I international markets, as well as the commercial counterparts of the United States, are stunned by the chaos unleashed from Trump on duties After the Supreme Court's ruling that deemed its measures of almost a year ago illegitimate, the first reaction in Asia was to revive the motto “Sell America”, with the dollar and the futures of Wall Street down. The Bitcoin has fallen by nearly 5%, falling below $65.000. Safe-haven buying is returning to gold, which jumps more than 1% above $5.100, and on Swiss franc The European stock exchanges are seen opening in decline, eyes to Enel.
Tariffs in chaos. India and China benefit. The rush for refunds.
The Supreme Court on Friday He slammed President Trump's emergency tariff policy, essentially saying it had been violating the law for nearly a year. Then Trump held a press conference announcing a tariff of 10% worldwide, effective Tuesday. Less than 24 hours later, he announced on social media that the tariffs will rise to 15% with immediate effect, apparently catching some of its own officials by surprise. On Friday, the White House released a long list of commercial products exempt from the initial 10% tariff, though it's unclear whether this also applies to the new 15% rate.
The bill that Trump is now using, for the first time ever, prevents specifically the discrimination between countries, reports Reuters, so the whole world must receive 15%. Strangely enough, now this also includes Russia and North Korea, heavily sanctioned, which somehow did not receive the initial tariffs. This also means that some countries, including United Kingdom and Australia, will have to face customs duties higher, while many others, including the China, could suffer significant reductions.India suspended the agreement with the United States and the European Commission has ruled out changes.
This power only lasts 150 days before the Congress should extend it, something Republican lawmakers will likely be reluctant to do, given the tariffs' unpopularity in the polls. White House officials have stated that effective tariff rates will not change significantly and that existing trade agreements will remain in effect. It's unclear how this will work, given that these agreements were signed with tariffs that no longer exist. Treasury Secretary Bessent even threatened trading partners with embargoes if they didn't comply with these agreements.
Then there is the rush for reimbursement of the approximately $170 billion in illegal customs duties paid, with over 1.800 lawsuits already filed at the U.S. Court of International Trade. It's also likely that any refunded money will end up in the hands of importing companies, not consumers who paid the higher tariffs.
Wall Street awaits Nvidia's data test on Wednesday
The uncertainty The tariffs have pushed Wall Street futures lower, heralding a lower opening: S&P 500 futures are at -0,8% and Nasdaq futures are at -1%, after investors had celebrated the Supreme Court's decision with a rise on Friday.
The US market was already nervous ahead of the quarterly data Nvidia Wednesday, which will test the resilience of the artificial intelligence sector. The world's most valuable company is expected to post a 71% increase in earnings per share in the fiscal fourth quarter, on revenue of $65,9 billion. For the next fiscal year, analysts on average expect earnings per share of $7,76, although estimates range from a low of $6,28 to a high of $9,68. Options suggest its shares could swing at least 6% in either direction following the announcement. Nvidia shares rose more than 1.500% from the end of 2022 to the end of last year. This year, its stock is up about 0,8%. Other mega-cap stocks, among the "Magnificent Seven" that fueled the current bull market, have performed worse this year. ecosystem have suffered a decline of more than 17% in 2026, while Amazon It fell 11%. Nvidia shares alone can influence major indexes; for example, the stock has a 7,8% weighting in the S&P 500 Index.
The data on the main sectors will also be published this week. software companies, which in recent days have been besieged by fears that artificial intelligence could upend their business.
The yield of 10-year treasury bonds rose two basis points to 4,08% in a volatile session on Friday, following mixed growth and inflation data, before the tariff decision added uncertainty over a potential budget deficit. Treasury futures rose this morning, ahead of the data on orders to US factories in December and a speech by Christopher Waller of the Fed on the economic outlook.
Hong Kong surges in Asia. China and Japan remain closed.
Asian stocks are mostly higher on hopes that the Supreme Court ruling will be particularly beneficial for two of the region's largest economies, China and India, most affected by Trump's series of tariffs. According to economists Morgan Stanley, the weighted average tariff rate for Asia will drop from 20% to 17%. The stock exchange Hong Kong The Hang Seng Index rose by more than 2%, led by technology stocks.
