It seemed like a sleepy week on the financial markets, starting to close amidst uncertain trading, but the President of the United States has revived it at the last minute today Donald Trump. With a threat of 50% tariffs on the EU from the beginning of June and 25% for the Apple products manufactured outside the US (the title burned one hundred billion at the start), the tycoon gave a notable jolt to the markets, which began to accelerate downwards in Europe and started trading in the red in New York.
Square Business is the worst and closes with a loss of 1,94%, slipping below the psychological threshold of 40 thousand basis points (to 39.475) with cars, banks and luxury struggling. In the heat of the moment the crash was even more painful (the list fell by 3%), but in these minutes there should be a phone call underway between the European Commissioner for Trade Maros Sefcovic with its American counterpart Jamieson Greer, precisely in the context of contacts aimed at avoiding the imposition of further duties by Washington. Furthermore, Wall Street is negative, but not collapsing.
The timid hopes linked to these facts are not enough to avoid other European slips such as that of Paris -1,65% Frankfurt -1,49% Madrid -1,14% and Amsterdam -1,03%. Damages are lower outside the block and London falls by 0,24%.
It is also worth remembering what Trump wrote on Truth a few hours ago: “It is very difficult to deal with the European Union, which was formed with the goal of taking advantage of the United States on trade”… “our discussions are going nowhere”.
Read EVEN Stock Market Today May 23, 2025 Live
Dollar down, gold firm
Among the effects of the novelty are further sales on the dollar, which is well on its way to its worst week since the first tariff effect, while gold has started to soar again. On the contrary, Treasuries are improving (rising prices and falling rates), although to a very limited extent considering the star-spangled budget law approved yesterday by the Lower House (it still has to pass the Senate's scrutiny), which seems destined to increase the federal budget deficit massively, just a few days before downgrade of the rMoody's US credit rating. The 4,5-year bond in fact shows a rate still firmly above 4,521% (at 0,7, down XNUMX% from yesterday's close).
The dollar loses almost one percentage point against the yen (exchange rate 142,70).
The euro appreciates by 0,44% against the greenback for a cross at 1,1329.
The toasts the general chaos and appreciates by 1,76%, for a spot gold price of 3.352,83 dollars per ounce.
Il Petroleum is making timid steps forward and the July Brent contract is trading at $64,73 a barrel, while Texas crude is at $61,60.
Piazza Affari: full speed ahead in defense, Iveco and Leonardo doing well
“As long as there is war there is hope” was the title of a film from the 70s by the legendary Alberto Sordi and looking at the main index of Business Square Today, with a little irony, one could say just that.
In fact, on a very negative day they moved against the trend Iveco +3,36% and Leonardo + 0,27%.
The commercial vehicle stock price has soared to new all-time highs following rumours of a further proposal for the defense division. According to MF, in fact, the Czech conglomerate Czechoslovak Group (CSG) is said to have submitted a non-binding offer with a valuation much higher than the 1,5 billion offered by the Leonardo-Rheinmetall consortium, which is considered the favourite.
The short club of rising blue chips also includes Terna +0,72% and other utilities. Azimuth,-0,23%, instead reversed its trend. In the morning, the asset manager's stock was boosted by the binding agreement with the Fsi investment fund, announced yesterday, for the creation of a new generation bank dedicated to wealth management, which analysts believe has many positive aspects and can create value.
The rest of the main basket is a long list of losses.
The auto sector is in trouble Stellantis -4,62% and Classic Ferrari for sale -3,58%.
Back off stm, -4,18%, alarmed by customs threats to its customer Apple.
Luxury remains in the sights of sales and wears the black jersey with cucinelli .
The important banking sector is retreating from Popular of Sondrio -3,57% and Understanding -3,49%. Unicredit yields 2,97%, while the battle for the Ops su Bpm bank (-2,15%) continues with appeals to the TAR.
Today it was learned that the bank led by Andrea Orcel will turn to the administrative judges of Lazio "to dissolve the existing reservations on the legitimacy of the 'golden power' - reads a note - as applied in this case under Italian and EU law".
The Unicredit board of directors also approved the waiver of the condition relating to the Anima operation.
The day is one to forget for Ps -2,82% and Bper -2,88%. Also alarming the sector is the fact that the latest news on the trade war has raised the probability of another rate cut by the ECB to 90%.
Spreads on the rise awaiting Moody's
Risk aversion has penalised Italian paper today and the spread salt.
The yield spread between ten-year BTPs and Bunds is growing to 103 basis points (two days ago it was 99) and rates are slightly decreasing.
The Italian stock is closing at 3,61%, while the German one is at 2,58%.
Italy also expects the evening Moody's rating on Italy. At the moment, the agency's rating for the Belpaese is Baa3, one step above junk level. However, there is hope that on April 11, the S&P agency improved its rating on Italy from BBB to BBB+, with a stable outlook.
On the German front, however, there is good news on the GDP of the first quarter: +0,4% compared to the last quarter of 2024, against +0,2% in the first estimate on April 30.
