The Milan bourse closed 4.73% up after the Trump tariff pause Thursday with the FTSE-Mib index rising to 34,227 points.European stocks also rebounded after the US president's U-turn amid an implosion of the US bond market with London closing 3.04% up, Paris 3.83% up, Frankfurt 4.53% up and Madrid 4.02% up.
In New York, however, stocks that soared on the Trump turnaround Wednesday sank back Thursday with the Dow Jones down 5.37%, the Nasdaq 7.14% off and the S&P 500 down 6.10% as a US-China trade war escalated.The dollar fell 2.1% to its lowest level since last October with analysts saying Trump's moves put its primacy in the global financial system at risk.The euro rose to a post July 2023 high against the greenback, at $1.1228.Trump's tariffs on Chinese goods, exempted from his 90-day pause, are now a total 145% while Beijing's counter-tariffs are currently 84%.
Back in Milan, there was a torrent of trading for 5.68 billion euros in value. However, this is little compared to the over 9.1 billion on 4 April and the 9 billion in the following session. The entire basket of major stocks was positive, with the spread between 10-year German BTPs and Bunds rising to 124.4 points, with the Italian annual yield falling by 6 points to almost 3.82% and the German one by 1.3 points to 2.57%. Unicredit (+8.36%) was brilliant, the queen of the basket, together with the rest of the banking sector in both Italy and Europe. Also on the throne was Tim (+8.31%), which according to analysts at Exane Bnp Paribas is destined to do better than the list (outperform). Followed by Banco Bpm (+7.58%), Fineco (+7.48%), Nexi (+7.4%), on the hypothesis of a dividend increase, Popolare Sondrio (+5.84%), Intesa (+5.77%), Bper (+5.75%) and Mps (+4.77%). In the industrial field, Prysmian (+7.5%) stood out, rewarded by the analysts of Banca Akros who recommended buying it by raising the target price by 44% to 65 euros. Interpump (+7.18%), Saipem (+4.9%) also stood out. Ferrari (+4.23%), Leonardo (+3.9%), Amplifon (+3.86%), Mediobanca (+3.84%), Iveco (3.11%), Eni (+2.88%), Snam (+2.84%), Enel (+2.65%) and Stellantis (+2.59%) rose less than the index. In what can be defined as the day of redemption, those who did worse gained 1.32% like Italgas and 0.9% like Diasorin.
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