A Adjustment day on the markets, after yesterday's gains, closes positively for European stock markets, while Wall Street is moving mixed towards mid-session (DJ -0,41%, S&P 500 +0,64%, Nasdaq +1,22%). After the truce between US and China on tariffs, today the investors appear more cautious, while they evaluate the slowdown of the iUS inflation of April and other macro data, but also geopolitical uncertainties.
Piazza Affari reaches 40 points (40.077) marking a rise of 0,39% and the picture is similar in the rest of Europe, where caution is not holding back the progress of Frankfurt + 0,38% Madrid + 0,99% Amsterdam + 0,58% Paris +0,3%. It is almost flat London (-0,05%), which had to deal with a higher-than-estimated growth in unemployment during the day (at 4,5% in the January-March period). In Germany, however, investor confidence is recovering and the Zew index improved to 25,2 in May after the collapse of -14 in April.
US inflation slows
The macro page was read carefully today, especially in terms of the Fed, with regard to the April consumer price data in the United States. The surprise is positive, because theinflation slows to 2,3% (smaller increase from February 2021) and is lower than expected, but it does not completely clear the clouds about the future, because prices are estimated to rise further in the coming months due to duties that will increase the cost of imported goods.
THEtrade agreement with Great Britain , truce with China gives hope, even though President Donald Trump has shaken the financial world in recent months with his sudden changes of opinion. Goldman Sachs however reduces the chances of recession in the United States to 35% (from 45%) in the case of lower duties.
In the US stock market, the DJ is weighed down United health (-15,67%), after the company suspended its 2025 outlook and announced the replacement of CEO Andrew Witty. Mega caps and Boeing rose on rumors that Beijing had already removed bans that made it impossible to sell US aircraft to Chinese airlines.
Saudi Arabia pledges to invest $600 billion in the US. Putin's presence in Istanbul remains a mystery
Meanwhile the American president Donald Trump is in Riyadh and will continue his journey in Qatar and the Emirates with the aim of attracting a trillion dollars of investments to the USA. For now he has already obtained a Saudi Arabia pledges $600 billion, 142 of which in the defense sector.
On the geopolitical front, the mystery over whether Putin will be present or not at the Istanbul talks on Thursday for a truce in Ukraine, where even Trump is considering going. When Ukrainian President Zelensky asks for a truce without ifs or buts, the Kremlin responds that the one who is losing the war cannot dictate the conditions.
Inflation holds down the dollar
After the gains of yesterday, today the returns dollar sales, also driven by the slowdown in US inflation.
THEeuro recovers around 0,8%, for an exchange rate of 1,117.
The a's are backgold purchases, after yesterday's sell-off, in a global scenario that still presents many grey areas: spot gold is trading up 0,5%, for a price of 3250,73 dollars a barrel.
The songs are confirmed to be well-tuned oil futuresTexas crude, for June delivery, is trading above $63,3 a barrel, while Brent crude, for July, is just above $66.
Gas prices are also rising in Amsterdam (35,725 euros, +0,95%), while the European Commissioner for Energy, Dan Jorgensen, upon his arrival at the informal EU Energy Council in Warsaw, clarified that the EU will not return to Russian energy in the future. “We do not want it now and we will not want it after a peace” between Moscow and Kiev.
Piazza Affari, Stellantis, Mps and Iveco on the podium
In the business square Stellantis recovery continues (+4,39%) after the agreement on tariffs between the United States and China. The automotive sector confirms in cash Iveco Group +3,81%, after rumours on the interest of various companies in its defense division. The day after tomorrow Iveco will present its quarterly report and will be able to provide some clarification on this point. The group has also announced that it will supply the Dutch Armed Forces with 785 military logistics vehicles, scheduled for delivery between 2027 and 2029, and the award of the tender includes an optional lot of additional 785 vehicles.
There is also a bank on today's podium, specifically Monte dei Paschi di Siena +4,2%, which updates its highs in about three years. A phase of high trading continues on the stock, which has reached an average of 30 million shares in the last two sessions.
In the sector it is also appreciated Mediobanca, +1,69%, subject to an offer from Siena. It instead retreats Unicredit -1,48%, after yesterday's jump in response to a record quarter which also moved the analysts' promotions. Its possible prey also falls Bpm bank -0,63%.
In other sectors, a session of robust gains closed Prysmian +3,29%, which will issue hybrid bonds on the market for up to one billion euros, mainly to finance the acquisition of the Texan company Channel Commercial.
Bene cucinelli +2,49% and stm + 2,85%.
I more discounts are for Campari -2,96% nexi -2,17% A2a -2,38%. The latter closed the first quarter with profits down 13%, but revenues and investments increased.
Insurance stocks close a weak day: Generali -1,15% and Unipol -0,89%. The Bologna-based giant will present its first-quarter results on Friday.
Still on the subject of quarterly reports Buzzi appreciates by 1,28%, after having seen revenues grow by 8,7% and having confirmed the guidance for the full year.
Stable spreads
The closure is stable on the secondary, where it spread between ten-year BTPs and Bunds of the same duration is confirmed at 102 basis points, but in a context of rising rates. The Italian bond is at 3,69%, while the German one is at 2,68%.
A similar movement is affecting the US Treasuries, where the 4,5-year takes another step towards a yield of 4,478% (XNUMX%).
