I duties they do not impact for nowUS inflation, but the president of the United States Donald Trump continue to hold the markets on tenterhooks with his jabs on the tariff negotiations and the eurozone price lists are losing ground slightly today too. On the other hand wall street, after a bad start, it is almost flat, with the DJ (-0,14) held back by Boeing, (-7%) after the crash of the indian 787. The most robust movements concern the foreign exchange market and in particular the dollar, falling after US producer prices in May fell short of expectations. Theeuro is moving around 1,158 and has touched its highest since November 2021 at 1,16.
At closing Business Square yields 0,58%, slipping just below the psychological threshold of 40 thousand basis points. Oil stocks such as Eni, +1,52% and Saipem, +1,18%, following yesterday's rally of Petroleum (slightly decreasing today), triggered by the worsening of the tensions in the Middle East. The same thing was done by defenders like Hera +1,07% and Amplifon, +1,04%, however the burden came from stocks of companies most affected by the uncertainty over US customs duties such as cucinelli, -2,96%, Ferrari -2,73% Stellantis -2,74% Moncler -2,47%. It retreats slightly Pirelli -0,42%, which managed to approve the budget in the assembly even with the opposing vote of the Chinese partner Sinochem, the main shareholder with 42,90%.
In the rest of Europe Frankfurt scores -0,9%, Paris -0,14% Amsterdam -0,54% Madrid -0,33%. Dancing alone again London, +0,23%, less concerned about the White House's intentions and boosted by a falling pound after worse-than-expected British GDP data (-0,3% monthly in April, after +0,7% in March, the worst drop since 2023).
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Trump set to send tariff letters in a few weeks: Take it or leave it
With the China the deal would be “excellent” (although many details are missing), but it is not yet clear what will happen with the others. According to international media, in fact, the president of the United States intends to send letters to trading partners within a week or two to communicate new unilaterally imposed tariffs, in view of the July 9 deadline for the reintroduction of higher duties on various countries. "At a certain point," the tycoon is said to have said, "we will send the letters. And we will say: this is the deal, take it or leave it." Perhaps it is just a threat to be weighed down on the negotiating table, but uncertainty reigns supreme and weighs on risk appetite.
Dollar down and now up
Today's data on the is contributing to livening up the day on the marketsinflation stars and stripes, with the May producer prices below expectations (+0,1% month, against estimates of +0,2%), as consumer prices were yesterday. This strengthens the probability of a more dovish Fed (two cuts during the year are given at 100%), also because it does not seem that the duties will have such a heavy impact on prices (at least for now).
Il dollar It also falls today against the major currencies.'EUR it appreciates by 0,8% to 1,1581, after a maximum of 1,1632. According to the number two of the ECB Luis de Guindos, in this phase of weakness of the greenback "the role of the euro can gradually expand, especially if the objective of more Europe materializes".
Among raw materials, the sales hit the Petroleum, which yesterday had soared after the news that the United States had recalled diplomats from Iraq, as a precaution and with Israel ready to launch an operation against Iran. However, Oman confirmed that next Sunday there will be new talks between the United States and Iran on the nuclear issue.
At the moment, the August Brent futures are losing 0,87%, to a price of 69,16 dollars a barrel.
The overall picture, still very blurry, helps thegold, which is moving in progress. In particular, the August 2025 future appreciates by 1,74% and moves above 3.400 dollars per ounce. Spot gold is more cautious (+0,78%) at 3381,19 dollars per ounce.
Piazza Affari, the spotlight always on the banks
Le banks remain in the spotlight at Piazza Affari and today they closed a two-speed session, decidedly weak in the morning and slightly recovering in the afternoon, following declarations by important ECB representatives according to which the current level of rates is suitable to face any future shocks.
News that touch on the risky side of things are also always carefully monitored by investors. Banco bpm for example it earns a timid 0,15%, but it collects TAR's no to the request to block the Consob resolution which suspends for 30 days the public exchange offer launched by Unicredit (-0,07%) on Piazza Meda. Unicredit is in turn waiting for developments on the Golden Power for Banco Bpm and is subjected to a scolding from the CEO of Commerzbank Bettina Orlopp. The Italian bank's CEO Andrea Orcel said yesterday that Commerzbank's share price does not reflect the bank's fundamentals, and Orlopp was angry today. "We do not appreciate and do not accept any approach that substantially undermines our strategy and the evolution of our share price," we do not like the attempt to "diminish the price of our shares just because there may be other interests at stake."
Si Remember that UniCredit has a significant stake in the German lender and is pushing for a takeover, despite resistance from Commerzbank managers and the government.
Ps loses 0,2%, after having placed a covered bond maturing in 2031 for 750 million euros and received requests for 1,5 billion euros. Its possible prey Mediobanca falls by 0,64%, awaiting the meeting on June 16th which should give the green light to the offer on General Bank (-0,69%). Mediolanum (+0,91%) and Norges Bank will also vote in favor.
Spread slightly up, rates falling
Today, Italian paper has suffered a little more from competition than German paper, in a context of falling rates.
On the secondary it spread between 10-year BTPs and Bunds of the same duration rises to 94 basis points. Yields are indicated at 3,42% and 2,48% respectively.
