Stock exchanges sniff the ECB's stop to new cuts, Milan (+0.74%) with banks. Tesla goes down on Wall Street

(Il Sole 24 ore Radiocor) - A lively end to the session for the European stock markets, which remained uncertain until the very end (but in the end only Paris closed in "red", with Milan posting a final performance). The FTSE MIB ended wearing the "pink jersey" at 40,379 points, driven by the banking risiko. The day was marked, on the one hand, by the widely expected ECB rate cut and, on the other hand, by the surprise words of Lagarde, who predicted the end of the rate reduction cycle. In the background was the phone call between US President Donald Trump and his Chinese counterpart Xi Jinping, who allegedly reached a compromise on tariffs. According to the tycoon, it was a "very positive" conversation that focused "almost entirely" on trade, which will soon be followed by new summits. Glimpses that also gave momentum to Wall Street, with the US indices lengthening their stride.

Wall Street prices were penalised by the clash between Donald Trump and Elon Musk, after they appeared to be rekindled when US President Donald Trump declared, after speaking with his Chinese counterpart, Xi Jinping, that US and Chinese trade officials will soon meet at a yet-to-be-determined location to restart the dialogue on trade. The "very positive" call between the two leaders lasted about 90 minutes and focused "almost entirely" on trade, Trump wrote on Truth. Meanwhile, in the US on the macro front, the number of workers claiming unemployment benefits for the first time in the week ending 31 May rose by 8,000 to 247,000 (seasonally adjusted), against expectations for a figure of 236,000. This was the worst figure since October. With Musk, however, the controversy was over the tax law, which was harshly criticised by the Tesla CEO.

The tensions weighed particularly heavily on the Tesla stock, which lost more than 14% at the close: $140 billion burned in just a few hours. Trump Media and Technology Group, the US President's company, also suffered a heavy backlash from the quarrel, losing 8%. Overall, the Wall Street stock markets saw the Dow Jones index drop 0.25 per cent, the S&P500 0.52 per cent and the Nasdaq 0.83 per cent.

At Piazza Affari, the credit risiko continues to hold sway, driving the prices of the main institutions involved in the various takeovers. At the top of Milan's main list, in fact, stands Banca Mps on the day when it emerges that partner Caltagirone has moved to around 10 per cent of the capital of Mediobanca, an institution in the sights of the Siena-based bank. Meanwhile, the CEO of Rocca Salimbeni, Luigi Lovaglio, during an interview with Sky, clarified that the ops of Mps on Mediobanca and that of Mediobanca on Banca Generali are not mutually exclusive. The manager, however, has been critical of Piazzetta Cuccia's plan, believing that the 'economics' of the operation are not clear. Also running among industrialists are Buzzi Unicem and Leonardo - Finmeccanica.

On the opposite front, slides Davide Campari, preceded by the luxury of Brunello Cucinelli and Moncler. Weak were the main utilities (such as Italgas) and the car with Stellantis.