Tariffs and quarterly reports are the two drivers that are driving most of the world's stock markets to new increases.'European Union is heading towards a trade agreement with Washington which would result in a broad 15% tariff on EU products imported into the US, including cars, avoiding the higher 30% tariff that is due to apply from August 1, under a scheme that mirrors the framework agreement struck by the US. with Japan yesterday. This alone would be enough détente in the intricate issue of tariffs to give impetus to the market, but to give further fuel were some yesterday quarterly with accounts better than expectedThe result is that, after a close at new records of Wall StreetAsian stock markets mostly moved higher, while europee they are preparing for a soft opening.
Last night the White House announced that Trump will visit the Federal Reserve today, a visit that follows his threats to fire Fed Chairman Jerome Powell, which have shaken the U.S. bond markets. But it's not all rosy. Yesterday Musk he said he was worried about his Tesla, while today the luxury giant LVMH will announce quarterly results today with a likely further decline in sales, analysts say, heightening investor fears of a prolonged downturn in the $400 billion market in the face of U.S. tariffs. The results will likely show a recovery in demand for high-priced fashion in key markets. United States and China remains far away. The French luxury group Kering will report next week. From ECB meeting todaythose who have undergone surgery expect a confirmation of rates on deposits at 2% and the refinancing rate at 2,25 percent.
Tech's top quarterly earnings are in the spotlight. But Musk is worried about Tesla.
With tariff concerns easing, investors are once again scrutinizing company quarterly reports. Some of the world's leading technology companies, including the U.S. search giant A, the South Korean chipmaker SK Hynix and the Indian service provider IT Infosys, they provided optimistic forecasts In their latest earnings reports, ignoring uncertain U.S. trade policy. Nvidia supplier SK Hynix posted record quarterly profit, buoyed by strong demand for artificial intelligence chips and customer inventories built up in anticipation of possible U.S. tariffs. Indian IT services provider Infosys raised the bottom of its annual revenue forecast from 1% to 3%, from stable to 3%, in line with analysts' expectations.
Attention was also paid to Nvidia which Trump focused on yesterday. The US president said yesterday that he had considered it dismemberment of the company to stimulate competition in the artificial intelligence sector, but had reconsidered the decision due to the difficulty of such a move. However, Trump outlined a 90-point plan to establish a federal regulatory framework for AI, and signed three executive orders which incorporate some elements of the plan, including rless severe environmental rules and the encouragement of increased AI exports“I thought we could step in and kind of break them up a little bit, give them some competition, and I've found that's not easy in that space,” Trump said of Nvidia, speaking at a White House AI summit. Trump praised Nvidia CEO Jensen Huang: “What a job you've done!” he told the CEO, who was present at the summit. The president spoke of the importance of US dominance in AI, and that the country cannot allow any foreign nation to surpass it in this field. “From this day forward, it will be the policy of the United States to lead the world in artificial intelligence,” Trump said, dismissing concerns about the unauthorized use of copyrighted material in AI training.
Elon Musk predicted a difficult year for Tesla, further exacerbating the automaker's difficulties after reporting one of the worst quarters in the last decade. Musk highlighted the impending loss of incentives for electric vehicles in the United States and a long process of implementing driverless vehicles, saying that Tesla could only return to an "interesting" economy by the end of 2026. "Does this mean we could have some difficult quarters?" Musk said during Tesla's financial results conference call. "Yes, we could probably have some difficult quarters." Tesla shares fell as he spoke, losing as much as 5,3% in post-market trading Wednesday in New York. The stock had already fallen 18% this year before the close, despite rebounding from lows in March and April. The company reported adjusted earnings of 40 cents per share, below estimates already revised downward by Wall Street. Revenue fell 12% to $22,5 billion, the steepest decline in a decade. Vehicle deliveries plummeted, and the average selling price of its cars fell.
Wall Street closed at new highs yesterday, boosted by Nvidia and GE Vernova
Even before the release of key quarterly data, the S&P 500 and Nasdaq closed at record highs yesterday, boosted by Nvidia and GE Vernova, leading the former to accumulate a gain of 8% since the beginning of the year in 2025, the latter of 9%.
The brightest star on Wall Street was GE Vernova, electrical equipment manufacturer, which has registered a rise of 14,6% After raising its revenue and cash flow forecasts, exceeding estimates, GE Vernova reported a gain of over 80% in 2025. Nvidia, the artificial intelligence heavyweight, rose 2,25%, fueling gains in the S&P 500 and Nasdaq. Tesla recorded a slight increase of 0,14% and Alphabet fell 0,58% at the close, ahead of the release of their data.
The index closed yesterday S & P 500 rose by 0,78%, closing the session at 6.358,91 points. The Nasdaq gained 0,61% to 21.020,02 points, while the Dow Jones The Industrial Average rose 1,14% to 45.010,29 points, just below its all-time closing high on December 4.
It is worth mentioning the Texas Instruments shares plunge 13% After quarterly profit forecasts highlighted weaker-than-expected demand for analog chips and highlighted tariff-related uncertainty, Texas Instruments' report weighed on other analog chipmakers, including NXP Semiconductors, Analog Devices, and ON Semiconductor, which fell between 1% and 4,6%.
As regards the economic data, U.S. existing home sales fell more than expected in June. Attention now turns to weekly data from unemployment benefit claims of today and on S&P flash PMI data Global to assess economic health following tariff uncertainties. After a series of mixed economic data last week, traders ruled out a rate cut. interest rates by the Federal Reserve next week. The probability of a rate cut in September stands at around 58%, according to CME's FedWatch tool.
