US President Donald Trump is once again starting to upset the financial markets with statements on his customs policy and after announcing over the weekend new duties on Canada (25%), Mexico (25%) and China (10%) Today, in the late European afternoon, it makes a partial reverse. According to Mexican President Claudia Sheinbaum, the tariffs will be postponed by a month, at least for the Central American country, and this is confirmed by the White House. So this shows everyone that the negotiations remain open. After the news Wall Street reduces losses, while remaining in decline (now DJ -0,2% S & P 500 -0,6% Nasdaq -0,9%) and the stock markets of the Old Continent are taking a breather at the end of trading, while the EU Council, in an extraordinary meeting, is evaluating how to react to possible tariffs.
In any case the climate is stormy and Taurus appears scared at all latitudes: Milan -0,69% Frankfurt -1,3% London -1,03% Paris -1,2% Amsterdam -0,62% Madrid .
Gold and the Super Dollar
Those who suffer the most are the automotive stocks, while risk aversion also weighs on the criptovalute, despite the volatility induced by the succession of news coming from Washington.
On the contrary, the dollar and thegold take flight. Spot gold is trading above $1823 an ounce.
Purchases are cooling down on Petroleum which appears little changed, while the prices of the gas in Amsterdam they are at 53,750 euros per MWh.
In the currency field it is still super dollar, the greenback scales back gains after news from Mexico. Theeuro, which had fallen below 1,03, is now trading on that line. For the single currency, the loss is about half a percentage point, halved compared to the previous hours.
Inflation rises slightly in Europe
The framework for this picture is not very reassuring macro data, in a perspective of constrained trade that could weigh on growth and cause the'inflation. Already in January, the cost of living strengthened slightly in the Eurozone, while manufacturing showed some signs of vitality but remained in contraction. On the other hand, the US PMI rose.
According to Eurostat's flash estimate, annual inflation in the euro area increased to 2,5% last month, from 2,4% in December, while in January 2024 it was 2,8%. In Italy, inflation rose to 1,7% from 1,4% in December and 1,5% in November. Meanwhile, the european manufacturer timidly raises its head: the PMI index rises to 46,6; in Italy to 46,3 from 46,2 in December; in France to 45 points from 41,9 points; in Germany it rises to 45 points from 42,5 points in December. The star-spangled data are of a completely different nature, showing an ISM manufacturing index expanding to 50,9 from 49,3 in December and well above expectations.
In Piazza Affari, Tim and Mps rise, Stellantis collapses
Even in Piazza Affari the sector most affected by sales is the four-wheel sector, which has transferred a large part of the assembly and production of components to Mexico. The blue chip in the black jersey is Stellantis -4,52. Analysts at Intesa Sanpaolo note that in the NAFTA area (USA, Mexico and Canada) "Stellantis has 11 assembly plants, of which 2 in Canada and 3 in Mexico. According to our simulations, total imports from Mexico and Canada should represent approximately 37% of the group's total revenues in the USA". Thus it also loses share Pirelli -3,37%.
Red is on for Saipem -3,42% stm -3,05% nexi -2,76% Interpump -2,45%.
On the other hand, it goes up Telecom +1,43% and the effervescent banking sector still animates the debate and purchases, at least on Ps +1,42%. The flame of speculative appeal in the sector was kept alight over the weekend by the news that Unicredit (-0,72%) owns 4,1% of the capital of Generali (+0,33%). A share that could have an impact when it comes to appointing the new board of directors and when they will compare Mediobanca (-0,79%), Delfin and Caltagirone, together with the Mef. The latter are also the main shareholders of MPS, protagonist of the recent blitz with which it announced a takeover bid on Piazzetta Cuccia, which was actually received coldly by investors and analysts.
Finally they go up Leonardo + 1,06% Recordati + 0,85% cucinelli +0,56%. Utility insights.
Spreads up slightly
The Italian card also limits the damage in the final, with the spread between 10-year BTPs and Bunds of the same duration which rises to 111 basis points, but in a context of falling rates. BTP is at 3,5% against 2,39% of the German title.
