Today's Stock Exchanges, July 7. Duties, the letters are sent. Trump threatens the BRICS with new tariffs
ROME – In the week in which the 90-day truce granted in April by Donald Trump expires, the markets are focusing on tariffs and negotiations that are struggling to conclude. Treasury Secretary Bessent has clarified that letters will be sent today to countries with which an agreement has not yet been reached. And therefore also to the EU with which, despite the difficulties in negotiations, “ progress has been made ”. Without an agreement, customs duties will begin to be collected on 1 August . Meanwhile, the US president has threatened the BRICS countries : “New 10% tariffs against those who align themselves with anti-American policies”. Uncertainty over the outcome of the trade dispute weighs on the stock markets: the Asian markets close in the red or close to parity, while European markets and Wall Street are also weak. Oil continues to fall, after OPEC+'s decision to increase production, and gold is also losing ground.
Eurozone retail sales -0.7%
In May 2025, compared with April 2025, the seasonally adjusted retail trade volume decreased by 0.7% in the euro area and by 0.8% in the EU. This was reported by Eurostat, the statistical office of the European Union. In April 2025, the retail trade volume increased by 0.3% in the euro area and by 0.8% in the EU. In May 2025, compared with May 2024, the calendar-adjusted retail sales index increased by 1.8% in the euro area and by 1.9% in the EU. In the euro area in May 2025, compared with April 2025, retail trading volume decreased by 0.7% for food, beverages and tobacco, decreased by 0.6% for non-food products (except motor fuel), decreased by 1.3% for motor fuel in specialized shops.
Eurozone, service production -0.3% in April
In April 2025, services production decreased by 0.3% in both the euro area and the EU on a quarterly basis. Compared with April 2024, on an annual basis, it increased by 0.7% in the euro area and by 1.1% in the EU. Among the Member States for which data are available, the largest monthly decreases were recorded in Denmark (-2.1%), Slovenia (-1.3%) and Hungary (-1.2%). The largest increases were observed in Greece (+4.6%), Luxembourg (+3.9%) and Slovakia (+2.2%).
Tesla, Musk's New Party Sinks Stock in Premarket
Tesla shares plunged in pre-market trading on the Nasdaq today after Elon Musk announced plans to start a new political party. The stock was down 7% as of 10:45 a.m. Musk said over the weekend that the party would be called the 'America Party' and that it could focus on "just 2-3 Senate seats and 8-10 House districts." He suggested that this would be "enough to serve as a tie-breaking vote on controversial legislation, ensuring it serves the true will of the people."
Banco Desio subscribes Fileni minibond
Banco Desio has subscribed to a bond loan (minibond) issued by Fileni Alimentare for an amount equal to 6 million euros, out of a total of 10 million euros. The operation is aimed at supporting the company's development plan, with particular attention to investments in organic and animal welfare-friendly production. "This operation is part of Banco Desio's strategy to support the best companies in their production innovation programs and in guiding the ecological transition in favor of sustainable and lasting economic growth", underlines Luisa Gilardi, Head of Corporate at Banco Desio, in a note.
Duties, France: “EU united on negotiations”
"Contrary to what we might have feared," Europeans are united in negotiations with Washington to reach an agreement on customs surcharges, despite their "different" national interests, said the French Minister for Foreign Trade, Laurent Saint-Martin. This common approach "will be useful for the future," in particular for the conclusion of "trade agreements with the rest of the world," the minister explained to RTL.
Duties, China: "We are not seeking a confrontation with the US"
Beijing said the BRICS are not seeking "confrontation" after U.S. President Donald Trump threatened to impose tariffs higher than 10 percent on countries that align themselves with the group, including Brazil, Russia and India. "Regarding the imposition of tariffs, China has consistently reiterated its position that trade and tariff wars do not create winners and that protectionism is not a way out," said Mao Ning, a spokeswoman for the Ministry of Foreign Affairs. The BRICS platform, Mao said, is aimed at "promoting openness, inclusiveness and cooperation on a mutually beneficial basis. It does not engage in confrontation or head-on clashes and does not target any country."
