Today's Stock Markets, June 4. EU: "Negotiations with the US on tariffs are going in the right direction"
MILAN – Tariffs are once again in the spotlight on markets . On the one hand, traders are hoping for a more permanent trade deal, after Washington and Beijing agreed to temporarily reduce their mutual tariffs in May. But on the other, the entry into force at midnight local time, 6 Italian time, of new 50% tariffs imposed by the US administration on aluminum and steel imports from the rest of the world is set to fuel tensions and make investors more nervous than usual.
On the macro front, analysts are predicting that the ECB will cut rates tomorrow and continue its easing cycle, as rising wages, a strong euro and tepid economic growth suggest that inflation will ease. Meanwhile, all eyes will be on May Services PMI data for the UK, eurozone, Germany and France today.
In the Mediobanca pact "general appreciation for Ops"
"General appreciation for the takeover bid on Banca Generali". This was stated by one of the participants in the Mediobanca pact at the end of the meeting. As indicated, one of the partners in the consultation agreement, Alberto Pecci, was appointed president in place of Angelo Casò, who died this morning.
Milan reverses course and goes down, Ftse Mib -0.29%
Piazza Affari reverses course and goes down with the Ftse Mib which at the partial of about half the session marks -0.29% at 39,949 points. On the list, Tim rises by 0.53%; the main energy stocks are mixed with Enel and Eni at -0.47 and +0.11 percent respectively. Industrials are also mixed: Leonardo -2.46%, Stellantis -0.47%, Iveco +2.13%. As for financials, Intesa -0.49%, Unicredit -1.24%, Mps -2.26%, Mediobanca -2.19%, Generali +0.48%.
EU agreements on critical issues with Great Britain, Ukraine and Greenland
Europe is accelerating on strategic raw materials: the Commission has launched an initial package of 13 projects with non-EU countries to diversify supply sources and strengthen the continent's security. Among the agreements, those with the United Kingdom and Ukraine stand out - on tungsten and graphite respectively - announced by Vice President Stéphane Séjourné with British Trade Secretary Jonathan Reynolds and Ukrainian Minister for Natural Resources Svitlana Hrynchuk. The projects - which also concern rare earths - also involve Greenland, Canada, Kazakhstan, Norway, Serbia, Zambia, New Caledonia, Brazil, Madagascar, Malawi and South Africa.
Orsini: “Uncertainty problem on duties, we need to negotiate immediately”
"The data gives us a clear picture: duties for an exporting country like ours are a problem. And it is a topic of great uncertainty, so we need to negotiate immediately, Europe must speed up. We need to act quickly, moving on the topic of defense, energy and Big Tech, which must be on the negotiating table". This was stated by the president of Confindustria Emanuele Orsini, guest of Sky tg24 Live in Milan.
Prosiebensat, Ppf's takeover bid against Mfe begins
Ppf's takeover bid on ProSiebenSat.1 Media starts today and will end on August 13, after Bafin's approval of the offer document. Shareholders, a note recalls, are offered 7 euros per share with "a premium of 17% compared to the Xetra closing price of May 9, of 21% compared to the implicit price of the Mfe offer of May 9 and of 22% compared to the weighted average price for volumes at 3 months preceding the announcement of the Mfe offer of March 26" underlines Ppf. However, the stock is already trading on the stock exchange above 7 euros (7.005 euros).
Ppf "has been a strategic investor in ProSiebenSat.1 for more than two years and is currently the second largest shareholder with a stake of around 16%, held through direct shares and financial instruments", the fund recalls. "By accepting our offer, ProSiebenSat.1 shareholders can immediately monetise their investment at a very attractive cash consideration, without taking on the risk of the ongoing transformation of the company, a process that requires time, expertise and financial resources. We are ready to share our experience in transforming Ppf's free-to-air broadcaster, CME, into a streaming challenger to global platforms in Central Europe, leveraging the local content production of its linear TV channels. With a stronger shareholding and proportional representation on the board, we will be able to more actively share our knowledge and learnings with all stakeholders of ProSiebenSat.1", explains Didier Stoessel, Chief Investment Officer of the Ppf Group.
Mexico to Ask Trump to Exclude Steel Tariffs
The Mexican government will seek exclusion from the 50% tariffs on steel and aluminum announced by the U.S. administration, Economy Minister Marcelo Ebrard said. The Latin American country is one of the nations most vulnerable to the tariffs imposed by President Donald Trump, as 80% of its exports go to the United States, its main trading partner. "We will ask for the exclusion of Mexico," Ebrard said, calling the measure "unfair, unsustainable and inconvenient." "It makes no sense to impose tariffs on a product of which you have a surplus," the official said, adding that such a tax is unlikely to be sustainable over time due to its economic impact.
