The day on the European markets ends with a generally positive tone, but with a final twist: after having been the best market in the Old Continent for the entire session, Milan Paris narrowly lost its lead. The FTSE MIB closed the day with a solid 1,33% gain, reaching 40.697,49 points. Paris closes with a +1,42%, Frankfurt + 0,73% Madrid moves more cautiously with a +0,1%. Outside the Eurozone, it is also positive London (+ 0,42%).
The good mood was mainly supported by thecommercial agreement signed during the night between United States e Japan, which has raised investors' hopes for a similar agreement with the European Union. Despite ongoing negotiations, however, no significant progress has been made so far towards the deadline set for August 1st. Meanwhile, the US president Donald Trump reiterated on Truth Social his willingness to maintain – or even increase – tariffs until major partners fully open their markets to the United States.
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Meanwhile, Brussels is preparing for the clash: the European Commission announced that it will submit to the Member States a counter-duty package on US goods for a total value of 93 billion eurosMaros Sefcovic, European Commissioner for Trade, has started talks with the US Secretary of Commerce Howard Lutnick in the hope of reaching an agreement that will avoid a trade war. At the same time, the EU is consolidating two potential tariff lists (€21 billion and €72 billion) into a single list that will be submitted to member states for approval. None of the measures will enter into force before August 7, thus leaving a window open for a possible agreement.
Wall Street rises cautiously ahead of Google and Tesla earnings
overseas, Wall Street is traveling moderately upward, supported by the new US-Japan agreement and awaiting the quarterly results of two tech heavyweights: A e TeslaExpectations for Google are very high, with margins squeezed by disappointments, while Tesla is expected to see a revenue decline of more than 10% and earnings per share decline of 20%, according to Visible Alpha.
So far, more than 86% of S&P 500 companies that have already reported earnings have beaten expectations, according to FactSet.
Meanwhile, in the United States, the residential mortgage applications They rose 0,8% in the week of July 18, after a 10% decline previously. However, 30-year rates rose to 6,84%, a one-month high. Existing home sales fell 2,7% in June, exceeding estimates. Weekly data on the unemployment and the indices S&P Global Preliminary PMIs.
Meanwhile, the Trump administration is returning to criticize the Federal Reserve and Jerome Powell for not cutting rates. According to the Treasury, a three-point reduction would be needed to revive the housing sector. Treasury Secretary Bessent stated that there is no rush to replace Powell (whose term expires in 2026), but did not rule out a possible early departure.
Stellantis and Iveco soar at Piazza Affari, but tech slows down
At Piazza Affari, the FTSE MIB shone brightly for much of the day, posting an intraday gain of nearly two percentage points. The banking and automotive sectors were the main drivers of the rise. Unicredit in great shape (+3,46%) after a record profit of 6,1 billion euros in the first half-year and the decision to withdraw the Ops su Bpm bank, the latter however paid the price by losing ground on the stock market (-2,57%). Also doing well Ps (+3,55%), supported by the news of the entry into the capital of Giorgio Girondi (Ufi Filters) with a 3% stake. Increases also for Mediobanca (+1,67%), Bper (+1,75%), Intesa Sanpaolo (+1,95%) and Fineco (+2,48%).
But the real protagonist of the day is Stellantis (+9,06%), boosted by the new US-Japan agreement that promises to ease export duties and by Renault's good data (+2,57% in Paris). Not least Iveco, which gained 7,47%: the jump was fueled by both rumors of a possible sale to Tata Motors and better-than-expected results from Paccar, the American truck manufacturer. In the background, discussions remain ongoing regarding the spin-off of the defense division in preparation for a possible merger.
Tech, on the other hand, is declining: stm lost 4,34%, weighed down by the cautious outlook of Texas Instruments (-11,88% on Wall Street) and by the disappointment for the accounts of Asm International, down in Amsterdam with orders 17% lower than expected. Tomorrow will be the turn of STM's accounts, with revenues expected to drop by 14,4% and net profit to be significantly lower (Banca Akros estimates). The results of Saipem e Moncler.
Widespread sales in the utilities sector: Terna -2,29% Hera -2,06% Italgas -1,86% A2a -1,81%. Sales also for Tim (-1,28%).
Other titles highlighted in Milan were Prysmian (+2,19%), thanks to a strategic investment in new generation optical fibres, and Leonardo (+0,7%), supported by Germany's green light to theTurkey's purchase of Eurofighters.
The other markets
On the energy front, oil prices Petroleum They are declining slightly: Brent is trading at $68,22 a barrel, WTI at $64,97. New talks are being held in Istanbul between Russia and Ukraine, while the Kremlin has launched naval exercises in the Baltic and Pacific with over 40 military vessels. Natural gas falls to €32,77 per megawatt-hour (-1,01%).
down too : -0,44% to 2.413,99 dollars per ounce (spot). THE'euro remains stable against the dollar at odds of 1,1725.
Finally, the spread BTP-Bund remains at its lowest level in over 15 years, stuck at 87 basis points, with the yield on the Italian 3,46-year bond at XNUMX%. Markets are now looking to ECB meeting on Thursday, July 24, from which a cautious tone and no surprises on rates are expected.
