Stock Markets Today, June 6. Trump-Musk row overshadows thaw with China, Europe opens mixed
On the day of the thaw between Donald Trump and Xi Jinping , who spoke on the phone for an hour and a half to get closer to an agreement on the easing of tariffs, and of the meeting at the White House with German Chancellor Merz , the social argument between the US president and his former friend Elon Musk took center stage, causing Tesla's stock to collapse and Wall Street to close below par. Asian markets were not enthusiastic about the rapprochement between the two US-China presidents, with American futures improving while European ones retreated. The attention of investors and analysts was drawn by the data published today on the US labor market , which is expected to slow down the creation of new jobs. Meanwhile, the trade balance of France and Germany worsened.
Recordati +2% after Jp Morgan rating
Recordati shines at Piazza Affari: the stocks stand out in the Ftse Mib with a 2.17% increase, settling at 54.1 euros. The pharmaceutical company's shares benefit from the positive recommendation of Jp Morgan, which confirmed the "overweight" rating and also raised the target price from 65 to 67 euros, in order to reflect the positive medium-term prospects.
Btp-Bund spread, opening down
The spread between BTPs and German Bunds is down to 94 basis points at the start, with the yield on the Italian 10-year bond falling four points on the secondary market to 3.48%, while that of the Bund is down three points to 2.55%. Yesterday, the BTP-Bund spread closed at 96 basis points.
European stocks start mixed
Mixed start to the session for European stock markets. The Dax in Frankfurt is down 0.25% while the Ftse 100 in London is slightly up 0.16%. The Cac 40 in Paris is below par by 0.03% and the Aex in Amsterdam is down 0.17%. The Ibex 35 in Madrid is slightly up by 0.18%.
Tokyo closes higher
Tokyo stocks closed higher. The benchmark Nikkei index gained 0.5% to 37,741.61 points. The Japanese market benefited from the weakening of the yen against the dollar and the easing of trade tensions between China and the United States.
European stock markets, Milan below par
Milan opens the last session of the week with little movement, with the Ftse Mib at -0.08%. The other European stock markets, from Paris to Frankfurt and Madrid, are also at parity.
China's Central Bank Injects $139 Billion in Liquidity
The People's Bank of China (PBOC), the country's central bank, today announced a 1 trillion yuan (about 139 billion U.S. dollars) repurchase agreement to maintain ample liquidity in the banking system.
The operation will have a duration of three months and will be conducted using a fixed-quantity, interest rate, and price multiple bidding method, according to the PBOC statement. Repo operations are a tool introduced by the central bank in October 2024 to manage liquidity in the banking system.
France, trade deficit rises
France's trade deficit rose to €7.4 billion in April, hit hardest by the energy sector. This is the fourth consecutive increase since January.
India, 50 basis point rate cut: above expectations
The Reserve Bank of India (RBI) surprisingly cut its key repo rate by 50 basis points from 6% to 5.50% at its May meeting, beating market expectations for a 25 basis point cut, while also changing its monetary policy stance from accommodative to neutral.
Asian stocks, mixed session
Tokyo jumped 0.37% after a weak consumer spending reading boosted bets that the Bank of Japan will not have enough leeway to raise interest rates further. Shanghai shed 0.06% and Shenzhen was flat; Hong Kong lost 0.1%. South Korea's Kospi is closed for a holiday, but it rose 4.2% this week to an 11-month high.
Germany, trade surplus falls
Germany's trade surplus fell sharply to €14.6 billion in April 2025, down from an upwardly revised €21.3 billion in March and well below market forecasts of €20.2 billion. It is the lowest surplus since October 2024, with exports falling and imports rising.
German industrial production fell by 1.40% in April compared to the previous month, when it had recorded +2.3%. Expectations were for a reading of -1%.
Gold, the price starts to run again
Gold prices are rising this morning on the commodity markets: the precious metal for immediate delivery (Gold spot) is trading at $3,365.77, up 0.39%, while gold for August delivery (Comex) is trading at $3,387.90, up 0.38%. The data on the US labor market are having an impact, as analysts expect the US economy to slow further.
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