EU stock exchanges celebrate Trump's tariffs stop, in Milan (+1.5%) Moncler flies. Wall Street closes positive
However, the market is already speculating on a countermove by the White House. Meanwhile, the US economy is slowing down and inflation is above estimates. A positive week for European stock markets with the Ftse Mib up +1.3%, Fincantieri the black jersey after the capital increase
by Ivan Torneo and Martina Soligo
(Il Sole 24 Ore Radiocor) - A final shock for the European stock exchanges, which consolidated on the highs after the US Supreme Court overturned the tariffs wanted by President Donald Trump. A decision he called 'shameful'. On the market, however, the celebration is not accompanied by any real enthusiasm: already last month Trump's chief trade negotiator Jamieson Greer had declared that the administration would move quickly to react to a possible invalidation of tariffs with other types of levies. This although other US laws giving the White House the power to impose them are more limited. The U.S.-Iran tensions remain in the background, with the US president saying he is considering a limited military strike against the country.
Thus, Milan's Ftse Mib was the best in the Old Continent, up 1.48% thanks to the surge of Moncler (+13.4%) and Unipol (+8.67%). The Paris Cac (+1.39%) was also on a roll, updating its all-time high to 8,529 points. Positive sessions also for Frankfurt's Dax (+0.81%), Madrid's Ibex (+0.83%), London's Ftse 100 (+0.57%) and Amsterdam's Aex (+0.91%).
Wall Street closes up, DJ +0.47%, Nasdaq +0.90%
Wall Street closed positive. The Dow Jones climbed 0.47 per cent to 49,625.97 points, the Nasdaq advanced 0.90 per cent to 22,886.07 points, and the S&P 500 gained 0.69 per cent to 6,909.51 points.
Meanwhile, the inflation figure for December came in beyond expectations at +2.9% annually. By contrast, the US economy slowed down, with fourth quarter GDP at +1.4%, against estimates for +2.5%. President Donald Trump reacted to the data by writing on his social Truth that 'The Democratic shutdown has cost the United States at least two points of GDP'. The tycoon then reiterated that "we need lower interest rates. Powell is the worst!" Also on the macro front, February services sector activity fell slightly to 52.3 points, the lowest reading in 10 months, below expectations, while the index on manufacturing activity came in at 51.2 points, below estimates.
In Europe, expanding manufacturing
In February in the Eurozone the Pmi Manufacturing Index signalled expanding activity, rising to 50.8 points. The Composite Index also rose to 51.9 in February. "In February, the growth rate of the Eurozone economy reached the highest value in three months and this improvement was particularly evident in the manufacturing sector, where output posted the fastest rise since August last year," they point out from S&P Global.
