Trump makes a new backtracking on duties, this time on the auto sector, and this served to support the price lists Asian, while futures anticipate a slight rise in the start of the European stock markets and US futures are starting to rise again on tiptoe, approaching the levels of early April. But it is the dollar to show further weakness because operators are still worried about Trump's chaotic communications, they believe that in any case the tariffs threaten growth, the productivity and dynamism of the United States and its role as safe harbor has been called into question. As the lights are coming back on in Portugal and Spain after yesterday's serious power outage, it is to be recorded in Canada the victory of liberal Mark Carney, a staunch defender of the country from Trump's threats to make it the 51st state.
Trump softer on auto tariffs
The American president seems inclined to soften the impact of the new commercial tariffs on cars preventing duties on foreign-produced vehicles from being added to other tariffs he himself has introduced, such as those on steel and aluminum. This is written by Wall Street Journal citing knowledgeable sources. This decision would be retroactive, meaning automakers could be reimbursed for tariffs already paid. The 25 percent tariff on finished cars produced abroad went into effect earlier this month.
The markets take the news positively, but also with great caution. Investors are looking for more concrete signals of progress in reducing the levels of de facto tariff embargoes United States e China (the world's two largest economies) faced off in April. Treasury Secretary Scott Besent he declared to the CNBC that “it is up to China to de-escalate,” while China has delayed stimulus, betting that Washington will be the first to cave. However, Trump's concession to automakers may show that he is listening to business leaders, and indeed tomorrow will host at the White House about thirty executives from Nvidia, Toyota, SoftBank and Hyundai. Today he will also hold a rally in Michigan to celebrate his first 100 days.
Trump's first 100 days have been the worst since Nixon
I first 100 days of Donald Trump's second presidency are the worst for the US stock market since the 70s, that is, since the mandate of Richard NixonThe 7,9% decline in the S&P 500 between Trump's inauguration on Jan. 20 and its close on April 25 was the second-worst performance in the first 100 days since a 9,9% plunge in 1973 during Nixon's presidency, according to data from CFRA Research. Wall Street's decline during Nixon's presidency came as a series of economic measures to combat inflation triggered the 1973-1975 recession. Nixon then resigned in 1974 in the wake of the Watergate scandal.
On average, the S&P 500 rises 2,1% in the first 100 days of any president, based on post-election data from 1944 through 2020, according to CFRA data.
The other major negative performances in the first 100 days were Bush in 2001 (-6,9%), Eisenhower in 1953 (-5,8%) and Truman in 1949 (-4,9%). The best were Kennedy in 1961 (+8,9%), Biden in 2021 (+8,5%) and Obama in 2009 (+8,4%).
Yesterday Wall Street recovered in the final stages
After the selling that dominated most of the session yesterday on Wall Street, the buying arrived at the end, allowing a positive closing. The final gains were led by Boeing Co. and International Business Machines Corp. among the blue chips. The latter plans to invest $150 billion in the United States over the next five years, joining a group of companies that have announced spending commitments after tariff threats. At Boeing Co, S&P Global Ratings said there was no longer any immediate risk of downgrading debt to junk status, a sign of progress in the automaker’s recovery from a dire 2024.
While Nvidia Corp. collapsed on news that Huawei Technologies Co. is set to test a new artificial intelligence chip. The US stock market showed a timid gain at the close, with the Dow Jones which achieved a +0,28%, while, on the contrary, the day closed without particular shocksS&P-500, stopping at 5.529 points. On parity the Nasdaq 100 (-0,03%); as well as, directionlessly, the S&P 100 (-0,06%).
OpenAI announced that it will allow users to purchase products within Chat GPT, the AI startup's latest move to expand the reach of its popular chatbot and challenge rivals like Google, while Alibaba Group Holding Ltd. has unveiled a new version of its flagship model Qwen AI, keeping up the dizzying pace of development that has characterized the Chinese AI sector in the wake of DeepSeek. Mastercard Inc. has announced that it will offer merchants the ability to receive payments in stablecoins.
Investors are waiting for a series of corporate data ed economic that will help them get a sense of the impact of Trump’s tariff war. Megacaps Microsoft Corp., Apple Inc., Meta Platforms Inc. and Amazon.com Inc. will report results in the coming days. On the macro front, data from jobs to inflation and economic growth are on the agenda this week. A gauge of manufacturing activity in Texas weakened significantly, with executives using terms like “chaos” and “madness” to describe the tariff turmoil, according to a report from the Federal Reserve Bank of Dallas.
