Today's Stock Exchanges May 9. Duties, the US negotiating turn gives confidence to the markets
ROME – After the friction between Donald Trump and the president of the Fed , Jerome Powell, and the new list of duties on US goods presented by the EU, which did not shake the markets too much, the week ends on the eve of the meeting between He Lifeng and Scott Bessent in Geneva that opens the negotiations on duties between Washington and Beijing , and after the economic agreement between the United Kingdom and the United States on tariffs. Signs of an easing, at least in this phase , of the tension on the trade war and the start of the negotiation phase, which have given confidence to the Asian stock markets in the wake of Wall Street and Europe. In Milan, great attention is paid to the banking sector, with the accounts of Montepaschi, Mediobanca and Banca Generali , at the center of the banking risk.
Acceptable 10% on exports to the USA? Merz: “Better zero tariffs”
“Better zero tariffs between the EU and the US”. This was said by German Chancellor Friedrich Merz, responding to the question of whether the EU-UK trade agreement that maintains 10% duties on British exports to the United States could be acceptable for the EU. “We will discuss what we consider acceptable in the European Council, there was a phase in which tariffs were low based on product groups: I spoke to Trump and told him that he cannot ignore the reality of a trading partner like the EU and that escalation is not a good idea. I see that the Americans now realize that excessive duties also cause problems for their economy, I remain convinced that a trade war with the US would only make us lose”. Merz said he will soon meet Trump. As for the EU-UK trade agreement, the Chancellor said he “congratulated” the American president: “it is an agreement that brings hope, we want to continue to collaborate on trade with Trump”.
Panasonic plans to cut 10,000 jobs
Japanese electronics group Panasonic plans to cut 10,000 jobs globally. Bloomberg reports that about half of the cuts will be in Japan. The company expects the restructuring to be "implemented mainly in the fiscal year to March 2026." Restructuring costs are expected to be about 130 billion yen.
Istat, industrial production March +0.1%
In March 2025, the seasonally adjusted index of industrial production is estimated to increase by 0.1% compared to February. In the first quarter, the average level of production increases by 0.4% compared to the previous three months. This is what Istat reports, adding that net of calendar effects, in March 2025 the general index decreases in trend terms by 1.8%.
Tsmc, fear of duties drives sales up
Taiwanese semiconductor giant TSMC said on Friday that its sales rose in April as its customers had to stock up early due to higher-than-expected tariffs. The company reported sales of 349.6 billion New Taiwan dollars (10.3 billion euros) in April, up 48.1% from a year earlier and 22.2% from March. TSMC's sales in March were already up 10% from February, according to Bloomberg News. Donald Trump has kept tariffs at 10% for most countries, but has put his plans for tougher measures on hold for three months, with the exception of China, prompting American companies to increase imports.
Stock Market Trends: Lottomatica + 2.8%, Campari -3.27%, Iveco +2%
In the last session of the week, Campari slips -3.27% weighed down by the numbers of the first quarter of 2025. Lottomatica rises by 2.8% despite the placement of over 10% of the capital and Iveco gains 2% after Cingolani's words on the offer for Iveco Defence. At Piazza Affari, Nexi (+2.6%) and Saipem (+2.5%) stand out while Leonardo slips (-3%), after the accounts.
Stellantis and Amplifon are also running (+2%) on the front of the banks in the spotlight Bper (+1.4%), after the accounts and the operation with Popolare Sondrio (+0.7%). Unicredit and Banco Bpm are also rising (+0.5%), as well as Intesa (+0.4%). Positive Mps (+0.1%), after a strong start on the day of the quarterly results. Mediobanca is also doing well (+0.7%), with the nine-month accounts and while looking at the offer for Banca Generali (+0.6%).
Unicredit, ECB gives green light to second tranche buyback
UniCredit has received the ECB's authorization to execute the second tranche of the 2024 buyback for a maximum of 3.6 billion euros. This was announced in a note from the bank, which specifies that together with the 2024 dividends already paid, this will bring the distribution for the calendar year 2024 to 9 billion without affecting the Cet1 thanks to the strong generation of organic capital. The Cet1 ratio, equal to 15.9% at 31 December 2024, "already reflects this distribution, confirming UniCredit's ability to provide shareholders with attractive and sustainable distributions, while increasing capital strength".
