Trump leaves G7 early, the war in the Middle East intensifies, oil resumes its run and stocks weaken: this is how today the European stocks close lower e Wall Street moves negatively in the morning, in a swing on the stock markets that does not seem destined to be short-lived.
Square Business closed today's session with a 1,36% drop to 39.387 basis points, weighed down by bank losses after the gains of the day before (Unicredit, -3,62%). On the other hand, they are appreciated cucinelli (+2,33%) and oil titles, the latter in the wake of the advances in crude oil.
The pattern is more or less repeated in other European markets as well: Frankfurt -1,09% London -0,49% Paris -0,76% Amsterdam -0,46% Madrid -1,49%.
The trend also appears weak in New York in the first hours of trading, although losses appear to be quite limited, given the general context: DJ -0,19% S & P 500 -0,36% Nasdaq -0,41%. Groups active in solar energy retreat after an intervention by the US Senate that revealed a proposal by Trump aimed at reducing tax benefits for renewable energy by 2028.
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BoJ holds rates steady, Fed expected tomorrow
The Bear is once again prevailing on the markets, mainly due to the conflict in Iran, which overshadows even the central bank meetings, always monitored with great interest by investors. In particular, the BoJ, as expected, did not touch rates today and decided to maintain the current pace of tapering until March 2026, and then begin to reduce it. The highlight of the week will be, tomorrow, the response of the Fed, which will presumably keep the bowls still, also to avoid giving in to the constant pressure from the White House. Inducing some uncertainty in the governor Jerome Powell rather, the sudden slowdown could contribute retail sales in the United States, in May: -0,9% compared to the previous month to 715,4 billion dollars, after the -0,1% of April (revised from the initial +0,1%); the expectations were for -0,6%. Compared to a year earlier, recorded a +3,3%. A figure that offers a boost to T Bond (rising prices and falling rates), but that may not be enough to move the Federal Reserve. The Israel-Iran war and the rising prices of Petroleum, together with the challenge of tariffs, in fact suggest caution.
Trump: Iran must surrender. Duties? The EU has not yet made the right offer
The geopolitical situation is fuelling concerns on the markets, after the President of the United States Donald Trump He left the Canadian G7 early, not to negotiate a ceasefire in the Middle East, but because he wants to end the war. The tycoon suggests that Iran surrender, urging Tehran residents to evacuate the city immediately, as Israeli attacks are likely to intensify.
Speaking to journalists, the US president also dwelt on the issue duties and on negotiations with the EU: “We have not reached the right offer, we have suffered a lot from the EU – said Trump – they have taken advantage of us for years, so we need to reach a good deal otherwise there is no point in making an agreement, but there is an open dialogue”. The president also reiterated that letters to individual countries will soon be sent out indicating the tariffs that the White House intends to impose and announced that new specific duties on drugs will be imposed.
Oil Rises. Gas Rises and EU Bans Everything From Russia
Among the raw materials, purchases are back on the Petroleum after yesterday's stop. August futures of Brent and Wti are up 2,5%, showing prices close to $72 a barrel and $75, respectively.
THEgold, immediate delivery, remains at yesterday's levels for a price of 3.385,49 dollars per ounce, while the periodic survey of the World Gold Council (a global organization founded in 1987 by the gold mining industry) shows that almost all central banks want to increase their reserves of the precious metal also in the next 12 months. An orientation that penalizes the dollar, as a safe haven and that does not even reward the euro, even if it is a candidate to play a more important role in the future, as also underlined today by the president of the ECB Christine Lagarde who speaks of a "global euro".
Returning to the day's data: on the currency market the dollar today it is slightly recovering and theeuro trades around 1,152.
Movements are then recorded on the futures of the gas which, in Amsterdam, shows a price of 39,600 dollars (+4,47%), while the European Commission toughens its attitude towards Moscow and proposes to ban all imports of Russian gas and liquefied natural gas (LNG) by the end of 2027, with a ban on short-term contracts starting next year.
This just as Putin could be cleared by the White House for a negotiation between Iran and Tel Aviv.
Meanwhile, the Ukrainian president arrived at the G7 today Zelensky.
Piazza Affari, Cucinelli shines
The main stock market index of Piazza Affari stands out today BRUNELLO CUCINELLI, following the optimism expressed yesterday about the brand by its founder on the sidelines of the menswear show Pitti Uomo.
Oil stocks are doing well: Saipem + 2,09% Tenaris + 1,66% Eni +1,13%. The six-legged dog is also appreciated in the wake to the agreement signed with Petronas, the basis for the creation of the new joint venture company, which will manage the assets in Indonesia and Malaysia.
Banks remained in the spotlight today, although investors responded negatively. The biggest losing blue chip was Unicredit, in a day full of statements by CEO Andrea Orcel, who reiterated that without clarity on Golden Power the offer on Banco Bpm (-0,4%) will not continue. According to Reuters The Italian government has responded to the European Commission's comments on the clauses imposed at Piazza Gae Aulenti by stating that domestic savings are a matter of national security.
Orcel then clarified that the stake in Generali does not hide any aim and Unicredit will reduce its share in Leone until it exits the capital.
The stock of the other big bank also fell today, Understanding -2,7% and losses are robust for Bper -2,08% Pop from Sondrio -1,95 and the shareholder of both Unipol -1,68%.
Among the smaller banks involved in the game of risk, Bank Ifis (+0,09%) announces that it has raised the essential sub-threshold for the effectiveness of the offer on Illimity (-1,09%) from 45% to 60%, while the minimum threshold of 66,67% of the capital remains unchanged.
In defense he goes down Leonardo -1,79%, which will soon announce the acquisition of a European cybersecurity company, as it told Reuters Stefano Pontecorvo, president of the aerospace group.
It also moves backwards Iveco, -1,14%. According to the Minister of Defense Guido Crosetto, the group's "defense" division, which is coveted by various giants in the sector, should "remain Italian".
In the car it is slightly decreasing Ferrari, -0,57%, which has postponed until at least 2028 plans for its second fully electric model, initially scheduled for 2026, due to weak demand for high-performance luxury electric vehicles.
Stellantis gives up 1,64%, despite Kepler Cheuvreux raising the target price to 12 euros from 10 and confirming the “buy” rating on the stock.
Spreads and rates on the rise
The session ends in red on the secondary market for the Italian paper: the spread between a 98-year BTP and a Bund of the same duration rises to 3,52 basis points and yields rise to 2,54% and XNUMX% respectively.