Il Japan is closed today to celebrate the Emperor's Birthday, while the stock markets of the Mainland China is still closed for Lunar New Year. The US court ruling comes just weeks before the Trump's scheduled visit to ChinaThe US president will land in Beijing on March 31, the first trip by a US president since 2017. BSE Sensex Index due Mumbai, +0,7%. In South Korea, The Kospi Index gained 0,7%, slowing its initial 2% rise, but reached a new record high of 5.931 points.
On the currency market the dollar It is the best-selling due to the uncertainty about tariffs.euro rose 0,4% to $1,1820 and the GBP rose 0,3% to $1,3516. The dollar fell 0,4% to $154,40. yen. The Swiss franc, a safe-haven currency, jumped 0,5% to 0,7727 francs per dollar.
The this morning is quoted at 5.120,30 dollars, up 1,21%. However, the Brent 1% to 70,98
European stock markets opened lower. At the Milan Stock Exchange, Enel and MPS were all eyes on the stock market.
European stock markets expected to fall (-0,47% for Eurostoxx50 futures).
A speech by the President of the European Central Bank is on the agenda Christine Lagarde after last night on the program Face the nation of CBS He said that Trump's latest tariff moves risk upsetting the previously negotiated "balance" between the European Union and the United States and could pose a new obstacle to the economy. Meanwhile, the European Parliament's trade chief will propose freezing the ratification of the EU-US trade agreement.
PsOn Friday, the board of directors conditionally approved the long list for board renewal, including the current CEO, Luigi Lovaglio, and the chairman, Nicola Maione, who are seeking reappointment. The list of 30 names, which is expected to be trimmed by a third and follows composition criteria that the bank announced it had updated after discussions with the ECB, also includes Corrado Passera, founder of illimity and former CEO of Intesa Sanpaolo and Poste Italiane, Fabrizio Palermo, CEO of Acea, and former UniCredit manager Carlo Vivaldi.
Bpm bank convenes the extraordinary meeting on amendments to the bylaws.
Bff Bank. DBRS Morningstar cut its long-term rating to BB from BB high and moved the trend to negative from stable following recent cuts to financial guidance, management changes, news of the Milan prosecutor's investigation, and the bank's 2024 financial restatement.
Enel The Board of Directors presented its 2026-2028 strategic plan: investments of €53 billion, an increase of €10 billion compared to the previous plan: €26 billion in networks and €20 billion in renewables. In line with the expected growth in earnings per share, reaching €0,8-€0,82 by 2028, the dividend is also expected to increase by 6% at a compound annual growth rate between 2025 and 2028. The Board of Directors also approved the launch of a new share buyback program of up to €1 billion and a maximum number of shares in any case not exceeding 150 million, equivalent to 1,48% of the share capital. Furthermore, it authorized the issuance of bonds and the subscription or renewal of bank loans for €12 billion, to be completed by March 31, 2027, to refinance debt maturing by that date and meet any other group needs. Finally, Enel announced the signing of agreements with Excelsior Energy Capital for the acquisition of an 830 MW portfolio of wind and solar plants in the US for approximately $1 billion. Once fully completed, the transaction will have a net positive impact on consolidated ordinary EBITDA of 125 million euros per year.
sapphire Between February 19 and 20, it purchased additional shares in Inspecs Group, equivalent to 5% of the UK company's capital, for a total consideration of £4,3 million. Following the purchases, Safilo's overall stake in Inspecs now stands at 29,99%.
MonclerBerenberg raises its target price to 57 euros from 55 (Hold rating confirmed). Barclays raises its target price to 62 euros from 61 (Overweight rating confirmed).
SnamThe IRAP increase is also confirmed for gas transportation. Citi raises its target price to 5,6 euros from 5,3 (Sell confirmed).
TenarisBarclays raises its target price to 24 euros from 20 (Overweight confirmed).
UnipolBerenberg raised its target price to 25,7 euros from 24,8 (Buy confirmed). Mediobanca raised its target price from 19 to 20 euros (Neutral confirmed).
LazioOn Friday, he "categorically" denied reports of a possible sale of the club. They drew 0-0 away to Cagliari on Saturday, remaining in the mid-table in Serie A.
JuventusIn the 26th round of Serie A, they lost 2-0 at home to Como. The board of directors meets today to approve the half-yearly accounts.
