The truce reached between the US and China on tariffs is pushing the world stock exchanges and has a balsamic effect especially on Wall Street, dollar and oil.
European stock markets closed a positive session, although they scaled back their gains compared to the hangover of the morning when Piazza Affari updated its highs since 2007.
The final photograph sees Milan up 1,4%, close to 40 thousand basis points (39.921), driven by the sectors that benefit most from the breath of fresh air in the commercial sector, such as cars, chips, luxury.
They are more cautious Frankfurt + 0,35% London +0,58% and Madrid +0,83%, while Paris e Amsterdam rise by 1,35% and 1,76% respectively.
In New York the euphoria is even more palpable, at least in these first hours of trading: Dj +2,5%; S & P 500 +2,6%; Nasdaq +3,67%. Stocks such as Nvidia, Amazon, Apple and Tesla are showing significant progress.
The credit goes almost entirely to theUS and China reach agreement in Geneva over the weekend, which far exceeded investors' expectations and could be a harbinger of further positive news on Fentanyl.
Negotiators announced the suspension of mutual maxi tariffs starting the day after tomorrow. In fact, Beijing will maintain the 10% duties on US goods, but will cancel the 91% tariff and suspend the remaining 90% for 24 days. The US will cut customs duties on Chinese goods by 115%, which will thus be reduced to 30%.
On the geopolitical front, it is hoped that something good will come from themeeting between Russia and Ukraine in Türkiye, a meeting that US President Donald Trump is also thinking of attending, while for now the India-Pakistan truce, obtained thanks to US mediation, is holding.
Dollar and oil rally
In other markets the repercussions of the trade truce are important on dollar, which is flying against major currencies today. Theeuro loses more than 1%, for an exchange rate that retreats to 1,11. The greenback strengthens especially against safe haven currencies such as yen (against which it gains almost 2%) and the Swiss franc (+1,5%).
The prospect of a loosening of the reins on international trade is sending the Petroleum, which is appreciating by more than 3% in these hours. The Brent future July 2025 is close to 66 dollars a barrel, while the Wti future, June 2025, sees a price above 63 dollars.
Symmetrically and in reverse thegold rewind the tape: spot gold loses 2,66% to a price of 3236,10 dollars an ounce, while the June 2025 contract retreats by 3%, to 3242,81 dollars an ounce.
Investors' returns on stocks weigh on the government bonds, especially in the United States, where Treasuries are seeing falling prices and rising rates. The 4,442-year is at 1,53% (+XNUMX%).
Piazza Affari: strong Stellantis, Iveco, Unicredit
On the main list of Piazza Affari, car stocks have been the most popular. The queen of the list is Stellantis +6,85%, which according to Bloomberg the appointment of the new CEO is on the home straight. The following follows shortly after Iveco +6,52%, also the focus of attention is on the interest shown by various companies for the defense subsidiary (which assembles military vehicles). In particular, there would be a non-binding offer launched by Leonardo and Rheinmetall for almost 1,5 billion euros. According to El Pais Spain's Indra has also reportedly put forward a proposal. The Spanish company, 28% controlled by the Iberian state fund Sepi, could have fresh finances as it is set to benefit from the government's plan to increase defense spending by more than 10 billion euros this year.
The day was particularly favorable for the chip sector and therefore it stands out in Milan stm +6,76%. Well Interpump +4,37% and, in luxury, they stand out Moncler +4,96% and cucinelli + 4,16%.
Among the oil stocks the best is Tenaris + 3,31%.
The juicy chapter of banks opens with Unicredit +4,18%, which presented its best quarter ever and raised its guidance for the current year. In relation to its expansionist aims, the bank is trying to clarify some aspects of the Golden Power placed by the government on the takeover bid relating to Bpm bank (+3,29%) and there will be talks with government officials in the next few, he writes Radiocor citing sources familiar with the dossier.
Among the most under-recognized banking stocks are instead Bper +0,08% and Popular of Sondrio, flat, potential brides. On the latter however the ECB has turned on a light, which sees the institution's governance afflicted by "serious" and "significant shortcomings" that "affect, among other things, its credit risk management system", consequently imposing a series of "supervisory measures". The shareholder of both banks is suffering, Unipol -0,74%.
The black jersey of the day goes to Leonardo, -4,31%, which together with defense stocks at European level, is suffering from the winds of peace that are blowing (however very light) on the continent.
In a context of greater propensity for risk, utilities are falling back (Hera -2,25% Snam -2,1% Terna -1,93%), as well as Inwit -1,97% Recordati -0,96% and Telecom -1,71%.
It slips out of the main basket Fincantieri -6,44%, which also has presented a brilliant quarterly. Revenues in the first quarter rose by 35% and Ebitda by 53,5%, compared to the same period of the previous year. The company, a note explains, also achieved a historic record in terms of new orders, equal to 11,7 billion euros, and confirmed the targets for the current year.
Instead, the exes are rising Mediaset, Mfe A (+2,28%), Mfe B (+2,84%), after the Czech Ppf, second largest shareholder of ProSieben (+18,39%), launched a partial takeover bid on the German broadcaster at 7 euros per share to get to just under 30% of the capital, just as the total takeover bid of Mfe (which has 30,1% of the German group) is underway at 4,48 euros in cash and 0,4 Mfe A shares for each ProSieben share.
Spreads down
In a context of rising rates, Italian paper holds its own against German paper and sees the spread between the two benchmark ten-year bonds fall to 102 basis points (-2,24%). The yield on the BTP rises to 3,67% and that of the Bund to 2,65%.