The trading desk of JPMorgan Chase & Co. is becoming tactically bullish on U.S. stocks, expecting tailwinds, including earnings from big tech companies and trade deal announcements, to continue to lift stocks after the recent crisis. However, the bank was quick to point out in a note to clients on Monday that the recovery momentum could fizzle out in a matter of weeks, with the negative impacts of U.S. tariffs set to begin weighing on the economy in the coming months. With the S&P 500 closing higher for five consecutive sessions, the U.S. stock index has seen its longest positive run since November.
Il bitcoin it almost reached 94.500 dollars (just under 83.000 euros).Gold down 0,8% to $3314 an ounce
Major companies will release their quarterly results today: Deutsche Bank, HSBC Holdings and Lufthansa.
Canada, Mark Carney wins the elections: "Trump wants to break us, it will never happen"
Canadian Prime Minister Mark Carney has won the election, leading his Liberal Party to a comeback and victory over the Conservatives led by Pierre Poilievre, due in large part to theaggressive attitude of US President Donald Trump towards the country.
Carney, who has been prime minister since March after Justin Trudeau resigned, is an economist with degrees from Harvard and Oxford, who served as governor of the Bank of Canada during the 2008 global financial crisis and the Bank of England during Brexit. The election campaign was dominated by Trump and his relentless focus on Canada, the United States' closest ally and trading partner. Trump imposed tariffs on Canadian products, pushing the country into recession, and has repeatedly threatened to annex it as 51st State. “As I have been warning for months, America wants our land, our resources, our water,” Carney said in his post-victory speech. “President Trump is trying to break us so he can own us. This will never happen".
Asia slightly upbeat. Tokyo closed
With the bag of Tokyo closed On Showa Day, Asian stock markets are mixed but slightly positive. This morning the index Msci Asia Pacific gains 0,7%. The Kospi index of Alone is up 0,6%, the S&P/ASX is Sidney gains 0,9%. Mumbai (+0,11%) is also on par. Positive performance for the car stocks after Trump's softening on tariffs.
Consolidates the levels of the eve Hong Kong (+0,12%). CSI 300 of the price lists of Shanghai and Shenzhen -0,1%, Taiex of Taipei +0,5%. In China the sector's turnover services recorded a growth of nearly 9% year-on-year in the first quarter of the year, 1,97 trillion yuan (about 273,5 billion U.S. dollars), according to data released by the Ministry of Commerce, a sharp increase in travel component. Service exports reached 835,15 billion yuan, up 12,2 percent year-on-year, while service imports increased 6,2 percent to 1,14 trillion yuan, with a deficit of 303,88 billion yuan. The travel-related services segment continued to grow robustly, up 21,8 percent year-on-year to 584,9 billion yuan.
European stock markets seen little changed
European stock markets are expected to open little changed on the basis of the +0,02% in the Eurostoxx50 future. The euro remains below $1,14.
Banking Risk still in the spotlight, after yesterday's surprise announcement of the takeover bid Mediobanca on Banca Generali. The insurance company's board of directors, which met yesterday to formalize the appointment of Philippe Donnet as CEO and Andrea Sironi as president for a new three-year term, took note of Mediobanca's communication but its offer was not discussed at the meeting. On the other hand General Bank stated that the offer has not been agreed upon and that a more detailed analysis is underway. specified that the OPS promoted by Mediobanca was neither solicited nor previously agreed upon.
Recordati. The pharmaceutical company's board of directors has reviewed and approved the plan for the three-year period 2025-2027. Management expects double-digit growth in all key metrics, which include the expected contribution of acquisitions and new licenses that could be finalized during the plan period for commercial products or products in advanced stages of development or launch. Management has indicated that no changes are planned to the capital allocation policy and the progressive dividend policy.
Unicredit adjourned the board of directors' meeting on the quarterly accounts from May 6 to 11.
Pirelli verified the loss of control over the company by the Chinese partner Sinochem pursuant to the accounting principle Ifrs 10. The issue of the verification had been raised by the board of statutory auditors and the management following the issuance of the Golden Power Prime Ministerial Decree.
Today on the agenda: shareholders meetings of A2A, Brunello Cucinelli, Finecobank, Interpump, Recordati, Unipo, Brembo and Industrie De Nora, while Maire convenes the board of directors on the accounts for the first quarter of 2025. In Europe, the quarterly results of important companies will be released today: Deutsche Bank, HSBC Holdings and Lufthansa.
