After yesterday's breath of fresh air, volatility has returned to the markets today, intoxicated by the tariff policies of Donald Trump who now wants to hit the European wines with taxes of 200%. The continental stock markets, fluctuating during the session, closed down, also looking at the negative trend of Wall Street, where the surge of is not enough Intel (+15,45%) to save the Nasdaq (-1,27%). According to some observers, there is something more behind this correction of the New York indices than duty war and it is the loss of charisma of the United States in the world due to the unpredictable policies of the White House, the loss of a soft power that has brought above all advantages to the world's leading economy.
Business Square loses 0,8% and is below the 38 thousand basis points just regained, proof of the ups and downs that continue to be recorded on the markets. On the Milanese list, the black jersey of the day goes to campari, -4,31%, alarmed by the threat of mega duties.
The ending is not much different from Frankfurt -0,43% Paris -0,64% Amsterdam -0,14%. London is flat, while Madrid rises by 0,36% after being the only negative place yesterday.
Across the Atlantic, Wall Street is weak in late morning. U.S. beverage companies are gaining ground, but consumer discretionary stocks are down. Tesla e Amazon are in sharp decline, unlike Intel which is toasting the appointment of the new CEO Lip-Bu Tan.
You've solved a good problem, but then you're left with a thousand more...
To put it lightly: you have solved a big problem, but then you are left with a thousand. This is a bit of the feeling you get looking at the stock market performance these days. After the return of confidence seen yesterday, fueled by hopes of a truce between Russia and Ukraine, today the markets have returned to risk aversion mode.
There is no shortage of reasons for uncertainty and fear. On the Ukrainian front, the Russian president Vladimir Putin today opened to a truce of thirty days, but only if this will be useful for a lasting peace. In addition, there are conditions that he wants to discuss with the Americans. Kremlin sources note that a ceasefire otherwise would only serve to give Kiev a breather.
Meanwhile in Europe the Bundestag has to evaluate the maxi plan for defense before the new German parliament is installed (which will happen on March 25) and it is still not known how it will end. In the US there is the shutdown risk and the trade war is rising in tone every day, between attacks and reprisals, so much so that President Donald Trump is now threatening via Truth 200% off champagne, wines and spirits Europeans if the EU does not withdraw the 50% duty on whisky.
The day's macro data brought some modest comfort: the producer prices in the United States remained stable in February, while growth was expected. A trend that, added to the slowdown seen yesterday in consumer prices, authorizes cautious optimism on inflation, even if the turbulence on duties could restart the cost of living.
In Euroland in January the industrial production rose by 0,8% (+0,3% in the EU) according to a first estimate by Eurostat, against the 0,4% decline seen in December (-0,2% in the EU). On an annual basis, compared to January 2024, industrial production remained stable in the Eurozone and decreased by 0,2% in the Union.
Gold in Orbit
Events favor the , which offers a helping hand to investors seeking stability. Prices are also soaring today and spot gold is currently trading up 1,53% to $2978,37 an ounce.
According to the oil prices; the Brent May 2025 future is indicated at 70,25 dollars per barrel (-1%). The dollar is slightly recovering against European currencies. The euro is trading below 1,09.
Piazza Affari, Nexi strengthens
At the top of the Ftse Mib today is Nexi, +2,23%, boosted by a favorable report from Citi following a roadshow with the company's management. Banks are mixed: the run of Montepaschi, +1,95%, while it retreats Popular of Sondrio -1,61%. The big names are also in the red Understanding -1,05% and Unicredit -1,75%.
In fashion it stands out BRUNELLO CUCINELLI +1,19% pending the accounts, however Moncler gives up 2,75%. Meanwhile, the sector reports the news that Donatella Versace steps down as creative director of the brand and that in his place comes Dario Vitale, former design and image director of Miu Miu, a brand of the Prada group.
It is among the best blue chips of the day Telecom +2,15% and utilities are also recovering. Leonardo gained 0,78%, thanks to positive coverage from Jefferies and new orders for 30 helicopters.
On the negative side of the price list, in addition to Campari, there are Saipem -3,41% stm -2,64% Buzzi -2,34% Stellantis -2,29%. Generali loses 0,16%, despite the 2024 record accounts and rising dividend at 1,43 euros. The brilliant numbers were expected, however, and so the stock had already celebrated.
Spreads up
The sea is slightly choppy also on the secondary. After yesterday's gains, today the Italian paper has lost the ground gained against the German paper. The spread between a 108-year BTP and a Bund of the same duration returns to XNUMX basis points, with rates at 3,94% and 2,85% respectively.
On the primary meanwhile The Treasury today placed 8,25 billion euros in government bonds with different maturities. 4 billion of three-year BTPs were assigned with a yield increasing by 25 basis points to 2,77%, 1,25 billion of 15-year BTPs with a yield of 3,72% and 1,5 billion of thirty-year BTPs with a rate of 4,70%. In addition, 1,5 billion of 10-year Green BTPs were placed with a yield of 3,40%.
