Stock markets and tariffs, today's news, August 8th. Caution reigns on the markets.
In the first session after the 15% tariffs went into effect , European markets are cautious. Investors are trying to weigh the risk of a further Trump crackdown on chips , with 100% tariffs . There's also focus on the monetary front: the US president has appointed Stephen Miran , one of the men behind the tariff policy, as an interim member of the Federal Reserve Board until January 31, 2026, following the resignation of Adriana D. Kugle.
On a day without any significant macroeconomic data, trade tensions and the latest quarterly results continue to dominate the headlines. At the Milan Stock Exchange, it's Unipol 's turn, which closed the first half of the year with a consolidated net profit up 17.6% to €743 million .
Bankrupt Swedish firm Northvolt acquired by US firm
Car battery manufacturer Northvolt has been acquired by American company Lyten. The Swedish company went bankrupt this year and ceased all operations at the end of June , laying off its factory staff in Skelefteå, northern Sweden, and its research team in Västerås.
Now, the San Jose, California-based company has acquired the company's facilities in Sweden and Germany and plans to acquire those in Canada as well. "This is a pivotal moment for Lyten," CEO Dan Cook said in a statement, emphasizing that "the acquisition of Northvolt's assets provides the necessary Swedish facilities and talent to accelerate this mission by years, just as demand for lithium-sulfur batteries is growing exponentially to meet the needs of energy independence, national security, and artificial intelligence data centers," he added.
In Sweden, around 1,600 people have been laid off by Northvolt, and now, with the arrival of the new buyer, there is hope that the laid-off workers will be able to find jobs again, even if questions about the numbers remain.
Allianz Bank posts net inflows of 3.4 billion in the first half of the year
Allianz Bank Financial Advisors, the Allianz group bank in Italy, recorded net inflows of 3,367 million euros at the end of June, of which 2,686 million attributable to qualified deposits (managed savings and life insurance). The figure, published by Assoreti, "places the bank third in the rankings for groups in its reference market," according to a statement from Allianz Bank.
The institution also ranks second in net inflows per capita, amounting to €1.2 million in the managed savings and life segments, while assets under management exceeded €80 billion, its best result ever. During the first half of the year, the advisor network was strengthened with the addition of 81 new professionals.
Unipol beats expectations, but shares fall with the sector
The better-than-expected results are failing to support Unipol shares on the Milan Stock Exchange, which are down nearly 3%, weighed down by Munich Re 's guidance cut and uncertainty surrounding the banking crisis. The cut in some targets shows that the insurance sector is not immune to market tensions . This has led to sell-offs among other major insurance companies, from Swiss Helvetia Insurance to Axa, Zurich (-0.8%) and Allianz (-0.4%). "Everything points to a strong 2025, which will further improve visibility towards the three-year plan targets," Intermonte stated, commenting on the Bologna-based company's financial statements. Equita also reported "stronger-than-expected" second-quarter results.
Banca Generali's net collections reached €522 million in July.
Banca Generali achieved net inflows of €522 million in July, bringing its year-to-date balance to €3.5 billion, driven by increased requests from households to upgrade their portfolios amid declining risk-free market rates.
Europe opens cautiously higher, Frankfurt flat
European stock markets opened cautiously higher, with Frankfurt flat. Markets are eyeing possible progress on the war in Ukraine in the wake of a potential meeting between Donald Trump and Vladimir Putin. Eyes are also on developments in the trade war: optimism prevails regarding trade negotiations between the United States and its partners.
In Frankfurt, the Dax fell by 0.08% to 24,170.26 points, in London the FTSE 100 rose by 0.17% to 9,116.18 points, in Paris the CAC rose by 0.36% to 7,737.26 points and in Madrid the Ibex 35 rose by 0.44% to 14,742.50 points. In Milan, the FTSE MIB rose by 0.31%.
Milan opens positive, FTSE MIB up 0.31%.
Piazza Affari opened positively. In Milan, the FTSE MIB rose 0.31% to 41,515 points. Among blue chips, Banco BPM stood out, up 0.89 points, Pirelli did well, up 0.87 points, Leonardo, up 0.82%, and Stellantis, up 0.76%. Unipol, on the other hand, fell 2.39% after its half-year results, which saw its profit rise 17.6% to €743 million. Generali, down 1.07% after closing at yesterday's high, Poste Italiane, down 0.38%, and Azimut, down 0.36%.
Effect of tariffs on gold
The impact of tariffs on gold (+0.64% to $3,394 an ounce) with the new US tariffs on 1 kg bars, which weigh on the supply of the precious metal.
Unipol grows by double digits in the first half of the year
The company collects 244 million euros from the two bank participations
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