La trade war global crisis in the United States shakes the markets and reawakens the spectre of recession in the US, sending the stock markets into a tailspin, so the European markets closed today in decline, while Wall Street moves in deep red in mid-session. The Nasdaq gives up 3,58% weighed down by stocks such as Tesla (-11%) And Nvidia (-4%). The magnificent seven all seem to be infected by risk aversion.
Business Square closed down 0,95% at 38.225 basis points, dragged by Frankfurt (-1,66%) black jersey on the continent. The Dax is the index that gained the most last week, thanks to the maxi German plan for infrastructure and defense, but today the Greens said they will vote no to the constitutional reform that should loosen the bonds on debt (currently limited to 0,35% of GDP) and allow for huge investments. The news also sent the euro-dollar exchange rate into a tailspin for a few moments, which then stabilized in a neutral zone around 1,083.
The day's balance is heavy for Madrid -1,34% and they are also in the area Paris -0,9% Amsterdam -0,97% London -0,93%.
A Copenhagen (-1,87%) plummets Novo Nordisk (-8,07%) as they were disappointed by the results of a trial period of its anti-obesity drug Cagrisema.
Wall Street Trembles, Trump Does Not Rule Out Recession
The White House's syncopated tariff policy, the imminent Chinese retaliation and some worse-than-expected macroeconomic signals have today ignited recession fears in the US financial markets. The US President Donald Trump in an interview with Fox News over the weekend he did not rule out this possibility. Asked about the recession he replied that the star-spangled economy is experiencing "a period of transition, because what we are doing is truly remarkable". That was enough to depress a market with nerves on edge, even if the Secretary of Commerce, Howard Lutnick, reiterated that there will be no contraction in the economy, although the prices of some products could rise. The uncertainty is keeping investors on edge and pushing them away from stocks, leading them to converge on safer assets such as gold and yen and fixed income.
Data on the situation will be released during the week.'inflation, on job offers and on consumer confidence, a package that could provide useful indications on the health of the American locomotive and on the path of monetary policy of the Federal Reserve. The focus of investors, however, seems to have shifted in this phase from central banks to the trade war.
Among the stocks that are most affected by the overall situation are Tesla, downgraded by UBS and after the electric car maker almost halved sales in China in February. The stock has seven weeks of losses behind it and has burned 17 billion in capitalization since the peak on December 800.
Sales also target Nvidia, after the nervousness triggered by the appearance of Deepseek has not subsided, I am rekindling fears that the AI “bubble” could burst, a field that is above all present and futuristic and that has largely driven the Wall Street rally in recent years.
For HSBC, it is now better to buy Europe
In this context it should be noted that Hsbc downgraded US stocks, citing uncertainty over tariffs and raised its recommendation on European stocks thanks to the boost that would come from the easing of German budget reforms. The broker cut its rating on US stocks to 'neutral' and revised its judgment on European stocks, excluding those of the United Kingdom, to 'overweight' from 'underweight.
Yen strengthens
The exchange market is strengthening yen, with the dollar losing about 0,5% against the Japanese currency and trading at 142,24.
The greenback, on the other hand, is holding its own against European currencies, while strengthening against the canadian dollar, despite the country showing little inclination to the tycoon's appetites and the former head of the central banks of Canada and England, Mark Carney, has won the race to replace Justin Trudeau as prime minister.
Commodities seem to be little moved at the moment. Brent moves just below 70 dollars a barrel, gold just above 2905 dollars an ounce. Among digital currencies it is still a bad day for the bitcoin, which is trading at $80.322.
Piazza Affari, utilities do well, banks fall
In Piazza Affari the extreme sides of the price list are divided Diasorin +4,65% and Buzzi -6,14%. At the sector level, it was a great day for utilities, which represent a bulwark against volatility and benefit from the decline in secondary yields. Things went especially well for Hera + 2,83% Snam + 2,96% Enel + 2,24% Italgas + 2,14% Terna + 2,11%.
Banks, on the other hand, have recorded a negative session starting from Ps -4,52% Unicredit -3,32% Bper -3,24%. Managed savings also performed badly with Fincobank -4,37% and Azimuth -4,35%.
The automotive industry is contrasted: Stellantis +2,57%; Iveco -3,37%.
Among the best blue chips of the day there are Campari +3,26% and Amplifon +2,06%. In particular, the market promotes the acquisition of the entire capital of Kind Aparaty Sluchowe, the Polish branch of the German Kind group, which allows the hearing aid company to double its presence in Poland.
Oil in red with Saipem -2,8% and Tenaris -2,81%.
Outside the main basket it bounces Ferragamo, +7,67%, after last Friday's crash. The Juventus, -5,09%, after the stinging 4-0 defeat yesterday against Atalanta.
Stable spread, declining yields
The effects of the news of the day are also seen on the secondary market, where the spread between BTP and Bund, both with a 106-year duration, appears little moved at XNUMX basis points, while the returns are falling. The Italian stock, which last week almost reached 4%, is now down to 3,89%, the German one is at 2,83%.
