The closing is weak for the European stock exchanges, even if in the end the lists recover from the lows of the session. Piazza Affari loses 0,3%, stopping at 22.442 points, narrow between the announced tariffs of the USA and China, which weigh above all on the auto sector, and profit taking on some stocks. To pay the highest price is the Fiat galaxy, after the full purchases made yesterday. Banks are in moderate decline, with the exception of Bper +0,09% and Mps (+1,51%), finally in cash while CEO Marco Morelli is in London to meet the financial community. Eni performed well again today +0,86%. Recordati is the best blue chip, +0,95%. Frankfurt -0,37%; Madrid -0,38%; Paris -0,2%. London is flat +0,05%, while Zurich is still the worst today -83%.
Wall Street, after a thrilling opening, is holding back sales, even if the back and forth between the United States and China weighs on many stocks, starting with Boeing and the auto sector. Reassurances come from the White House. For Donald Trump it is not a trade war ("that war was lost many years ago") and for Commerce Secretary Wilbur Ross the tariffs floated by China in retaliation for those proposed by the US on 1.300 products "are equal only to the 0,3% of our GDP. They hardly pose a threat." Also on the macro front, last month's private sector employment data came in better than expected.
Even oil is limiting the damage, after the better-than-expected US weekly inventories data. Brent -0,69%, 67,65 dollars a barrel. Flat gold at 34,91 euros per gram. The euro-dollar exchange rate showed little movement, with the single currency appreciating moderately to 1,229 (+0,19%).
On the other hand, Italian bonds are making a big splash: the yield on the 10-year BTP falls to 1,75% and the spread with the Bund falls by 3,93% at 124.60 basis points. In Italy, unemployment fell again in February, falling to 10,9% from 11,1% in the previous month.
In Piazza Affari, Campari achieved fractional growth of +0,82%; Snam +0,78%%; Post office +0,76%. The worst blue chips of the day are Cnh, -3,44% with Exor -2,27%. Ferrari also down, -1,5%. Fiat sales were more contained, -0,54%. Pirelli -1,95% and Brembo -1,92% suffer. Stm, -2,44%, remains under pressure due to the escalation of tensions on tariffs, but also due to the Apple revolution, which will leave Intel to use self-produced processors. Mediaset, -0,97%, after the boom on the eve.
