A rude awakening today for Piazza Affari, who from Queen becomes Cinderella in Europe closing the last session of the month and a loss of 1,56%, which reports the Ftse Mib below 41 basis pointsA prestigious carriage, like the one that turned into a pumpkin on the main index, was Classic Ferrari for sale, blue chip that drops 11,65% after a brilliant quarterly result (revenues up 4,4%). The Prancing Horse's numbers didn't surprise the market, which was also disappointed by a 1% drop in deliveries in the second quarter of the year.
Il EU framework it is moreover predominantly weak, amid a flurry of corporate results and awaiting clarification on whether the White House agreement on tariffs is in effect or whether the feared tariffs will be unleashed tomorrow. The European Commission expects the United States to implement the agreement at 15%, although some details are still being finalized and, for now, a joint statement between the US and the EU is lacking.
Thus Frankfurt loses 0,74%, Paris 0,99%, Amsterdam 0,72%. Madrid instead takes a small step forward (+0,25%) in the wake of the results of BBVA (+7,38%), which encouraged the banking sector. Outside the bloc, it is little more than flat. London + 0,08%.
Wall Street mixed, with Meta and Microsoft
On the contrary, theWall Street performance in the American morning looks positive for S&P and Nasdaq, trailing megacaps like MetaPlatforms (+ 11,43%) and ecosystem (+ 4,94%), who during the night showed off bills that exceeded all expectationsBill Gates' giant has also surpassed a market capitalization of 4000 trillion at the start, a milestone only achieved so far by Nvidia. This is a situation that is very favorable to risk appetite, with the market he is also waiting for the results tonight of two other heavyweights like Apple e Amazon.
Trump to Powell: "You're too stupid," but inflation rises.
The mass of US corporate profits is making investors forget the hawkish attitude seen yesterday in Jerome Powell, at the end of the monetary policy meeting, where rates remained unchanged (but with two votes against). wait-and-see line The choice made by the chairman of the Federal Reserve has scaled down the estimates of an initial cut in the cost of money in September and has once again infuriated the president of the United States. Donald Trump which today, in addition to defining Powell as "too late", he even calls him "too stupid" to lead the U.S. central bank. The tycoon also threatened his "rival" (seen as a "politician") by reiterating that the costs of renovating the Fed's headquarters in Washington were too high.
And yet inflation of June with stars and stripes today it seems to endorse prudence The central banker's PCE reading, closely monitored by the Fed, rose 0,3% on a monthly basis and 2,6% on an annual basis, versus the 2,5% expected. Weekly jobless claims, however, appeared stable.
The dollar is headed for its first monthly gain of the year. Copper is plummeting.
In this context the dollar is about to close with the first monthly earnings of 2025, although the greenback is currently losing some ground against the euro. The single currency has lost about 3% in recent trading sessions, but is currently recovering 0,4%, trading at 1,144.
The US currency it appreciates against the yen instead, after the BoJ kept short-term interest rates on hold at 0,5% in a unanimous vote, but upgraded its inflation forecast for the three-year period to 2027, saying that risks to the price outlook are “broadly balanced”.
Among raw material they sink copper prices (-21,73 the September future) after Trump yesterday 50% tariffs announced on semi-finished copper products and on derivative products with a high concentration of copper.
The spot gold is well-tuned, but is trading below $3300, while oil is down and losing almost 2%: the October Brent contract is priced at $71,22 a barrel.
Piazza Affari, gains on Iveco, strong Prysmian
In the business square Realizations weigh on Iveco, -4,5%, in the aftermath of the accounts, the cut in estimates and above all thetransfer agreement for 3,8 billion of the commercial vehicles division to India's Tata Motors and the Defense division Leonardo (-1,06%) for 1,7 billion.
At the top of the list stands out instead Prysmian (+2,74%), favored, according to some observers, by the competitive advantage given by the presence of the group's factories in the United States and the collapse in copper prices.
Banks are mixed: they are rising Bpm bank + 2,24% Banca Mediolanum +1,17% and Unicredit +0,73%, while they retreat Pop from Sondrio (-3,45%) And Understanding (-2,41%), on gains after the previous day's jump. It also drops modestly Mediobanca (-0,31%), despite a record semester. Piazzetta Cuccia also does not give up and tries to keep the barricades high against Ps (-0,85%). The possibility is to bring forward the shareholders' meeting to approve the Banca Generali offer. "Our offer could reach the market before the end of MPS's offer," said CEO Alberto Nagel. "It will depend on the calendar and discussions with Consob, but it could happen."
The oil sector appears divided: Saipem + 1,87% Tenaris -6,2% after the accounts.
Fear of tariffs is a dead weight cucinelli, -4,4% and Campari -2,04%.
Spread, flat calm
The commercial storms do not infect the secondary market which proceeds solidly on its path. spread The spread between 84-year BTPs and Bunds of the same duration is now consolidating at 3,54 basis points, with yields slightly down to 2,69% and XNUMX% respectively.
On the inflation front, the increase in prices for the so-called Italian shopping basket, the basket of the most commonly purchased and essential goods for families, had no appreciable impact, rising to 3,4% in July. Inflation, however, remained at 1,7% (the same as in June), a monthly increase of 0,4%.
Good news for the job market in Italy, with the unemployment rate dropping to 6,3%, according to ISTAT.
