The euro has reached its highest point in the last five months and the European stock exchanges are poised to open higher today as progress towards a ceasefire in Ukraine have improved investor sentiment, although concerns remain that the reciprocal duties can trigger a recession The United States said yesterday that it will restore the military aid and sharing of intelligence and Ukraine after Kiev said it would accept a proposal from US ceasefire, although Russia has not yet responded.
Duties and counter-duties
Trump's up-and-down day yesterday saw him first threaten to double down on Steel and aluminum taxes Canadians at 50% after that Ontario announced plans to impose a surcharge on electricity sent to the United States. Trump then reverted to the previously announced 25% tariff plans that went into effect today, as previous exemptions expired.
On the other hand the European Commission announced the launch of “countermeasures "rapid and proportionate measures on US imports to the EU", in response to the imposition of tariffs wanted by Trump on steel and aluminum imports, which he called "new and unjustified". In total, the countermeasures will apply to exports of US goods for a value up to 26 billion euros, which corresponds to the economic scope of the tariffs imposed by the US. At the same time, however, the EU said it was "ready to work with the US administration to find a negotiated solution", stressing that its measures "can be revoked at any time if a solution is found".
Trump to 100 CEOs at Business Roundtable Retracts Recession
However, the following remain alive: fears of recession to put pressure on the markets after Trump did not rule it out in an interview last Sunday. Yesterday the president defended his moves on duties durante a meeting with CEOs of the largest US companies of the Business Roundtable, which included executives from Apple, JPMorgan Chase and Walmart saying they could multiplyThe Republican president provided a more optimistic version when asked if he was worried about a recession. "I don't see it at all. I think this country will prosper,” he said. And he the market crisis was also downplayed. “They’ll go up and they’ll go down,” Trump said. “I’m not worried about that.”
Wall Street: Futures rise after yesterday's declines. Inflation data expected today
Wall Street had another bad day yesterday: the S&P500 closed down 0,8%, sliding to 5.572 points, just above the threshold that would have taken it into the bear market area: in any case, the index erased a staggering $4 trillion in market value from its peak reached last month. Down 1,14%, the Dow Jones. Just below parity is the Nasdaq 100 (-0,28%) where Tesla Motors recovers the previous heavy losses with a +3,79%, and below parity is also the S&P 100, which shows a decrease of 0,68%.
Most economists do not see an imminent risk of recession in the United States. But there are some warning signs, by weaker spending and consumer sentiment. Hiring in the country remained solid last month, but the unemployment rate rose to 4,1%. Efforts to Musk to streamline federal bureaucracy they add another employment risk.
Recession worries have prompted traders to increase bets on a rate cut by the Federal Reserve, with markets pricing in 76 basis points of easing this year. This has put the spotlight firmly on inflation data US expected later today. Today the Wall Street futures they turned upwards.
Asia slightly down
Asian stocks are mixed after another day of losses on Wall Street. Stocks in the China are weak: Hang Seng index -0,6%, CSI 300 of the Shanghai Shenzhen lists +0,1%. The Taiex, the stock market index of China, is moving in line with the trend of the Nasdaq futures. Taiwan. The bag of Tokyo little change, Nikkei index +0,1%. The yen weakens against the dollar to 148,2 from 147 yesterday. The S&P ASX200 index in Sydney is down 1,3%
European stocks seen positively. Focus on Leonardo, Saipem and banks
European stocks are seen bouncing on the basis of the +1% indicated by the Eurostoxx50 future in the wake of the news on the Ukrainian front.
Leonardo has updated its industrial plan to 2029, forecasting orders for 118 billion and revenues for 106 billion thanks to the push of new joint venture initiatives and a favorable market context. For the current year, the group has estimated approximately 21 billion in orders and 18,6 billion in revenues that should lead to an EBITDA of 1,66 billion euros. CEO Roberto Cingolani said that a buyback program is possible during the period of the industrial plan.
UnicreditThe ECB is expected today to give the green light to the takeover bid that the Italian bank has launched on the German institution.
Banca Popolare di Sondrio wants to return about 1,5 billion euros to shareholders by 2027, in a bid to defend itself from a takeover bid by rival Bper Banca. The bank will increase its annual payout ratio to 85% through 2027, doubling the dividend distribution of the previous three-year plan, it said in a statement today. Popolare Sondrio aims for about 1,8 billion euros of cumulative net profit in the 2025-2027 period, with a net result of 2027 million in 583. The bank has claimed its positioning as an “independent, agile and efficient entity, with a distinctive culture”.
Bpm Bank has obtained the go-ahead from Ivass and the EU Commission for the takeover bid launched through its insurance subsidiary Banco Bpm Vita on Anima Holding, thus completing the authorisations required for the operation.
Mediobanca. Aurelia, a company of the Gavio group, on March 11 sold strike 14 put options, at a weighted average price of 0,71 euros, with underlying 125 thousand shares of Piazzetta Cuccia.
Saipem proposed a dividend of 0,17 euros per ordinary share and 5 euros per savings share, Erg of 1 euro per share and forecasted a 2025 EBITDA of 540-600 million euros, up from 535 million euros in 2024.
Getting very lowered its 2026 guidance late yesterday evening, citing the longer timeframe for the approval of an incentive law for the sector and a more cautious approach in the United States in assessing the new administration's green energy policy. Capital expenditure was reduced by 20% to 1 billion and the growth of the asset portfolio to 4,2 gigawatts from the previous 4,5. The company recorded a 2024 EBITDA of 535 million euros, substantially in line with the 534 million of the same period of 2023, thanks to the significant contribution of investments made in the year that made it possible to offset extraordinarily unfavorable wind conditions. The Board of Directors proposes a dividend of 22 euro per share to the shareholders' meeting, which will be convened for April 2025, 1. “The results for 2024 and, in particular, for the last quarter, were affected by wind levels that were significantly lower than last year and the historical averages for the period,” said CEO Paolo Merli.
ItalgasThe board of directors has called a shareholders' meeting on April 10 to approve a capital increase of up to 1,02 billion euros, as part of the acquisition of 2i Rete Gas.
sapphire closed 2024 with increased adjusted net profit and margins, despite a decline in net sales, and plans to focus on strengthening partnerships and operational flexibility to seize opportunities to return to revenue growth.
Brunello Cucinelli. Morgan Stanley initiated coverage of the stock with an overweight rating and a target price of 130 euros.
Ferragamo. Barclays raised the target price to 5,7 from 5,8 euros (underweight rating).
Pirelli Goldman Sachs raised the target from 6,80 to 7 euros, Buy confirmed.
Team Bnp Paribas raised its target from 0,28 to 0,30 euros.
