Everyone is with breathless today waiting for the announcement of the duties tomorrow, “Liberation Day” as Donald Trump called it. Yesterday, after a series of initial sales, the US markets closed just above par, while some markets such as Hong Kong, Taiwan and South Korea have risen by 1% or more, while futures show a recovery in European stock exchanges. However, the nerves are definitely on edge, with their, the ultimate safe haven, which has marked its all-time high for the fourth consecutive session.
Save the date: tomorrow at 15pm (US time) at the White House Rose Garden
Traders have only gotten a few details on when Trump will announce his reciprocal tariff plan: Wednesday at 15 p.m. (ET Europe time) at an event at White House Rose Garden. But the size of its taxes remains unclear. Ahead of the impending announcement, investors have refrained from taking large positions due to concerns about how the tariffs will affect the economic growth e inflation in the world's largest economy.
Trump told reporters on Sunday that he plans to launch reciprocal tariffs with “all countries”, dashing hopes that a moderate announcement would be made. But when asked on Monday whether he was planning a universal tariff or taxes on individual countries, Trump he hesitated, saying, “You’ll see it in two days, maybe tomorrow night or probably Wednesday.” He added, “They’ll be reciprocal. So whatever they charge us, we charge them, but we are kinder than they did,” he said. “They took advantage of us and we will be very gracious about what they did. The numbers will be less than what they charged us and in some cases they could be significantly less.” Trump has already imposed taxes on Canada, Mexico and China, the three largest trading partners of the United States, as well as on automobiles, steel and aluminum. The tariffs on copper imports could come within weeks. Trump has also threatened tariffs on imports of products pharmaceuticals, semiconductors and timber.
Trump also said that he is willing to accept a rise in inflation in the US, in order to Redefining the rules of the global trade game, despite a recent high Consumer Price Index (CPI) reading fuelling the market fears of stagflation. Goldman has increased his esteem on probability of a recession at 35% and predicted three rate cuts by the Fed this year.
Wall Street Recovers at the End. But Pharmaceuticals Collapse
Stocks swung wildly on Wall Street yesterday, with the S&P 500 index losing as much as 1,7% early, before recovering to close up 0,6% at 5.612. However, the broader equity benchmark posted its worst month and worst quarter since 2022. The Dow Jones closed up 1,00%, reversing a streak of three consecutive losses that began last Wednesday. The Nasdaq 100 (-0,02%) was flat; the S&P 100 (+0,47%) was up fractionally.
The actions of the US pharmaceutical companies collapsed yesterday after the news that the country's top vaccine official Food and Drug Administration, Peter Marks, was forced to resign, the most high-profile exit at the regulator as the Trump administration embarks on an overhaul of federal health agencies. The pharmaceutical and biotech sector has been under pressure since Donald Trump returned to the White House earlier this year. Stocks fell on concerns that Trump's sweeping tariff plans will include drugs, traditionally exempt from such taxes, and Health and Human Services Secretary Robert F. Kennedy Jr.'s plans to revamp federal agencies. Moderna ended trading down 8,90%
Asian Stocks Rise. China's Industry Improves. Eyes on Taiwan
Almost all Asia Pacific stock exchanges are rising and Chinese industry is showing that it is not suffering from Trump's duties for now. The Hang Seng in Hong Kong is gaining 0,4%. The CSI 300 of the Shanghai Shenzhen stock exchanges is up 0,3%.Chinese manufacturing activity improved at the fastest pace in four months, a surprising show of resilience during a period marked by a tough trade battle with the new administration that took office at the White House earlier this year. The Caixin manufacturing purchasing managers' index rose to 51,2 in March from 50,8 in February, above expectations of 50,6.
Severe Warning to Taiwan from Beijing. The bag of Taipei earns 2,4%. The'Chinese Army announced that it has launched exercises around Taiwan, in what his spokesman, Colonel Chi Yi, called a “stern warning” and “strong deterrence” against alleged separatists on the self-governed island. These exercises mainly focus on “preparing patrols for air-sea combat,” assaulting “land and sea targets,” and blocking “key areas and routes.” The Taiwanese military has activated its “response mechanism” to the new wave of military exercises ordered by Beijing, which local authorities have called an “open challenge to the international order” and behavior that undermines “regional stability.” “All service personnel are on high alert and will act according to the principle of not escalating the conflict or provoking disputes, responding cautiously to incursions into the ‘gray zone.’ The armed forces have the capacity, determination, and confidence to defend national sovereignty and the security of the people,” Taiwan’s Ministry of National Defense said.
