Red wave on world stock exchanges, with European lists closing sharply down and Wall Street largely negative in the first hours of trading. Piazza Affari loses 2,41% and drops to 21.046 points, but it's not the worst. The black jersey goes to Paris, -3,6%, followed by Frankfurt -3,1% and London -2,4%. A little better Madrid, -1,6%
This tsunami was triggered last night by Donald Trump, while Europe was already getting ready to sleep soundly and American price lists were recovering. The announcement of new tariffs on China and the subsequent back and forth with Beijing have triggered a flight from stocks (also on Asian markets) and oriented purchases on gold (1457,55 dollars an ounce at the moment, +1,75 %) and other safe-haven assets such as German Bunds. For the first time in German history, the entire yield curve on sovereign bonds entered negative territory today.
Furthermore, to increase the suspense Donald Trump will issue a declaration on trade with the European Union later, at 19.15 pm Italian time, according to what emerges from the program released by the White House. It should be remembered that in May the US president had threatened to impose tariffs of up to 25% on imports of cars, food and alcohol from the EU. As if that weren't enough, tensions are mounting between Japan and South Korea, over the dispute linked to Korea's request for compensation for the period in which it was occupied by Japan. The country of the rising sun has thus removed it from its 'white list' of trusted partners and from facilitated procedures for the purchase of Japanese products and Seoul has done the same.
In this climate, the main Wall Street indices, after having reached their lows for a month, are recovering very slightly, but still down, at least fractionally. the 10-year Treasury yield fell 13 basis points yesterday and is now back at record lows, below 1,9%. The data on the US labor market is slightly disappointing which, combined with Trump's bludgeoning on tariffs, increases the probability of further cuts by the Fed.
The euro is slightly recovering against the dollar, 1,112 and proceeding against the pound, with the exchange rate in the 0,9164 area. Oil rebounds after the collapse the day before: Brent +2,83%, 62,21 dollars a barrel; Wti +2,93%, $55,53.
On the Stock Exchange, the most affected sectors are technology and automotive. This trend is reflected in Piazza Affari, also taking into account the half-year results that continue to arrive from the various companies.
On the main list, the worst stock is Pirelli, -6,9%, which yesterday saw downward forecasts once the markets were closed. The Agnelli galaxy loses with Cnh -6,76%; Ferrari -4,35%, after the excellent quarter but with disappointing guidance for the year; Exor -4,19%; Fiat -3,01%. Stm yields, -6,67%. Atlantia -3,02% on the day of the half-yearly, while the deputy manager Luigi Di Maio, on Facebook, returns to the attack for the revocation of the concessions.
Purchases pour into utilities. The best stock is A2a, +1,45%, thanks to its better-than-estimated results; Terna +0,43% and Italgas +0,07% also remain afloat.
In bonds, the spread between Italian and German ten-year bonds is not far from yesterday's close, 202 basis points (+1,01%), while the yield on 10-year BTPs is stable at 1,54%. The Bund is further negative (-0,49%).
