I European lists they close one sitting slightly unsteady on the day when the ECB cuts interest rates by a quarter of a point to 2,25%, as widely expected.
Milan, that tomorrow is Monday will be closed Warehouse long Easter weekend, falls by 0,24%, penalised by banking and luxury stocks, but supported by energy stocks. The picture is slightly weaker at Frankfurt -0,53% and Paris -0,6%, while London it is flat.
Eurotower, announcing the seventh cut since June, warned that the bloc's economic outlook had deteriorated due to rising trade tensions and confirmed a data-driven approach, with decisions taken at meetings on a case-by-case basis. However, the focus was not on upside inflation risks, which bodes well for the future.
READ MORE: Stocks, today's live broadcast April 17
Volatile Wall Street, Trump Attacks Powell
Meanwhile, Wall Street fails to rebound and moves in opposition, alarmed by the clash between the White House and the Federal Reserve. US President Donald Trump writes in Truth that “the firing of Powell will never be too late”, while yesterday the central banker said that Trump's tariff policies risk raising inflation and weakening economic growth, consequently the Fed needs greater clarity before changing its policies. In short, it will not be the Fed that throws a lifeline to the markets and Trump's policies.
Thus, in light of this stance, traders are scaling back their bets on a rate cut (of 0,25%) in May, pricing in a probability of 13,5% versus 27% a week ago, according to the CME's FedWatch.
In the stock market it retreats further Nvidia after yesterday's flop. The DJ is also burdened United health (-20%) due to a quarterly result below expectations and a guidance revised sharply downwards, from a profit of 28,15-28,65 dollars per share to 24,65-25,15 dollars. Good instead Tsmc.
Eyes on US talks: Meloni meets Trump today
Le Investor Days (and not only theirs) are full of news these days like overstuffed sandwiches with mayonnaise coming out everywhere. In particular, the talks of various countries with the White House on duties are being monitored, starting from Japan with which the United States has made “great progress” according to Trump.
Today we also report the Visit of Italian Prime Minister Giorgia Meloni in Washington, although negotiations on customs duties are the EU's responsibility. Obviously, there will also be talk of duties and it is hoped that Meloni can act as a bridge with Europe, but the issues at stake are defense spending and cooperation in space.
Just today, during the parliamentary hearings on the 2025 public finance document, the Minister of Economy Giancarlo Giorgetti he said that Italy will be able to reach the NATO target of 2% of GDP for defense spending as early as this year through the use of a different accounting criterion.
Euros down
The different trajectories of the central banks on both sides of the Atlantic are reflected in the foreign exchange market, where the euro appears to be falling against the dollar. single currency is currently giving up around 0,4%, for a cross of 1,134.
Instead, the GBP, while also the yen loses ground against the greenback.
Among raw material Profit taking is weighing on spot gold, which hit a new high overnight at $3357,81 an ounce, but is currently trading just above $3300 (-1,29%).
Instead, it strengthens Petroleum, which sees increases in the order of approximately 2%.
Il Texan crude, delivery May 2025, is priced at $63,73 per barrel, while the Brent, June 2025, is at $67.
Piazza Affari, energy in focus
In Piazza Affari today, purchases were concentrated on many energy stocks. In particular, on the Ftse Mib, Saipem + 2,17% Enel + 1,08%. Eni + 0,81% A2a + 0,81%.
Among financial stocks, the following are appreciated: Post +1,23% and nexi +0,79%, while in the automotive sector it found reasons for optimism Stellantis +0,75%. It didn't do the same Iveco, -2%.
Sales were penalised above all luxury stocks, on the day of the accounts of many big names and the banks, not very enthusiastic about the falling rates.
The black jersey goes to Moncler -2,51%, which announced slightly higher revenues, supported by growth in the direct channel for both the Moncler brand and Stone Island. In the daily Equita observes that "the first quarter turnover is above expectations thanks to the Moncler brand, but the outlook is cautious given the context". The broker has therefore cut its estimates for turnover and net profit by 5-8% and lowered the target price by 8%. It is also weak cucinelli, -0,76%, closed the first quarter with double-digit revenue growth and confirmed the objective of closing 2025 and 2026 with a turnover increase of approximately 10%. Results in line with expectations. It was a difficult day for luxury also at European level, with Hermes which lost 3,22% in Paris. The company announced that it will fully offset the impact of the 10% American tariffs by increasing its sales prices in the United States starting May XNUMX and for all sectors.
In Milan the banks are also negative: Popular of Sondrio -1,59% Bpm bank -1,61% Bper -1,48% Unicredit -1,44% (on which Barclays raised the target price to 56,3 euros). Pure Ps leaves 1,34% on the ground, on the day of the meeting called to approve the budget and the capital increase preparatory to the takeover bid on Mediobanca (+ 0,1%).
You realize about Campari -1,58%.
Declining spreads and rates
The session of Italian paper on the secondary market closes in green. spread between 10-year BTPs and 10-year Bunds it falls by 117 basis points and yields are also falling, at 3,64% and 2,47% respectively.
Meanwhile, on the primary market, the Treasury received a record demand, with orders for 103 billion, for 7- and 30-year BTPs. Fund managers and banks were at the forefront.