Stock Market, Piazza Affari opens on the rise
The Milan Stock Exchange opens higher. The first Ftse Mib index gains 0.59% to 39,203 points, other European indices also do well
Asia, Tokyo closes higher
The Tokyo Stock Exchange ended the last session of the week with a plus sign, in the wake of optimism after the first global trade agreement signed by the Trump administration with the United Kingdom, while the weakening phase of the yen, a factor that supports the export sector, continues. The reference Nikkei index marks an increase of 1.56%, at 37,503.33, and a gain of 574 points. On the foreign exchange market, the Japanese currency depreciates against the dollar to 145.30, and against the euro to 163.40.
Gold rises to $3,323
Gold rose at the start of the day, with the spot price at $3,323.54 per ounce (+0.54%). The contract for delivery in June also advanced, at $3,322 per ounce (+0.48%).
Commerzbank, net profit +12%
In the first quarter of 2025, Commerzbank increased its revenue by 12% year-on-year to 3.1 billion euros, while the group's net profit stood at 834 million euros (+12%), marking the highest quarterly result since 2011. The German banking group announced that the net fee margin increased by more than 6% to 1 billion euros. Based on the quarterly results, the bank confirmed its forecast for the full year 2025, with a net profit expected to be around 2.8 billion euros
Mps, profit above estimates: +24.2% to 413 million
Mps closed the first quarter of the year with a profit of 413 million euros, up 24.2% compared to the same period of 2024 and higher than the analysts' consensus, which stood at 341 million. "With the strong support of shareholders at the last meeting, Mps continues in line with the expected timing in the execution of the path towards the takeover bid on Mediobanca, whose industrial rationale is potentially also consistent with the operation announced on Banca Generali". This is underlined by Banca Mps, in a note on the quarterly financial results, in reference to the takeover bid it launched on Mediobanca and the takeover bid by Piazzetta Cuccia on Banca Generali.
Asia in confidence after US-UK agreement
The benchmark Nikkei index was up 1.48% at 37,478, while the broader Topix index gained 1.46% to 2,738. The Seoul Stock Exchange settled at breakeven, while Sydney rose 0.53% and Hong Kong's Hang Seng Index gained 0.25%. Taipei rose 0.9%. Overall, Asian markets closed higher, following Wall Street, which welcomed the compromise announced Thursday between Washington and London, even if the details of the text suggest it is rather limited in scope.
Spread at lowest since 2022
The spread between 10-year BTPs and their German counterparts, Bunds, opened down at 104 points from yesterday's close of 105, the lowest since February 2022. The yield is hovering around 3.6%.
Feature in Europe, expectations of increase
European stock markets are set to start on the upside again, with investors hoping for a Europe-US agreement on tariffs, after the one signed yesterday between the United States and Great Britain. The Eurostoxx future is up 0.37%, while the Ftse Mib future is up 0.3%.
Mediobanca, profits and revenues +5%
In the first 9 months of the financial year Mediobanca recorded 2,767.9 million in revenues and 993.2 million in profits, both up 5%. The bank will distribute an interim dividend of 0.56 euros per share, with detachment on May 19 and the balance in November.
China, surplus above expectations at 96.18 billion: it decreases with the USA
China recorded a trade surplus of $96.18 billion in April, up from $72.04 billion in the same month of 2024 and compared to analysts' forecasts of $89 billion, in the midst of trade tensions with the United States. The figure, according to Chinese Customs, is the result of exports up 8.1% (to $315.7 billion), less than the 12.4% in March, but well above the +1.9% expected.
China's trade surplus with the US fell to $20.46 billion in April from $27.58 billion in March, with monthly exports down 17.6% (from $40.1 to $33 billion): on an annual basis, according to data released by Chinese Customs, shipments fell by more than 21% and imports by almost 14%. In the midst of the trade conflict triggered by Donald Trump's 145% American duties on imports of Made in China, Beijing's surplus with Washington stood at $97.03 billion in the first four months of 2025, the result of exports and imports falling by 2.5% and 4.7%, respectively.
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