Le European stock markets closed a weak and momentum-less session, in a context dominated by anticipation for developments in the US-EU tariffs and the start of the earnings season in the United States. Piazza Affari recovered towards the end and closed flat, supported by Poste Italiane's record results and Iveco, which soared thanks to rumors of a possible sale. Across the pond, Wall Street was mixed, held back by mixed corporate results.
In the background remain the trade negotiations between Washington and Brussels, with the August 1 deadline for introducing new tariffs still on the table. The U.S. Treasury Secretary, Scott Bessent, assured that "in the next few days" new agreements will be announced while he reiterated that "there is no no reason why Jerome Powell should resignThe Fed chairman, for his part, avoided commenting on monetary policy, limiting himself to emphasizing the need for a well-capitalized banking system.
European stock markets are weak, with Milan holding onto the 40 mark.
At the end of the day, the Ftse Mib closed unchanged at 40.165 points (0,00%), defending the 40 mark. Leading the decline is Frankfurt, with a decline in1,09 %, Followed by Amsterdam (-0,80%) e Paris (-0,69%)More resilient London (+0,12%) e Madrid (+0,07%).
Across the ocean, American stock markets are moving in a directionless direction. At mid-session, the Dow Jones drops 0,1%, the S&P 500 is flat and Nasdaq loses 0,4%Markets are digesting some disappointing results after the all-time highs reached in the previous session, with all eyes on the accounts of A e Tesla, arriving tomorrow.
Among the most watched titles, Lockheed Martin falls 8,5% after lower-than-expected results, while General Motors falls by more than 8% despite revenues that were better than expected. Coca-Cola falls 1,3% after recording modest growth in turnover (and the return of cane sugar in the recipe for the US), while it stands out positively Verizon, which is progressing supported by the upward revision of estimates for the entire financial year.
READ MORE: Quarterly results, earnings, and stock market prices: why the US is now beating Europe
Piazza Affari holds up thanks to Poste and Iveco
The Milan stock market was supported by internal drivers. At the top of the ftse shines Iveco Group (+7,78%), driven by rumours of an imminent agreement with Tata Motors for the transfer of the controlling share by Exor. Well too Poste Italiane (+2,77%), after half-year results that exceeded expectations and the upward revision of guidanceRevenues rose to €6,5 billion (+4,8%), with positive performances in all business areas.
Among the best titles we also highlight Campari (+ 1,71%), Enel (+1,37%), following the increase in the target price by Jefferies, Amplifon (+ 1,25%), Bpm bank (+ 1,23%) Bper e Snam, both up more than 1%
On the other hand, the worst performances are Prysmian (-2,15%), Stellantis (-1,92%), Ferrari (-1,50%), Brunello Cucinelli (-1,25%) e Interpump (-1,04%).
They remain in the spotlight Unicredit (-0,27%) e Banco Bpm (+1,23%), after the decision of the Consob di suspend the public exchange offer for another 30 days promoted by Piazza Gae Aulenti. The Commission, in light of the TAR ruling and a letter from the EU Commission, deemed the regulatory situation uncertain, making it difficult for shareholders to evaluate the transaction. Meanwhile, in the ongoing banking game, the Illimity's board of directors has resigned to facilitate “rapid and orderly integration” with Bank Ifis.
Out of the main basket, Well GVS (+2,48%) e ERG (+2,44%. On the decline instead De' Longhi (-2,94%), Ariston (-2,25%), Banca Generali (-2,21%) e Cement (-2,20%).
Spread unchanged, oil price falls
Lo BTP-Bund spread closes unchanged at 87 basis points, with the yield on the Italian 10-year bond stable at 3,37 %.
On the raw materials front, the Petroleum is decreasing: the Brent slips to $68 to the barrel and the WTI at $65, weighed down by fears about demand and trade tensions. Also slightly down is the , which exchanges at $3.385 an ounce, while the natural gas in Amsterdam it remains just above 33 euros per megawatt hour.
On the foreign exchange market, theeuro/dollar remains stable at 1,1687, while the euro/yen exchange rate is around 172.
Good news for Italy. The International Monetary Fund found that thethe Italian economy has maintained a moderate growth rate, with GDP rising by 0,7% in 2024 and expected to grow by 0,5% this year, then accelerating to 0,8% in 2026.
