The prospect of lighter tariffs from the United States does not excite European stock exchanges, especially since the EU could remain in Washington's sights. Thus the first session of the week ends with small ups and downs in the Old Continent, while Wall Street steps on the accelerator in the early hours of the American day, also weighing the ongoing negotiations with Russia for the ceasefire in Ukraine and the PMI indices for March on both sides of the Atlantic. Investors are also adjusting their portfolios in view of the end of the month.
Business Square,-0,16%, narrowly loses 39 thousand basis points, despite the boost from financial stocks starting from Bhip Mediolanum (+2,12%), a stock that benefited from the promotions of JP Morgan and Deutsche Bank. Frankfurt gives up 0,13%, but the German Temple Size (+1,45%) conquers the crown today most capitalized company in Europe, ousting the Norwegian Novo Nordic (-1,34%). Paris loses 0,26% e Madrid 0,19%, Amsterdam, alone, earns a modest 0,09%. Outside the block London marks -0,11%.
The snapshot offered by Wall Street at the moment is of a completely different color, where the Bull is rewarding the DJ +1,36%, lo S & P 500 +1,6% and the Nasdaq +2%. Among the stocks, banks and big tech are doing well. Also Tesla, always under observation, it recovers 10% in these minutes after the heavy losses accumulated in the last few weeks (but not in the last sessions, which were a rebound).
Duties and PMI in focus
Investors' focus remains on tariffs, the geopolitical situation and macro data.
On the first front the US president Donald Trump announces today that it will hit all countries that buy Venezuelan oil with 25% tariffs and observers point out that the countries in the crosshairs should be India and China.
As regards the duties coming on April 2nd there are some distinctions that give hope to some countries.
U.S. media reported over the weekend that Trump would not impose specific tariffs on sectors such as cars, drugs and chips, but should limit his plans to the roughly 15% of nations that have persistent trade imbalances with the U.S., the “dirty 15,” as Treasury Secretary Scott Bessent labeled last week. According to the Wall Street Journal, the nations targeted will be similar to those indicated in a Federal Register memo last month, which called for a focus on the G-20 nations, including Australia, Brazil, Canada, China, the European Union (including Italy), India, Japan, South Korea, Mexico, Russia, Vietnam and others.
There were new developments in Riyadh today diplomatic meetings between the United States and Russia, described by some participants as “interesting and creative”, even if the Russians continue to point the finger at Kiev saying that it does not really want peace. The US, however, seems optimistic and hopes for a truce by Easter.
Today's macro page offers a first glimpse of how the economy will fare in March.
In the EU there is an improvement in manufacturing (at 48,7, a two-year high), but services deteriorated (at 50,4, still above the 50 line that divides expansion and contraction). In the United States, there was a deterioration in manufacturing (49,8, from 52,7 in February) and a rush in services (to 54,3). Fears of stagflation in the US, however, do not seem to be completely dispelled by these numbers. The survey by S&P Global – Reuters reports – also shows that a measure of producer prices rose this month to the highest level in almost two years, with increases in both manufacturing and services. Companies also seem reluctant to hire new people.
The sector's improvement will therefore probably not be enough to allay fears that the economy is going through a period of very slow growth and high inflation. Consumer sentiment is also deteriorating as households worry about the future.
Rising dollar
Il dollar remains in good shape today and gains ground against major currencies, in particular it is up 0,9% against the yen for a change of 150,58. Theeuro it retreats slightly and the cross moves below 1,08.
The strength of the greenback is partially penalising thegold, which still remains above 3000 dollars an ounce. The Petroleum finds reasons for optimism and is trading higher in these hours: June Brent is up 1,12% to $72,41 a barrel, while WTI, for May delivery, is up 1,27% to $69,15 a barrel.
Piazza Affari, Stellantis hopes and Tim is in turmoil
The news coming from the United States on the dosage of duties gives hope to car stocks, such as Stellantis (+1,95%), although Ferrari also suffered a setback on the stock market (-0,2%) after the post-GP disqualification in China.
Financial stocks occupy a good part of the top ten of the main index with Mediolanum Bank, Fineco (+ 1,68%), Popular of Sondrio (+ 1,22%), Azimuth (+ 0,91%), Bper (+0,84%). In the banking sector only the red is Bpm bank -0,89%.
Grab a rebound stm, +1,91%, also thanks to gains in US tech stocks.
It is confirmed in money Telecom Italy +2,06%, after the news released on Friday evening that shareholder Vivendi sold a 5% stake on the market. A move that also keeps attention on Poste (-0,09%), the second shareholder of the telecommunications company.
The list of the biggest declines of the day opens with Leonardo -2,35%, penalised by the rating cut to “neutral” by UBS. It retreats Campari -1,58% and utility shares are losing ground, as A2a -1,58% and Enel -1,34%.
Signs of weakness also from the luxury world with Moncler -0,76%.
Out of the main basket Juventus (-3,12%) brings home a negative session, after the widely anticipated announcement of the dismissal of coach Thiago Motta. The team is now entrusted to Igor Tudor.
It also drops Fincantieri (-2,84%), despite the return to profit after 5 years of fasting. The shipbuilding and defense group closed 2024 with a positive operating result of 27 million, "ahead of the forecasts of the industrial plan" and compared to the -53 million recorded a year ago.
Spreads down
Italian internal politics and frictions within the majority do not affect government bonds, which today maintain a stable spread on the secondary market. differential The yield spread between BTPs and Bunds, both with a ten-year duration, is indicated at closing at 105 basis points with rates at 3,82% and 2,77% respectively.
The economic climate in the bloc is improving slightly and Germany also saw its manufacturing PMI rise to 48,3 in March, marking its highest level in 31 months.
