Two-speed bags While hopes of reaching a trade agreement between the US and the EU that would prevent the implementation of 30% tariffs on the old continent and the resulting European retaliation on the US economy seem to be fading, a growing number of EU member states, including Germany, are reportedly considering the possibility of resorting to wide-ranging “anti-coercion” measures, which would allow the bloc to target US services and other sectors in the absence of an agreement.
Meanwhile, the European markets are watching and, waiting to understand what will happen, they are concentrating their attention on the quarterly results and on the ECB, which should keep the Thursday Fixed rates For the first time after eight consecutive cuts. Everyone will be listening intently to the president's words. Christine Lagarde which could provide some clues about the Central Bank's future moves. In the meantime, investors can keep busy with the conference by Federal Reserve Chairman John F.Erome Powell on banking regulation, during which the Fed governor could respond to the accusations of Donald Trump who has been pressuring him for months to cut rates, going as far as threaten to fire him but then deny it.
But it's not just monetary policy. Tuesday The season of accounts officially begins in Milan, with Poste Italiane revealing the first half-year figures. Overseas, it's the big tech week, with Tesla and Alphabet which will publish their quarterly report on Wednesday.
Stock markets on July 21st were two-speed: Europe down, Wall Street up
In this context, the European stock exchanges, after a fluctuating session, close mixed. Paris loses 0,40%, Amsterdam is down 0,59%. Flat Frankfurt (+0,05%), while Madrid (+0,29%) and London (+0,23%) resisted sales. Milan, the worst for most of the session, partially recovers and closes above the day's lows (-0,36%).
Overseas, however, it is on the rise Wall Street after the continuous records of last week. The Dow Jones gains half a percentage point, S & P 500 marks +0,58%, the Nasdaq is up 0,73% ahead of the Big Tech quarterly results. Optimism reigns on the US stock markets. And for good reason: of the 59 companies in the S&P 500 index that have released results so far, over 86% have exceeded expectations, according to FactSet data. Will Tesla and Alphabet do the same on Wednesday? We'll see. Meanwhile, stocks are shining. Verizon (+3,3%) which surpassed the second quarter results, with an adjusted earnings per share of $1,22 on revenue of $34,5 billion, versus expectations of $1,18 on $33,74 billion; the company also revised its full-year forecast upwards. Also rising sharply Domino's Pizza, which gained 5,6%, after a 3,4% increase in sales, against expectations for a +2,2%, but a profit below expectations. The stock of Block Block is up 6,8%, with the fintech company preparing to officially join the S&P 500 on Wednesday, July 23; Block will replace Hess, which was acquired by Chevron.
Piazza Affari recovers, Stellantis on a roller coaster ride
Business Square, the worst performing stock market in Europe for most of the session, after touching an intraday low of 39.870,24, losing more than 1%, eventually recovered some of the lost ground and closed down 0,36% at 40.166 basis points. The partial recovery was helped by the U-turn of Stellantis (+1,54%), which shot up to the top of the Ftse Mib, despite preliminary results show a loss of 2,3 billioneuros. However, during the earnings call, CFO Doug Ostermann said that the first six months' numbers "are well below our potential," but above all that the company "plans to reintroduce guidance" for the full year with the financial statements due on July 29th. Stellantis had suspended full-year guidance on April 30th, when the first-quarter numbers were published, "due to uncertainties related to customs tariffs."
Well tuned too stmicroelectronics (+ 1,41%), A2a (+ 0,97%) and Tenaris (+0,89%), the latter promoted by Bernstein who assigned the stock an “Outperform” rating and set a price target of 21 euros per share. Enel rises by 0,6% on the ex-dividend day.
At the bottom of the Ftse Mib there is instead Diasorin (-1,66%), luxury is doing badly with BRUNELLO CUCINELLI (-0,86%) And Moncler (-1,07%). In Milan, however, the focus remains on banks Waiting for news on Risk. The worst is Bpm bank (-1,59%) cautious Unicredit (-0,05%) awaiting the accounts due on Wednesday, but above all news on the takeover bid launched on Piazza Meda. Financial Times revealed that the EU Commission is increasing pressure on Italy and Spain to stop blocking banking consolidations, launching a double appeal in recent days against the interference of the two countries' governments in banking mergers. Sales also on Bper (-0,97%) And Pop Sondrio (-0,87%) on the day of reopening of the offer. It also goes down (-0,5%) Ps and Mediobanca (+1,17%) is in contrast to the trend.
Outside the Ftse Mib Tinexta gained 2% after confirming that discussions are underway with a consortium comprising the funds Advent and Nextalia, which have been granted an exclusivity period to carry out "limited due diligence" to define the terms and conditions of a potential strategic partnership aimed at valorizing the company and potentially delisting it.
The other markets
Closes higher for the euro against the dollar, ahead of a crucial week for trade negotiations between the EU and the US. The single currency traded at 1,1698 (+0,62%) while against the yen it was trading down at 172,41 (-0,35%). Bitcoin rose (+0,8%), rising to $118.763 after the US Congress gave final approval to the stablecoin bill.
Instead, it falls Petroleum, with Brent marking -0,29% just above 69 dollars a barrel and WTI falling by 1% above 66 dollars. Flat gas at 33 euros per megawatt hour on the Amsterdam platform.
Finally it spread The spread between BTPs and Bunds is down 86 basis points from 89 points on Friday, with the yield on the benchmark 3,47-year BTP at 3,58% from XNUMX% the day before.
