Il US GDP data ha disappointed expectations, with a contraction of 0,3% in the first quarter of 2025, pushing Wall Street to open in sharp decline. The economic slowdown (for the first time since 2022) adds to the PCE inflation jump, which went from +2,4% to +3,6% in the first quarter, with the “core” figure rising to 3,5%. The news also weighs on European stock markets which lose during the day but recover at the end. Thus London, Paris e Frankfurt they return to green, while Milan e Madrid losses are reduced but remain the worst of the day. In the meantime, Wall Street is preparing for a round of results with Big Tech.
I duties, always protagonists on the markets, are back in the spotlight after Donald Trump's move to ease tariffs on cars, but the numbers of the sector they are not reassuring at all: Stellantis reports a -14% in revenues, while Volkswagen marks a worrying -40% on profits.
In Europe, the economy is showing signs of growth, but not strong enough to support the stock markets. GDP of the euro area grew by 0,4% in the first quarter, beating forecasts (which were for +0,2%). TheItaly recorded a growth of 0,3%, but inflation accelerated in April, with a monthly increase of 0,2% and 2% on an annual basis.
Read EVEN Stocks anxious about the first effects of tariffs on companies and economies
At Piazza Affari the banks slow down after a positive start, with Unicredit down due to supply uncertainty Crédit Agricole for Bpm bank. The decision of the French bank, expected in the coming weeks, is putting pressure on the stock. Other Italian banks, such as Ps, Understanding and Banca Mediolanum, are in the red, with the economic slowdown and the prospect of a possible rate cut by the ECB that could further penalize interest margins.
Campari continues to rise thanks to the positive results of the European alcohol sector, while Stellantis keeps pace despite the suspension of guidance due to uncertainty related to US tariffs. Pharmaceuticals also did well (Recordati e Diasorin).
Energy sector weak: Saipem e Tenaris are falling, influenced by the fall in oil prices: WTI is back below 60 dollars, Brent just above 63 dollars a barrel.'euro/dollar is stable at 1,138, while thegold loses 0,2%, stopping at 3.310 dollars an ounce. The spread remains at 111 points, with the yield on the 3,59-year BTP at XNUMX%.
