Today's stock market news, July 9th. Sefcovic optimistic about tariffs: "With negotiations, we can avoid Trump's letter."
Even today, the evolution of the tariff negotiations is capturing investors' attention. Several partners have already received the letters sent by the US president, but not the European Union. According to rumors reported by the Financial Times , the 27 EU member states could obtain higher tariffs from the agreement with Trump than those agreed by the United States with the United Kingdom. This comes after what appeared to be an opening from Washington to Brussels. If the tariff level were set at 10%, ECB chief economist Philip Lane assures, "we believe the European economy will continue to grow." Also on the subject of tariffs, the Wall Street Journal reports that it was Treasury Secretary Scott Bessent , along with other advisers, who convinced the White House tenant to delay the entry into force to allow more time for negotiations.
At the Milan Stock Exchange, attention continues to focus on the Italian and international banking game. Unicredit , which announced last night that it had converted part of its derivatives holdings , thus increasing its stake in Commerzbank to 20% , is all eyes, as are Bper and Sondrio, following the Valtellina bank's board meeting held the day before to analyze the new offering.
Trump once again slams Powell: "Rate rates should be at least three points higher."
“Our Fed interest rate is AT LEAST 3 points too high. 'Too late' (Trump's nickname for Powell, ed. ) is costing the United States $360 billion per point, PER YEAR, in refinancing costs. No inflation, businesses are flocking to America. The hottest country (for business, ed. ) in the world! 'LOWER RATES!!!'” US President Donald Trump wrote in Truth.
X, Linda Yaccarino resigns as CEO
"After two incredible years, I have decided to step down as CEO of X," CEO Linda Yaccarino wrote on her Facebook profile, announcing her departure. "When Elon Musk and I first discussed his vision for X, I knew it would be the opportunity of a lifetime to advance this company's extraordinary mission. I am immensely grateful to him for entrusting me with the responsibility of protecting free speech, relaunching the company, and transforming X into the Everything app,” Yaccarino writes.
Plasmon returns to Italy
Plasmon, a historic Italian baby food company, is returning to Italy. According to Il Sole 24 Ore, it is being acquired by NewPrinces Group, the new name of Newlat Food. The seller is being sold by its shareholder, the Wall Street-listed US multinational Kraft Heinz. The sale price, according to rumors, is around €120 million.
Tariffs, Sefcovic: "Negotiations avoided higher tariffs."
"While other nations faced higher tariffs from the United States following President Trump's letters on Monday, our negotiations allowed the EU to avoid them. An extension of the status quo until August 1st was announced, giving us further time to reach a satisfactory conclusion and to continue refining our work. I hope to achieve satisfactory results, potentially even in the coming days," said Trade Commissioner Maros Sefcovic, speaking about the tariff negotiations in the Chamber.
Wall Street: Nvidia's market cap surpasses $4 trillion.
Nvidia shares gained more than 2%, surpassing the $4 trillion market cap for the first time, driven by the boom in generative artificial intelligence. The chipmaker is the first company to reach this market value. The $3 trillion mark, previously surpassed by Microsoft and Apple, preceded Nvidia. The California-based company, founded in 1993, surpassed the $2 trillion mark for the first time in February 2024 and the $3 trillion mark in June 2024.
Wall Street opens higher on tariffs
Wall Street opened higher. The Dow Jones rose 0.43% to 44,428.59 points, the Nasdaq advanced 0.57% to 20,534.45 points, and the S&P 500 gained 0.40% to 6,250.77 points.
ECB: Climate could cost up to 5% of GDP by 2030
Droughts, fires, floods, storms: at this rate, climate-related disasters could cost up to 5% of the Eurozone's GDP by 2030, according to the ECB in a blog post. To reach this estimate, the ECB relied on several scenarios, ranging from worst-case to best-case, developed by the NGFS network. These projections are not strictly speaking forecasts: they assume extreme shocks, which statistically are expected to occur once every fifty years, to raise awareness among public and private decision-makers about the potential economic impact of climate change.
Race to the Fed: Hassett and Warsh among the candidates
Kevin Warsh and Kevin Hassett are among the candidates running for Fed chairman. The Wall Street Journal reports, noting that Hassett's stock has recently risen. According to Donald Trump's allies, Hassett appears more reliable than Warsh for a much-desired rate cut. Currently serving as the president's economic adviser, Hassett met twice with Trump in June regarding the Fed chairmanship.
Commerzbank, Berlin opposes Unicredit. "We won't sell our remaining stake."
