The last session of the week closes in the negative for Piazza Affari, which is worse than the other continental price lists, however in red, for the negative performances of the banking sectorwhich weighs a lot on Italian indices. The day was characterized by the wait for the arrival of the letter that sets the duties on the European goods that have entered the United States, as announced by the American president, after yesterday set customs taxes to 35% on Canadian goods starting from August 1st. On a weekly basis, most European share indices show a positive trend.
Today’s session
Among the main ones European bagssales on Frankfurt, which records a downward of 0.82%, London Specca, which shows a small decrease of 0.38%, and negative session for Paris, which shows a loss of 0.92%.
Exchanges down for the Milan stock exchangewhich accuses a flexion of 1.11% on the Ftse Mib; On the same line, sales spread on the Ftse Italia All-Share, which closes the day at 42,620 points. Under equality the FTSE Italia Mid Cap, which shows a drop of 0.27%; On the same line, negative variations for the Ftse Italia Star (-1.13%).
Among the Best performers of Milanhighlights Leonardo (+1.39%), Saipem (+1.09%), Tenaris (+0.86%) and Buzzi (+0.78%). THE stronger fallson the other hand, they occurred on Iveco, who filed the session at -6.09%. Tonfo di Stellantis, which shows a fall of 4.65%. Letter on Amplifon, which records an important drop of 3.81%. Under pressure Banco BPM, which accuses a drop of 3.74%.
The news of the day
On the macroeconomic front, wholesale prices in Germany were increasing in June pulled by food, in the United Kingdom industrial and manufacturing production fell more than the expectations in May and in France inflation was revised upwards in June.
As for the monetary policythe governor of Bankitalia and member of the ECB board Fabio Panetta He said that “the central question is now if the current level of rates is adequate to maintain inflation near the objective, avoiding persistent deviations in both directions”. “If the reduction risks for growth were to strengthen the disinflation tendencies, it will be appropriate to continue with the loosening of monetary policy,” he added. Isabel Schnabelwhich is part of the ECB of the ECB, instead said that “our interest rates are in a good position and the bar for a further cut of the rates is very high”.
The theme is rekindled duties
During the week, Trump has new tariff levels announced in letters to individual countries. With the exception of Brazil (50%), the tariff levels were close or lower than those announced in early April. The duties will hit commercial exchanges with Canada and Vietnam more hard. The tariff level on copper has also been increased to 50%; However, each product is subject only to a specific dice by product or a specific dice by country, not both. The new tariff levels will not come into force before 1 August, which suggests that they are a means of pressure to accelerate negotiations. For example, Japan, South Korea and many countries from Southeast Asia have been in commercial negotiations with the United States for months. With duties on Southeast Asia, the United States are also trying to limit the deviation of trade from China.
Macro and quarterly data on the calendar
After a week download from the point of view of the ideas, next week it will be full of macroeconomic dataespecially as regards the United States (attention will be on inflation, on prices for production and retail sales).
In addition, the profit season Of the second quarter of 2025 with the publication of the results of the main banks of Wall Street (JpMorgan Chase, Wells Fargo, Citigroup Tuesday and Goldman Sachs, Bank of America, Morgan Stanley Wednesday).
ECB and Fed meetings
The markets are waiting for the meetings of the end of July of the ECB and Fed, even if cuts are not expected to the respective key interest rates. With regard to Frankfurtit is likely to put an end to the series of cuts that continues since last September. However, analysts expect the ECB to carry out its last cut of the key interest rate after July, on the occasion of the next September meeting. As for the US Central Bankthe Fed is likely to keep interest rates unchanged; However, with the progressive dissipation of uncertainty on the duties, the Fed should return to cutting the cost of money from September onwards, continuing to lower interest rates until 2026 forwarded.