In Asia, Tokyo continues to race after the agreement with Washington
In Asia it continues Tokyo Stock Exchange rally In the wake of yesterday's trade agreement between Japan and the United States, the Nikkei index is up 1,6% at 41.800 points, its highest since July 2024. very close to the historical record. Companies with a major international presence are rising as yesterday, despite the cultural, be a negative factor. The yen strengthened to 146 against the dollar, while expectations of a rate hike weakened Japanese bonds, with the yield on the ten-year government bond at its highest since 2008 at 1,59%.
In China the stock exchange Hong Kong earn 0,5%, new high in about three and a half years. Of note are Semiconductor Manufacturing International, which rose by 2%, and China Life Insurance, which rose by 3%. The CSI300 index of stock exchanges Shanghai and Shenzhen is up 0,4%. Taiex of Taipei + 0,3%.
In South Korea, the Seoul-based Kospi index on parity. The country's GDP, adjusted for inflation, grew by 0,6% in the second quarter compared to the previous quarter, thanks to the recovery of consumer spending and exports, According to central bank data today, seasonally adjusted real GDP rebounded in the April-June quarter, after a 0,2% contraction in the previous quarter. exports, which represent about half of the economy, increased by 4,2% in the second quarter compared to three months earlier, after a reduction of 0,6% in the first quarter, due to a increased demand for semiconductors and petroleum products. I private consumption rose 0,5% quarter-on-quarter, after falling 0,1% in the previous quarter.
European stocks opened sharply higher. Saipem and autos are among the top targets in Milan.
European stock exchanges expectations of a sharp increase at the opening based on the +1,23% of the Eurostoxx50 futures.
CarsThe European car market slowed down in June with a drop in Enrollment page In Western Europe (EU+EFTA+UK), the decline was 5,1%, reaching 243.732 units, while in the first half of the year, the decline was 0,9%. Considering the EU alone, the decline is even more significant, 1,9% since the beginning of the year, but the contraction is mitigated by the strong performance in the UK, where registrations have grown by 3,5% since January. Overall, among the five largest markets in the area, only Spain and the United Kingdom grew in the month (+15,2% and +6,7%), while France lost 6,7%, Germany 13,8%, and Italy 17,4%.
GermanyGfK: Consumer confidence drops to -21,5 points in August
Italgas: In the first half of the year, net profit reached €316,6 million (+31,1%), with investments reaching €495,1 million. Adjusted revenues rose 29,2% to €1.126,7 million.
Edison The company closed the first half of the year with a profit of €178 million, down from €221 million in the same period of 2024. Revenues, according to a statement, amounted to €9,4 billion (€7,26 billion in 2024), primarily due to higher energy volumes produced and sold. The company estimates EBITDA in the high end of €2025 billion for 1,4.
Saipem Saipem S.p.A. and Subsea7 have signed a binding merger agreement, with terms and conditions consistent with those already communicated at the signing of the Memorandum of Understanding on February 23, 2025. The merger, a statement explains, will create a global leader in the energy services sector. The resulting company will be renamed Saipem7 and will have revenues of approximately €21 billion, EBITDA of over €800 billion, generate more than €43 million in free cash flow, and have an aggregate backlog of €7,2 billion. Saipem's revenues, according to a statement, amounted to €12,4 billion (up 2024% compared to the same period of 764), and EBITDA reached €35 million, a 140% increase compared to the first six months of the previous year. Net profit amounted to €19 million, up 766% year-over-year. The first half of the year also saw robust cash generation, with free cash flow of €271 million, compared to €4,3 million in the same period of the previous year. Order intake in the first half of the year reached €31 billion, bringing the total backlog to €2025 billion. Guidance for XNUMX was confirmed.
Eni Enilive has signed a memorandum of understanding with Algeria's Sonatrach to strengthen cooperation in the hydrocarbons and renewable energy sectors. The agreement will help increase gas production to 5,5 billion cubic meters per year by 2028, with total investments exceeding $8 billion. Four bids are underway for 100% of Enibioch4in, the biomethane production unit controlled by Enilive. According to Il Sole XNUMX Ore, the Verdalia Bionergy group and Vesper Infrastructure Partners are reportedly in the running. Two infrastructure funds are also in the running: the French group Vauban Infrastructure Partners and the international fund Kingston Capita.
Moncler It reported a 13% decline in operating profit in the first half of the year as marketing expenses were concentrated in that period, while revenue increased slightly. JP Morgan and Deutsche Bank cut their price targets.
StM posted a loss in the second quarter, with a result worse than market expectations. The Franco-Italian chipmaker, which produces chip Tesla's powertrains and eSIM modules for Apple iPhones, posted a loss of $133 million for the quarter, missing the average profit of $56,2 million forecast by analysts in an LSEG survey. After the first quarter, STMicro said it was too early to make a forecast for 2025, focusing on clearing inventory that had built up at chipmakers exposed to the downturn in the automotive, industrial, and consumer electronics markets. In June, it said it saw early signs of a growth cycle—a period of increased market demand—that would allow it to hit its second-quarter revenue target of $2,71 billion. Revenue rose to $2,76 billion from $2,52 billion in the second quarter, exceeding the target. The company said it expected third-quarter revenue to reach $3,17 billion, exceeding analysts' expectations of $3,10 billion.
Unicredit. In an interview with He would runSpeaking about Generali, Orcel said that several options are still open, but not for a merger, but rather for a partnership in the distribution of their products. The CEO also stated that the bank has used €4 billion of capital for stakes in Commerzbank and Alpha Bank, which would generate a net profit of €800 million, expected to grow over time. It has another €5 billion that could be used to increase distribution, for acquisitions, or for additional stakes such as those in Commerz and Alpha, if the opportunity arises.
Geox announced a change at the top, the new CEO is Francesco Di Giovanni, leaving Enrico Mistron, who arrived about a year ago.
