Il weight of duties is starting to emerge from the macro and corporate data and it is not good news for the markets. During the night both the financial statements released after the close of Wall Street, both economic data in China and Japan they are saying loudly that the Tariff crisis is already here, bringing out those fears again global economic slowdown which in the last sessions seemed to be dormant. Crucial will be today US data on inflation e GDP which will provide investors with more information on the state of the economy shortly before President Donald Trump announces country-specific taxes on April 2, while data from some Big Tech USA. THE'only hope for investors it is placed in the Trump backtracks on tariffs, like the one on auto indicated yesterday,the negotiations with the various countries and in the cut of the interest rates Fed to avoid recession. US stock index futures are down after disappointing earnings Super Micro Computers Inc., Asian stocks are little changed and European stocks are forecasting an opening at parity.
Trump Celebrates His ‘100 Days of Greatness’: ‘You Ain’t Seen Nothing Yet’
Last night, Donald Trump celebrated his “100 days of greatness” as president in Michigan, defending his global tariff policy, confirming the easing of auto tariffs and ignoring the controversy over his chaotic economic and social strategies that are causing him to lose ground in the polls. Indeed, in his first rally since taking office at the White House, he reiterated: “You ain’t seen nothing yet.” In over an hour-long speech, Trump evoked his most cherished priorities, from the fight against migrants, citing mass deportations, to draconian cuts to a federal bureaucracy that needs to be “eradicated,” to the culture wars, starting with the one against “transgender madness.” During the evening, Trump said that negotiations between the United States and India on the duties "they are going great, I think we will have a deal, they want to make a deal". He does not fail to criticize the head of the Fed again Jerome Powell“Inflation is basically down and interest rates are down, despite the fact that I have a person at the Fed who is really not doing a very good job,” Trump said.
Wall Street closes slightly higher, but trouble is in the afterhours
All three major U.S. stock indexes edged higher yesterday, with the blue-chip Dow Jones leading the way. The Dow Jones Industrial Average rose 300,03 points, or 0,75 percent, to 40.527,62, the S&P 500 rose 32,07 points, or 0,58 percent, to 5.560,82, and the Nasdaq Composite rose 95,19 points, or 0,55 percent, to 17.461,32.
But then in Asian trading, contracts for the S&P 500 and Nasdaq 100 indexes both fell at least 0,5%, with Super Micro which is dropped by 15% in the negotiations afterhours after publishing preliminary results well below analysts' estimates, a sign that its recovery plan has been slow to take hold. General Motors Co. and JetBlue Airways Corp. withdrew their forecasts, while United Parcel Service Inc. said it plans to cut 20.000 jobs this year. Also following the shutdown, Starbucks Corp. said its sales fell slightly faster than expected.
Waiting for data four of the so-called "magnificent seven"", or Microsoft, Apple, Meta and Amazon, which will announce the company's results between today and tomorrow.
Asia, industrial activity in China and Japan is worrying
Following Wall Street's sixth consecutive gain in the S&P500, the MSCI Asia Pacific index gained 0,3% and is aiming to close the month with a positive change of around 2%. The index rose by 0,2% Nikkei Tokyo, April is about to close with a slight increase, +0,5%. The dollar-yen cross is little moved at 142,5. Worth noting Sony, with the title up 5%, on the rumors Bloomberg of a plan to spin off its semiconductor manufacturing units, although later denied. A reorganization of the production structure, with the sale of the chip part, had been urged in recent years by Dan Loeb's activist fund Third Point. It surprised the industrial production in Japan which fell by 1,1% in March from the previous month, after increasing by 2,5% in February. Compared to March 2024, the index decreased by 0,3%. The sectors that contributed most to the decline were motor vehicles, electrical machinery and electronic equipment for information and communication, as well as general and commercial machinery.
The Hang Seng of Hong Kong gains 0,2%, -4,6% month. CSI 300 of Shanghai and Shanzhen indexes +0,1%, -2,3% month. In China the activity painting recorded in March the worst contraction since December 2023, thus revealing the first signs of damage to the duties Donald Trump's 145%. The official index of purchasing managers of the sector manufacturing fell more than expected to 49 from 50,5, the National Statistics Office said today. The index non-manufacturing showed that activity in the construction and services sectors grew less than expected. The offshore yuan extended its decline, falling 0,1% to about 7,27 per dollar after the data missed expectations.
The index Kospi of Seoul loses 0,3%, the month is about to close with a 3% increase. The Ministry of Industry has announced that there will be some increases in the next few hours talks technical with their US counterparts. The delegation of senior South Korean officials will remain in Washington until tomorrow. The actions of the Samsung Electronics Co. collapsed as its chip division posted a roughly 40% drop in profits, after U.S. export controls dented sales of its high-end chips.
The S&P ASX200 index of Sydneyy gains 0,3%, +3,3% for the month. Trump spoke tonight of the possibility of having another phone call with the Australian prime minister to discuss tariffs. The attempts to start a negotiation come three days before the federal elections: the topic of tariffs has dominated the electoral campaign. In February, during the first telephone meeting, Trump had left open the possibility of an exemption from the 25% tariffs on steel and aluminum. The exemption was not granted and instead a "reciprocal" imposition of 10% arrived at the beginning of April.
Petroleum Wti down 1,3%. Gold at $3.310 an ounce, -0,2%. Dollar little moved, exchange rate euro and 1,137.
European stocks seen opening little changed
Futures on European markets are little moved. Euro Stoxx 50 stuck at parity. At Piazza Affari eyes on Stellanti and Tenarisma especially on the protagonists of the bank-insurance risk: from Mediobanca to Generali and from Mps to Banca Generali.
The data will be published today GDP European, quarter on quarter, and of inflation harmonized by Germany and Italy. Among European companies, the quarterly reports of: Societe Generale, Credit
Agricultural, Volkswagen, Mercedes-Benz.
Mayor intends to improve its 2025 guidance, which has so far been confirmed after a better-than-expected first quarter, but, the CEO told analysts, it is not known when.
Recordati. The group's top management, during the presentation of the three-year plan, said they did not fear the arrival of US duties on pharmaceutical products and that they would continue to push on the M&A front.
Stellantis recorded another negative quarter and suspended its estimates for the entire 2025. The automotive group closed the first three months of 2025 with revenues of 35,8 billion euros, down 14% compared to the 41,7 billion recorded in the same period of the previous year, due to the decline in deliveries especially in the United States. Maserati remains in crisis: volumes and revenues halved, but the spokesperson denied that it is for sale.
STM. Italy is pushing for an extraordinary shareholders meeting to appoint its candidate, Marcello Sala, to the supervisory board, two sources quoted by Reuters.
TenarisThe 1st quarter Board of Directors meeting will be held today.