The German government "once again rejects UniCredit's uncoordinated and unfriendly approach" to Commerzbank's capital, a Finance Ministry spokesperson said at a press briefing. The state "has no intention of selling its remaining stake," he added.
Lane (ECB): "With tariffs at 10%, the European economy will continue to grow."
The scenario used in the ECB's analyses takes into account the information "that was prevalent in May with tariffs at 10%, the so-called universal tariffs." Based on these values, "we believe the European economy will continue to grow, more slowly than it did before with free trade." "But compared to a more severe baseline scenario, what we have is that the economy has continued to grow. So, remember, there is a lot of momentum in the European economy," said Philip Lane, member of the ECB's board of directors and chief economist.
Golden power over Unicredit, pending TAR decision
Lane (ECB), high uncertainty, we remain anchored to data on rates
"Currently, there is considerable uncertainty about the future of the international trading system. This uncertainty extends beyond the calibration of new tariff regimes and includes the possibility of a broader set of non-tariff barriers, a deeper interaction between economic and security policies, and possible revisions to the treatment of foreign portfolio investors and foreign direct investors," Philip Lane, member of the ECB Board of Directors, reiterated at a meeting in Brussels. "Especially in the current conditions of high uncertainty, it is essential to remain data-dependent and adopt a meeting-by-meeting approach to monetary policy decisions, without any prior commitment to a particular future rate path."
Regional Administrative Court (TAR), ruling on Unicredit's appeal by July 16th
At the conclusion of the Lazio Regional Administrative Court (TAR) hearing on Unicredit's appeal against the government's exercise of its golden power, the president of the TAR's first section announced that the ruling, or even the reasoning, will be published by July 16, although he did not rule out the possibility of a shorter deadline.
Sefcovic will speak with Greer this afternoon
"I can confirm that European Trade Commissioner Maros Sefcovic had a phone call yesterday with US Commerce Secretary Howard Lutnick and will speak with US Trade Representative Jamieson Greer this afternoon," European Commission Trade Spokesperson Olof Gill said at the daily press briefing.
Berlusconi: "For us, tariffs are a significant risk."
"We're in a complicated economic situation: we weren't even faced with tariffs, which could now hinder European and Italian media companies, which thrive on trust and advertising. For us, the risk of tariffs is a significant one," said Pier Silvio Berlusconi, CEO of Mfe-Mediaset. However, "we are looking forward with drive and courage: we will continue to push and invest," Berlusconi added at the presentation of the plans for next season, recalling that in the last three years the group has also distributed over €450 million in dividends, with a 7% increase in employment.
Mfe: PSBerlusconi, go ahead with Prosieben, it's a chess game and anything is possible
Mfe-mediaforeurope is moving forward with its industrial project, which includes the creation of a pan-European broadcaster. "We're at an important point of concreteness," even though "it's a delicate moment and it's become a game of chess." Pier Silvio Berlusconi said this during the press conference, referring to the "two parallel takeover bids" underway for Prosieben: that of the Biscione (for €5.74) and that of the Czech group ppf (for €7).
TAR (Regional Administrative Court), "Unicredit's appeal is ready for a decision today."
Discussion has begun on Unicredit's appeal regarding the legitimacy of the government's golden power requirements in relation to the public exchange offer for Banco BPM. At the beginning of the hearing, the president of Section I, Roberto Politi, informed the parties that "in the opinion of the panel, the appeal is ready for a decision today."
WPP plunges 17.5% on the London Stock Exchange, weighed down by a cut in 2025 guidance.
WPP shares plunged in London after the company cut its full-year revenue and profit guidance. Shares of the British advertising group fell 17.5% to 435.50 pence, the lowest level of the day (the FTSE 100 was up 0.25%). For the full year, the advertising group now expects like-for-like revenue, net of transfer costs, to decline by between 3% and 5%, versus its previous forecast of flat or down to 2%. Headline operating margin is now expected to contract by 50-175 basis points compared to the previous year, excluding exchange rate effects. The company had previously forecast that the margin would remain essentially stable.
Copper rises again after tariff announcements
Copper continues to rise amid volatility triggered by Donald Trump's announcement of an impending 50% tariff. The metal's price on the Comex exchange gained 0.3% to $5.66 a pound, after hitting a peak of 10.5% at $5.89 a pound.
Commerzbank: "UniCredit's move was not agreed upon with us."
"This step, too, was not agreed upon with Commerzbank." This is what the German bank stated, reacting to the sudden turnaround by UniCredit, which has become the group's largest shareholder, surpassing the German state's 12% stake with a 20% stake.
OECD: Real wages in Italy down 7.5% at the beginning of 2025 compared to 2021.