illimity, Banca Ifis takeover bid restarts
Banca Ifis' takeover bid on illimity reopens to gain the remaining 16% or so missing in extra time after the first part of the offer closed with 84.09% of subscriptions. The takeover bid will continue until Friday 11 July and reopens under the same conditions. If it exceeds 90%, a premium of 0.1775 euros will be paid for each share granted, added to the 1.414 euros paid in cash plus 0.1 newly issued Banca Ifis shares, and a 'sell out' will be carried out, while above 95% a squeeze out will be carried out, i.e. the purchase of the remaining shares. If the offer does not reach 90%, Banca Ifis will, however, proceed with the illimity integration project as planned. On the stock exchange Banca Ifis marks a -0.52% to 22.84 euros and illimity a +0.72% to 3.9 euros
Stock Market, Banks Doing Well: Mps +1.08%
Weak start for Piazza Affari which awaits the agreement on duties. The Ftse Mib marks +0.10% to 39,660 points. Among the best stocks at the start are banks with Generali +1.20%, Mps +1.08% after the Fitch rating, Bper Banca +0.72%. Leonardo also did well, marking +0.68%. Stellantis, on the other hand, fell -2.54%, Saipem -2.40%, Tenaris -1.08%, Eni -0.79%.
Stock Market, Oil Stocks Fall: Saipem -1.9%
The weakness of crude oil, with Brent and WTI oil prices falling due to OPEC+ decisions, weighs on oil company shares: -0.6% Eni, -1.9% Saipem and -0.9% Tenaris.
Milan Stock Exchange, Flat Opening
In the first session of the week in which the truce on duties expires, Piazza Affari opens cautiously and at the start of trading starts off with little movement around parity at -0.04%.
Btp-Bund spread at 85 points
The spread between BTPs and Bunds is at 85 points at the start, slightly up from 83.6 points at Friday's close. The yield on the Italian 10-year bond is stable at 3.44%.
BRICS: “Worried by unilateral tariffs”
The BRICS countries have harshly condemned the trade war waged by Donald Trump, who in turn has threatened to impose additional duties on the bloc of the eleven main emerging countries and those who "align" with them. "We express serious concerns about the increase in unilateral customs and non-tariff measures that distort trade," the leaders of the group, led by Brazil, Russia, India, China and South Africa, said in a statement during a two-day meeting in Rio de Janeiro. These measures "affect the prospects for global economic development," warn the BRICS, which represent almost half the world's population and 40% of the planet's GDP.
Tokyo, Nikkei loses half a point
The Tokyo Stock Exchange ended the first session of the week lower, with investors anticipating difficulties in reaching an agreement in trade talks between Japan and the Trump administration, in view of the imminent deadline. The benchmark Nikkei index fell 0.56% to 39,587.68, with a loss of 223 points. On the foreign exchange front, the yen depreciated against the dollar, just above 145, and against the euro at 170.60.
Duties, Trump: "Letters will be sent at 12"
Donald Trump confirmed on his social Truth that today at 12 local time (18:00 in Italy) he will begin sending the first letters on tariffs and trade agreements, in view of the deadline for the entry into force of the suspended taxes.
Duties, Trump threatens BRICS
US President Donald Trump has threatened additional 10 percent tariffs on the BRICS summit in Rio de Janeiro, including Russia, China, Brazil and India. "Any country that aligns itself with the BRICS' anti-American policies will be subject to an additional 10 percent tariff. There will be no exceptions to this policy," Trump wrote on his Truth Social platform.
Gas prices slightly moved in Amsterdam
Gas prices barely moved at the opening on the Amsterdam TTF Stock Exchange. Contracts expiring in August changed hands at 33.475 euros/MWh (-0.02%).
Oil, prices falling
Oil prices fell in Asian markets after Saudi Arabia, Russia and six other OPEC+ oil producers agreed to increase their production by 548,000 barrels per day in August, more than expected by the market and analysts. "The eight participating countries will implement a production adjustment of 548,000 barrels per day in August 2025" compared to July, the Organization of the Petroleum Exporting Countries (OPEC) said in a statement, citing "low oil inventories." WTI prices fell 0.23% to $66.35 a barrel, Brent crude 0.32% to $68.09.
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