A new day begins on the financial markets, suspended between glimmers of optimism and clouds of uncertainty. European squares they are preparing for a start prudent, after a brilliant session at Wall Street and mixed signals from Asia. Attention remains high on every word coming from Washington: after Trump's lightning attack on the Fed, now it is the topic of duties with China taking center stage, with a mix of promises and denials. Investors are watching carefully data collected macroeconomics coming soon and the implications on key sectors, starting fromauto.
Wall Street Rises, But Beige Book Warns: More Uncertainty, Less Confidence
Wall Street closed sharply higher, boosted by fresh glimmers of hope in US-China trade negotiations. The Dow Jones rose by 1,1%, theS & P 500 of 1,7% and the Nasdaq shone with a +2,5%, although far from the intraday highs. Big tech did well: Apple (+ 2,5%) and Meta (+4%) ignore the huge European fines, while Tesla soars (+7,8%) after Elon Musk announced he wants to reduce his role in the new Department of Government Efficiency to focus on the company, despite the drop in deliveries in the quarter (-13%). Boeing rebounds (+6%) thanks to positive accounts and the relaunch of the 737 Max.
But the Federal Beige Book casts shadows on the macro picture: while photographing stable economic activity and moderately rising inflation, the report signals a worsening of sentiment among businesses and families, with duties continuing to slow down investments and hiring. Meanwhile, at 14:30 p.m., the spotlight is on US data: durable goods orders (expected at +1,5%) and unemployment claims (expected stable at 215)
European stock markets slow down, between politics and waiting for data
European markets are heading towards a cautious opening, with the Eurostoxx50 future marking -0,06%. The shadow of Donald Trump continues to dominate the market: after the attack on Fed Chairman Jerome Powell - with a request for his resignation later withdrawn - the tycoon makes vague overtures on a possible reduction in tariffs on China. According to the Wall Street Journal, the US administration is considering a tariff cut of between 50% and 65%, but no decision has been made yet. It is the Secretary of the Treasury, Scott Bessent, to dampen enthusiasm by recalling that negotiations with Beijing “have not even started” and that “no cuts will be unilateral”.
Asia Split: Tokyo and Taiwan Hold, China and Korea Lag
Asian stock markets are moving in a mixed order. Nikkei gains 0,7%, thanks to the strengthening of the yen, while Taiwan continues to shine. In contrast, China slows down: theHang Seng Hong Kong loses 1,3% and the CSI300 marks a -0,1%. The weakness of growth and the uncertainties on duties fuel fears. A Beijing, the government responds with a stimulus package of 286 billion yuan ($39 billion) in special sovereign bonds to support banks, but China continues to grapple with slower-than-expected growth. Meanwhile, in South Korea, the economy contracts by 0,1% in the first quarter, weighed down by a political crisis and persistent trade tensions. The Kospi index remains flat.
Euro and oil rise, gold hits record high
THEeuro gains ground and rises 0,33% to $1,1339, ahead of the German Ifo index for April, expected to fall to 85,2 points from 86,7 in March, as markets watch for signals on the European economy.
Raw materials remain strong: the Petroleum advance with futures on wtf at +0,19% (62,39 dollars) and on Brent at +0,15% (66,22 dollars), due to renewed war tensions after the Russian attack on Kiev – at least nine dead and 63 wounded – and the downing of 87 Ukrainian drones on Russian territory and in Crimea.
In this tense context, thegold strengthens its role as a safe haven, rising 0,89% to $3.324 an ounce.
European Cars Slow Down, Electrics Sprint: Stellantis Limps, Saic Overtakes Tesla
The European car market remains under pressure. In March, registrations grew by only 2,8%, and the quarter closed with a -0,4%. Bad France (-7,8%) And Germany (-4,3%), holds theItaly (+6,3% in March), but the quarterly balance remains negative. The Spain This is the real surprise: +23% in March, +14% since the beginning of the year.
Among the car manufacturers, they fly Renault (+ 13%) and Volkswagen (+10,3%), while Stellantis disappoints: -5,9% in March, -12% in the quarter. Jeep it is the only one growing (+14%), Fiat e spear are struggling. Among the foreign brands, Hyundai e Toyota they suffer, Mercedes scores -5%, bmw remains stable.
The music is different in the electric sector: Bev cars grow by 23,6% in March and 28% in the quarter. The market share jumps to 17% from 13,2% in 2024. Tesla slips below 2% and loses over 37% of sales, overtaken by Saic Motor (+33%), which also surpasses Volvo.
Piazza Affari: All eyes on Generali
In Milan, all eyes are on on the Generali shareholders' meeting, called to approve the 2024 budget and the renewal of the board of directors. Mediobanca confirmed the leadership of Philippe Donnet and Andrea Sironi, ensuring continuity at the helm of the Lion of Trieste.
Also focus on Bpm bank, which brings together the board of directors to express its opinion on the public exchange offer launched by Unicredit, still without a definitive decision: the takeover bid should start on Monday, with the government having given the green light but with precise conditions.
Among industrial stocks, Saipem convinces with growing accounts: +35% net profit to 77 million in the first quarter, revenues at +15,5% and backlog above 32 billion.
More in the shade stm, which discounted a 27,3% drop in revenue and 89% in net profit, despite distributing dividends and continuing its buyback plan. The stock also remains in the spotlight due to the global chip context, with South Korea's SK Hynix having seen profits almost double thanks to the AI exploit.
Pirelli accelerates in Northern Europe thanks to a strategic agreement with CTS: it sells the Swedish network Däckia but remains the main supplier until 2030, strengthening its High Value strategy.
Stellantis Instead, it has to deal with a weak quarter: European registrations fell by 5,9% in March, and market share fell from 17,6% to 15,5%.
Finally, Eni closes the first quarter with an adjusted net profit of 1,41 billion (-11%), but relaunches on the energy transition front with a CO₂ capture and storage project in the United Kingdom, destined to create value and jobs in the North of England.