Il Japan prepares negotiations with Trump. The Tokyo stock exchange erased gains and is on track to close at parity. In view of the change in customs regime with the United States, the Japanese government is readying measures to support businesses. Prime Minister Shigeru Ishiba said the government will make about 1.000 consultation centers available across the country to advise smaller companies.
La Seoul Stock Exchange is on the rise, Kospi index +1,7% at the end of the session. Indian stocks are weak: BSE Sensex index of Mumbai -0,2%. Sydney Stock Exchange in positive, S&P ASX200 index +1%.
In Australia, the central bank kept its key interest rate unchanged in a widely expected decision, saying it wanted to see more evidence that inflation was sustainably moving toward target before easing further. The Australian dollar rose slightly.
As regards raw materials, the Petroleum stabilized after a jump on Monday, when Trump suggested the U.S. might work to reduce crude shipments from Russia. Oil prices rose above $3.133 an ounce for the first time, after a 1,4% surge in the previous session.
European stock markets: eyes on Unicredit, Poste Italiane and Tim at Piazza Affari
European stocks could open higher: EuroStoxx50 futures +0,5%.
business square, which is about to close the first quarter with a 11,70% gain and known for being the most generous stock exchange in Europe with investors, is preparing for the distribution season of dividends between the end of April and May: in 2025 the detachment of over 41 billion coupons, up 13,5% compared to the previous year.
The data on theeurozone inflation, anticipated between yesterday and Friday, by the indications arrived from Germany, Italy, France and Spain.
Eyes on the French market. Marine Le Pen, right-wing party member, will appeal against the embezzlement conviction that bars her from running in the 2027 presidential election.
A frontrunner to succeed President Emmanuel Macron, Le Pen has declared her innocence and says the verdict was politicized.
Tim/ Italian Post. Vivendi will withdraw the lawsuit against the sale of Tim's network as part of the agreement signed with Poste Italiane on the sale of a 15% stake that will make the group led by Matteo Del Fante become the first shareholder of the former telephone monopolist. This was reported by two sources familiar with the situation, explaining that the withdrawal of the lawsuit will occur upon closing of the operation with Poste, expected during the first half of the year, after the passage to the Antitrust. The government is considering increasing the threshold of offers for large listed companies, Reuters suggests that Italian post could take advantage of the rule to increase the share in TIM from 24,81% to 29,9%.
Mount Paschi does not agree with the recommendation of Iss, which on Friday invited the bank's shareholders to vote against the proposed capital increase to service the takeover bid on Mediobanca, judging the proxy analysis "inaccurate and incomplete". This is what can be read in a letter to shareholders.
ENI The company, Plenitude and Energia Infrastrutture Partner (Eip) have executed the agreement, announced last November, to increase Eip's stake in Plenitude through a capital increase of approximately EUR 209 million.
Unicredit. The offer on Banco Bpm arrives at Consob. By Monday 7 April or, according to some media, as early as Thursday 3 April, the authority that supervises the stock exchange should give the green light to the prospectus of the operation that has just received the approval of the ECB
Iren exercised the call option to purchase 47,23% of the share capital of Egea Holding held by MidCo 2024 to reach 100% of the utility.
Enav closed 2024 with consolidated revenues of 1,037 billion euros, up 3,7% compared to 2023, an Ebitda of 310,9 million, +3,6% y/y, and a consolidated net profit of 125,7 million euros, up 11,5% compared to 2023. Free cash flow, a note explains, stood at 199,1 million euros, a significant improvement compared to 2023 (+60,1 million euros). The Board of Directors proposed to distribute a dividend, relating to 2024, equal to 0,27 euros per share, up approximately 17% compared to 2023. CEO Pasqualino Monti underlined that “2024 was a record year.
Generali Bank: Deutsche Bank raises target from 56 to 61,4 euros and strengthens BUY:
Juventus The team won 1-0 at home against Genoa in the first match under Igor Tudor. Exor paid 15 million to support a possible capital increase, after the departure of former coach Thiago Motta and recent performances led the club to review the expected results for March and June, as well as the outlook for 2025-2026.
