priced at 63,01 dollars (-3,77%), while the Wti future May 2025 is at 59,73 dollars (-4,2%).
Piazza Affari, 40 shades of green
They are 40 Shades of Green those offered today by the main list of Piazza Affari. Among the banks, which have suffered a lot in recent times, Unicredit and Bpm bank + 7,58%.
Managed savings also shine with Finecobank +7,48%. The queen of payments nexi appreciates by 7,4%. A day to be framed also for Telecom + 8,31% Prysmian + 7,5% Interpump + 7,18% Buzzi + 6,31% Campari + 5,94%.
Find hints of optimism in luxury with cucinelli +6,19%, on the day Prada and Capri Holding have reached an agreement for Versace. Prada in fact acquires 100% of the Medusa brand for an enterprise value of 1,25 billion euros, equivalent to 1,375 billion dollars.
Standing out from the main basket is the Sun-24 hours (+38,46%) after the launch of the takeover bid by Confindustria with the aim of delisting.
The spread deflates
It's deflating today spread between BTPs and Bunds, after the surge the day before, due to investors seeking shelter in German debt.
Italian paper has regained momentum today and the 3,81-year yield is down to 2,58%, versus 10% for the 123-year Bund. The spread is down to 5,32 basis points, a XNUMX% decline.