"Italy has seen the most significant decline in real wages among all major OECD economies," the OECD Employment Outlook 2025 states, adding that "despite a relatively strong increase over the past year, real wages were still 7.5% lower at the beginning of 2025 than at the beginning of 2021." More generally, the international organization explains that "real wages are rising in virtually all OECD countries, but in half of them they are still below the levels of early 2021, before the surge in inflation that followed the COVID-19 pandemic."
UniCredit gains 1.5% with stake in Commerzbank and TAR
Unicredit rose on the stock market with its 20% stake in Commerzbank's voting rights, while the Banco BPM dispute could take on new implications with the EU's letter to Italy and today's Regional Administrative Court hearing, which is expected to rule on the limits on amounts subject to the golden power. On the Milan Stock Exchange, Unicredit rose 1.5% to €59.10, while Banco BPM gained 1.1% to €10.60. Commerzbank was little moved in Frankfurt (+0.6%).
Apple in talks for US Formula 1 rights after film success (FT)
Apple is in talks to acquire the Formula 1 broadcast rights in the United States following the success of its film based on the sport, the Financial Times reports. The iPhone maker intends to challenge Disney-ESPN's current role as the F1 broadcaster in America when the contract becomes available for bidding next year, the newspaper reports. The move comes after the box office success of the Apple-produced F1 film starring Brad Pitt, the company's first major theatrical release since it began producing original content for its Apple TV+ streaming service.
European stock markets start cautiously higher on tariff optimism
European stock markets opened cautiously higher, with investors hoping for a deal between the European Union and the United States on tariffs in the near future. US President Donald Trump ruled out any further extension of the tariffs recently imposed on 14 countries, which were postponed until August 1st. He also announced a 50% tariff on copper imports and raised the possibility of imposing duties of up to 200% on pharmaceutical imports, although these measures would be delayed by 12-18 months to allow the industry to adjust.
Market participants are closely monitoring progress on a potential short-term trade agreement between the US and the EU. Trump has indicated that Europe could receive a letter in the next two days. The CAC 40 index in Paris rose 0.39% to 7,797.29 points, the DAX 30 in Frankfurt advanced 0.36% to 24,280.89 points, and the FTSE 100 in London gained 0.28% to 8,878.28 points. In Milan, the FTSE MIB rose 0.40% in early trading.
Asia closes positive on tariffs and inflation in China
Asian stock markets closed higher amid scrutiny of Donald Trump's latest tariff decisions. Markets remained cautious, while consumer prices in China returned to an annual rise in June. Geopolitical tensions are also in the spotlight, with the war between Russia and Ukraine and Israel's moves in the Middle East. Tokyo rose (+0.33%). On the foreign exchange market, the yen strengthened against the dollar, reaching 146.98, and against the euro at 172.21. With trading still underway, Shanghai (+0.12%) and Seoul (+0.6%) rose. Shenzhen (+0.05%) and Mumbai (-0.02%) were little changed. On the macroeconomic front, the minutes of the Fed's June meeting are forthcoming. In the United States, EIA data on crude oil inventories and production and the auction of $39 billion in 10-year Treasury bonds are also expected.
FT: "The Trump deal will result in higher tariffs for the EU than for the UK."
The trade deal with US President Donald Trump will leave the European Union with higher tariffs than those agreed by the United States with Great Britain. The Financial Times reports that Brussels is ready to sign a "temporary framework agreement" setting "reciprocal tariffs" at 10%, while talks on the substantial dossier are set to continue. The EU, the City newspaper notes, "does not expect to gain the same access to the US market for steel, cars, and other British products subject to sectoral tariffs."
WSJ: "Trump postponed reciprocal tariffs at Bessent's request."
Donald Trump postponed the implementation of reciprocal tariffs until August 1 after his advisers, including US Treasury Secretary Scott Bessent, pointed out that more trade deals could be secured with more time. The Wall Street Journal reported, citing sources who said the US president's advisers' pressure was related to the progress they were making in negotiations with India and the EU as the July 9 deadline approached.
Consumer prices in China rise by 0.1% in June
Consumer prices in China returned to an annual increase in June, rising 0.1% (from -0.1% in May and against expectations of unchanged data), ending a four-month decline amid Beijing's efforts to boost domestic demand. However, monthly prices fell 0.1% (from -0.2% in May), underscoring persistent deflationary pressures. Meanwhile, producer prices fell for the 33rd consecutive month: -3.6% (-3.3% in May and -3.2% expected), the worst decline since July 2023, driven by external risks and US tariffs.
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