The Bull is grazing listlessly in these last two days, in which the stock markets are struggling to find new ideas, although they are not retreating, while the quarterly earnings season continues intensely. Waiting for news on the topic duties and on the talks between Russia and Ukraine in Istanbul (Zelenski and Putin will not be there), investors are trying to take the pulse of the economy today through corporate results and the day's numerous macro data. Meanwhile, the chairman of the Federal Reserve, Jerome Powell, remember that the trade war is a loose cannon and long-term interest rates will likely remain at higher levels due to economic changes and uncertain policies. Petroleum instead it collapses after the words of Donald Trump, according to which US and Iran are close to an agreement on nuclear power.
All this irons in the fire raise a column of smoke, within which the European stock markets close with little change. Business Square grabbed a rise in the last few minutes to stop at +0,15%, 40.418 basis points, weighed down by Pirelli (-2,61%) And Iveco (-2,71%) after the quarterly results, but supported by Leonardo (+4,02), back to being lively after a few sessions of gains on the defense company's stock.
It also rises slightly Paris, +0,21%, while Amsterdam it's flat. The earnings are more robust Frankfurt +0,77%, at an all-time high, London + 0,53% Madrid + 0,73%.
Some positive signs for the eurozone came from the macroeconomic front: industrial production unexpectedly rose by 2,6% and marked growth of 3,6% compared to a year earlier. The labor market also performed well, with employment rising by 0,3% in the first quarter.
GDP shows modest growth of 0,3% in the first three months.
Wall Street mixed, Walmart downo
The session opened on a weak note in New York, where the three main indices are currently moving in no particular order: DJ + 0,21% S & P 500 +0,09%, Nasdaq -0,14%.
In the stock Walmart loses 1,55%, after a quarterly in line with expectations. Alarm bells are ringing because the American giant of large-scale distribution did not provide guidance on second-quarter earnings and warned that it will have to raise prices due to customs duties. Instead, it goes into orbit Foot Locker which rose 84,85% after Dick's Sporting Goods agreed to buy its rival for $24 a share.
The broad American macro page must also be evaluated. retail sales, in April, increased by 0,1% from March to 724,1 billion dollars, while it was expected to remain unchanged. Compared to a year earlier, the growth was 5,2%. producer prices decreased by 0,5% (on March), against expectations of +0,2% (2,4% annual, estimates of +2,5%). There was also a decline in the core component, while industrial production in April decreased slightly more than expected.
A picture that seems to support the hypothesis of a more accommodating Fed in the next meetings, but Powell is holding back and Treasury rates are slightly decreasing. The 4,489-year is indicated at XNUMX%.
Dollar recovers
Il dollar remains weak in today's trading and loses ground especially against the yen, with an exchange rate of 145,81. Theeuro but it is practically colorless at 1,117. The rise of the GBP, despite Britain's economic growth jumping 1,3% in the first three months of the year, well above estimates. The exchange rate is currently 1,327.
It's also rising today korean won, following news yesterday that South Korean and U.S. officials would meet last week to discuss trade and the dollar/won exchange rate. The same happened earlier this month with the Taiwan dollar, raising suspicions that the Trump administration is trying to use the talks to pressure trading partners to allow their currencies to appreciate, thereby eliminating some of what the president perceives as an unfair advantage.
Among the raw materials, the daily balance is heavy Petroleum, which sees futures lose almost 3%. Brent is currently trading at $64,22 a barrel, while WTI is at $61,31.
The unstable climate favors the recovery of thegold, which saw prices rise by 0,9%, for a spot gold value of 3206,18 dollars an ounce.
Piazza Affari relies on utilities
On a day without a compass, Piazza Affari relied mainly on defensive stocks such as utilities: Hera + 2,24% Italgas + 2,18% Enel +1,61%. It is more discreet, but positive Terna +0,66%, which In the first quarter it saw its profit grow by 2,6% and investments rose by 16,4%.
Fine Interpump (+0,63%) on the day of the accounts and confirmation of the 2025 revenue guidance.
The quarterly results in line with expectations were not enough to push Pirelli in positive territory, with the appeal of the stock held back by the clashes over the governance of the company, due to the clash between Camfin shareholders and Chinese Sinochem.
The effect of accounts is negative for Iveco, which saw a drop in net profit (-72,2% to 38 million) beyond expectations. According to Equita, "the first quarter is worse than expected at an operating level also compared to our estimates which were below the consensus due to the reduction in production to align the inventories of both the company and the sales network to the market decline".
The profits penalize the banks, with Ps -1,79% Bpm bank -1,02% Mediobanca -1,22% Bper -1,15% which are among the ten most negative blue chips today.
Back off Prysmian -1,92% and the drop in crude oil is felt on the sector's stocks starting from Tenaris, -1,76%. Also Eni leaves 0,91% on the ground, on the day of'announcement of exclusive negotiations to sell 20% of Plenitude.
Out of the basket he retreats Ferragamo, -3,06%, which presented data in line with expectations (revenues slightly down in the first quarter mainly due to the weakness of demand in the Asia Pacific area), but suffered a 3% reduction in the target price to 6,2 euros per share by Equita because the stock is trading "at still high valuations".
Spread at 100
The happy phase of Italian paper continues, with the spread now stopping at 100%. 100 points base (from 101 yesterday), with rates falling. The ten-year BTP at closing it is indicated at 3,63%, while that of Waist of the same duration at 2,62%.
