The US president Donald Trump rejoices, but the framework agreement with China on tariffs does not warm the stock markets, which close weakly in Europe (with the exception of London +0,14%), especially since an American appeals court imposed a truce until July 31 on the suspension of the block on reciprocal tariffs, effectively endorsing the tycoon's requests.
It is legitimate to ask to what extent the agreements (still to be clarified) between the two world superpowers will facilitate the EU negotiations and the president of the ECB Christine Lagarde warns: with the trade blocs we will all be worse off.
Milan is almost colourless (-0,07%), while the drops are more marked at Frankfurt -0,29% Paris -0,36% Amsterdam -0,33% and above all at Madrid -0,85%.
Wall Street on the other hand, it moves in timid progress at mid-day, also looking at core inflation in May, which rose less than expected. A trend that weighs on the dollar, in the perspective of a more probable cut in the cost of money in September, while oil moves briskly. On the Nasdaq, it appreciates Tesla (+1,88%), after Elon Musk's apology to Trump: "I'm sorry for some of my messages last week about the American president. I went too far."
Piazza Affari: Mps falls back and Mediobanca files a complaint with the Public Prosecutor's Office against Caltagirone and Delfin
Piazza Affari is supported today by managed savings stocks – thanks to last month's super collection – but is weighed down by nexi -2,47% Saipem -2,07% and Ps -1,43%, in a banking risk attempt that is increasingly being subjected to the Caudine Forks of the courts. According to press sources in fact Mediobanca (-0,2%) in the last few days has filed a complaint with the Milan Public Prosecutor's Office in relation to the takeover bid launched by Siena on the same Piazzetta Cuccia, hypothesizing a 'concert' action between the two partners Francesco Gaetano Caltagirone and the holding Delfin of the Del Vecchio family.
In a contrasting banking sector, the session closes with a cautious increase Unicredit +0,42%, after statements by CEO Andrea Orcel that evidently pleased the market. During the Goldman Sachs Financial Conference 2025, Orcel put a stop to the offer on Bpm bank (-0,64%), saying that without clarifications on the golden power, the operation will not go ahead. A response to German Chancellor Merz on Commerzbank: "No opacity, we were the only ones invited by Berlin". Meanwhile, we are still waiting for the decision of the TAR Lazio on the appeal presented by Bpm against the suspension imposed by Consob on the Unicredit takeover bid.
Leaving the busy banking perimeter and looking at the major increases of the day on the Ftse Mib, we note the excellent performance of Azimuth +2,55%, rewarded by purchases after the May data: net collections reached 1,9 billion, above expectations, bringing the total since the beginning of the year to 7,6 billion – close to the 2025 target of 10 billion. In the wake Finecobank +1,71%, which had in turn shown excellent collection data in recent days.
Good utilities like A2a +1,95% and Italgas +1,39%, rebounds Unipol +1,39%. The favorable winds for chips, with the possible US-China agreement, keep the sails high for stm + 1,18%.
The black jersey of the day goes to Nexi, alarmed by the decline of its French rival Worldline -1,86% in Paris.
Male Pirelli -1,28%, while according to rumours Reuters The Italian government is seeking clarification from the United States on possible restrictions on the US market due to its relationship with the Chinese company Sinochem, as the White House considers limiting the sale of cars that use some Chinese technology. Will the regulation apply to Pirelli and, if so, to what extent? These are probably the questions that are sought to be answered.
Stable spreads
Despite the meteorological heat infecting Italian cities, on the secondary market it is still spring for the government bonds of the Bel Paese. spread with the German 93-year is relatively stable at XNUMX basis points, but the rates fall to 3,47% and 2,54% respectively.
Dollar falls, Fed expected to be more dovish
On the foreign exchange market the dollar accelerated lower today after the data onUS inflation. In particular theeuro gains about half a percentage point, for a cross that is heading towards 1,15. Weighing down the greenback is the prospect of a more colorful Fed with new inflation data. Consumer prices last month rose by 0,1% compared to the previous month, after +0,2% in April (confirmed). Estimates were for a rise of 0,2%. The annual figure accelerated to 2,4% from 2,3% in the previous month, in line with estimates. The 'core' figure, i.e. the one adjusted for the component of food and energy prices, rose by 0,1%, with estimates at 0,3%. On an annual basis, growth is at 2,8%, against forecasts of 2,9%.
A tough job now awaits the chairman of the Federal Reserve Jerome Powell, whose mandate expires in a year, while, according to press sources, US leader Donald Trump already has a replacement ready: the Secretary of the Treasury Scott Bessen.
Today's picture fuels new purchases on the Petroleum, which today sees Brent and WTI futures rise by more than 2%. The price of North Sea oil is currently $68,27 a barrel.
The uncertainty that remains in the background also keeps thegold: Spot gold gains 0,5% and shows a current price of $3339,34 per ounce.
