The sea remains choppy on the stock markets, a bit intoxicated today by new announcements from the White House (Trump is in no hurry to talk to Xi Jinping), by some backtracking (the US stop to Chinese packages seems to have been suspended), by a strong dose of quarterly results (from Santander +7,65% ad A -8%) and a series of macro data. Added to this is Donald Trump's disconcerting proposal for a 'takeover' of the Gaza Strip by the US, so as to create the Middle Eastern Riviera thus transferring the Palestinians elsewhere. A hypothesis that has made the Arab world rise up.
Disorientation favors purchases on thegold, which in immediate delivery updates yet another record at 2882,35 dollars per ounce, while for the European stock markets the final outcome is a mixed closing:
Business Squarelimits the damage to 0,38%, weighed down above all by nexi 3,11%, while the utilities sector holds. Frankfurt 0,37% salt, London recovers ground with a progress of 0,6%, Paris yields 0,19% e Amsterdam it is flat. It stands out above all others Madrid +1,22%, toasting to the Santander's record accounts with profits in 2024 at 12,5 billion, up 14%.
Wall Street is moving mixed
The beacon of Wall Street is a little dim today, even if the stock markets are slightly recovering compared to the start (DJ + 0,12% S & P 500 -0,05% Nasdaq -0,28%). Some heavyweight stocks, especially in the pre-market, were what depressed sentiment, starting with Alphabet (Google), which has seen a slowdown in revenue growth and above all has announced that it will spend 75 billion dollars on AI this year, 29% more than expected by the market and after the irruption of a low-cost front like Deepseek.
In the quarterly context, the thud of amd, -11%, following a disappointing quarterly report.
US trade deficit rises in December
The macro page adds fuel to the tariff mill, showing that in December the trade balance deficit Stars and Stripes rose 24,7% compared to November. In absolute values, they are 98,43 billion dollars, against expectations for 96,88 billion. Exports decreased by 2,6% to 266,5 billion dollars, imports increased by 3,5% to 364,9 billion dollars.
THEUS occupation in the private sector, on the other hand, the pace accelerated in january: according to the monthly report drawn up by Automatic Data Processing (adp), the agency that prepares pay slips, 183.000 jobs were created compared to the previous month (forecasts of 150.000). The december figure was revised from 122.000 to 176.000.
THEUS service sector activities It unexpectedly slowed in January as demand slowed, which helped dampen price growth. According to the Institute for Supply Management (ISM), the PMI for the non-manufacturing sector fell to 52,8 last month from 54,0 in December, against expectations for growth.
Also for theEurozone the have been published PMI estimates for JanuaryThe composite index rose to 50,2 points, thus crossing the threshold of 50 above which there is expansion (it was 49,6 in December). The services index, however, fell below estimates to 51,3, from 51,6 and expectations at 51,4.
For Italy, things went worse: 49,7 is the composite PMI for January, 50,4 that of services (from 50,7 and 50,5 expected).
Dollar falls, gold rally never-ending
The possibility that the Central Bank of Japan The further rate increases are reflected today in the currency market, where the dollar is weakening against the main currencies and in particular is currently losing 1,4% against the yen, for an exchange rate of 152,17.
Also 'euro strengthens against the US currency and rises by 0,4%, taking the cross above 1,042.
Among raw material there is no end in sight to the gold rally, which represents a bulwark against market doubts. In addition to spot gold, the April 2025 future is also pushing on the accelerator, trading at $2892,56 an ounce, after having touched a maximum of $2905,94.
The “lack of haste” in the dialogue between the US and China instead depresses oil, which today retreats by more than 2%. Texas crude, March 2025, is trading at 71,08 dollars a barrel; Brent April 2025, at 74,61 dollars a barrel.
Piazza Affari, Inwit and Telecom soar
Among the best blue chips on Piazza Affari there is also today Telecom Italy, +1,1%, which has gained 11% since the beginning of January, while Bloomberg highlights that analysts have adjusted their aim on a stock that today has 13 Buy, 7 Hold, and an average target price of 0,32 euros.
Queen of the price list is Inwit +1,19%. The closing is positive for many utilities: Italgas + 1,13% Snam + 0,94% A2a + 1,1% Hera + 0,78%.
Financial stocks are each on their own. Well Banca Mediolanum +0,61% (on which Citigroup raised the target price to 14,4 euros from 12,6), Bper + 0,79% Mediobanca + 0,63% Ps +0,57%. Instead, back off Understanding -0,68% and is flat Unicredit. The latter has meanwhile notified the government of its offer on Banco Bpm (-0,23%), in accordance with the golden power legislation.
It continues to lose altitude Campari -2,45%, in a context of possible cross-tariffs.
The auto sector is in the red, probably depressed by the interruption of negotiations between Nissan and Honda for a merger that could have created the world's third largest car manufacturer. In Milan: Iveco -2,27% Ferrari -1,09% Pirelli -1,11%.
Out of the main basket Soul Holding (+2,81%) toasts a quarterly with strong growth in profits and revenues. In particular, normalized net profit sees a 50% jump to 276,5 million, for a proposed coupon of 0,45 euros. The stock closes at 6,94 euros per share (after having touched 7 euros, the highest since 2016), far from the 6,2 euros put on the table by the takeover bid by Banco Bpm, which is waiting for the green light from the authority for the operation by February 26, with a possible extension of one month. Anima also has a 4% stake in Montepaschi, an investment that CEO Alessandro Melzi d'Eril considers strategic. "Mps is a key strategic partner, one of the founders of this company" and we hope that the stake "generates significant returns in light of the bank's performance". The stake is in the balance sheet for "around 340 million with a capital gain of around 80 million".
The closure is weak instead Fincantieri -0,16%, which also won the largest order in its history: the construction of four maxi cruise ships on behalf of Norwegian Cruise Line Holdings (NCLH), for a value of 9 billion euros according to market estimates.
Declining spreads and rates
Eurozone government bonds closed a positive session, with rates falling. For the 10-year BTP it fell to 3,45% and for the 10-year Bund to 2,36%, for a spread between the two benchmark securities by 109 basis points (-1,32%).