EU: “Negotiations with US in the right direction”
Trade talks with the United States are going “in the right direction,” said European Trade Commissioner Maros Sefkovic, calling the discussions in Paris “productive and constructive” on the day the U.S. sharply increased tariffs on steel and aluminum. “We are moving at a steady pace in the right direction and we remain in close contact to maintain the momentum,” the commissioner said on X, commenting on a photo of himself smiling with White House Trade Representative Jamieson Greer.
UniCredit seeks dialogue with the Ministry of Economy and Finance on Golden Power
UniCredit announced that on May 30, it received a communication from the Ministry of Economy and Finance, as the authority responsible for monitoring compliance with the provisions of the Golden Power decree, which clarified the terms in which the monitoring activities will be carried out. UniCredit "acknowledges the content of the response provided by the Mef and in exchange has withdrawn the request for provisional measures to allow for a constructive dialogue with the Mef," according to a statement from the bank. UniCredit maintains its position on the merits of the Golden Power, but has asked that the ruling of the Lazio Regional Administrative Court be expedited to provide definitive clarity.
German PMI falls more than expected to 48.5
Germany's composite PMI fell more than expected from 50.1 to 48.5 in May, versus a forecast of 48.6. The services PMI also fell from 49 to 47.1, versus a forecast of 47.2.
La Scogliera confirms support for Banca Ifis' takeover bid on Illimity
La Scogliera, owner of 50.64% of Banca Ifis, confirms its support for the public exchange offer launched by the institute on illimity Bank on January 8th. A position reiterated "despite the significant value adjustments of illimity Bank". This is stated in a note released by the headquarters in Lausanne (Switzerland) in which the financial company headed by the Fürstenberg family expresses, "through the CEO, Ernesto Fürstenberg and his father Sebastien Fürstenberg, chairman of the board of directors, in their capacity as controlling shareholders, its commitment to the offer, reiterating the validity of the strategic rationale, represented to the market, in the offer document, published on May 9th, and guided by an industrial logic capable of expressing significant economies of scale and generating, at full capacity, overall annual synergies of 75 million gross".
La Scogliera hopes that "the acceptance of the offer by the current shareholders of illimity will be sufficiently broad to allow, in the shortest possible time, the start of the merger process between the two entities, which represents an essential condition for all stakeholders to fully benefit from the full synergies outlined in the offer document". The offer provides for the delivery of 1 new Banca Ifis share for every 10 illimity shares delivered, plus a cash consideration of 1.414 euros, equal to 3.55 euros per share for a total valuation of 298 million euros for the bank founded by Corrado Passera.
PMI Services Index Rises in Italy to 53.2
The Hcob PMI index of tertiary activity in Italy recorded a slight increase, reaching 53.2 in May, the highest value in almost a year.
Unicredit waives TAR suspension on golden power, merit set for July 9
The administrative appeal with which Unicredit challenges the legitimacy of the golden power exercised by the government for the takeover bid on Banco Bpm will be decided directly on the merits, on July 9th. According to what was learned during the hearing in chambers this morning, the credit institution has renounced its precautionary request in order to obtain a hearing on the merits in a short time. For this purpose, the hearing of July 9th has been identified and set. The disputed decree is the Prime Ministerial Decree of April 18th regarding the "Voluntary exchange offer by Unicredit Spa, concerning all the shares of Banco Bpm". The reference is to the provisions set out in the government provision.
UK to be spared US tariffs of 50%, remain at 25%
The UK has so far been spared from US President Donald Trump's executive order doubling tariffs on steel and aluminium from 25% to 50%. The UK media reports. The duty remains at 25% for the UK under the UK-US tariff deal signed last month, which scraps duties on steel and aluminium. However, the BBC reports, the deal has not yet come into force, meaning UK steel exporters will have to pay tariffs until then, and could face higher amounts if the pact falters.
Cautious start for Europe, rising with eyes on tariffs
European stocks opened cautiously higher as investors eyed ongoing trade negotiations. In a widely expected move, US President Donald Trump signed an executive order doubling tariffs on steel imports to 50%, following up on a threat made last Friday. The European Union was quick to criticize the move, warning that it undermines ongoing negotiations and reiterating its willingness to take countermeasures if necessary. Despite the geopolitical backdrop, market attention is shifting to economic data, with investors watching for signals on services activity from Spain, Italy, France and the eurozone, ahead of tomorrow's ECB decision.
The Cac 40 index in Paris advanced by 0.37% to 7,792.19 points, the Dax 30 in Frankfurt rose by 0.79% to 24,279.83 points and the Ftse 100 in London marked a +0.03% to 8,789.86 points. In Milan, the Ftse Mib index gained 0.28% in early trading.
Trump: “I Appreciate Xi But It’s Extremely Difficult to Find an Agreement on Tariffs”
US President Donald Trump said in a social media post that he appreciates Chinese President Xi but that it is very difficult to "reach an agreement with him" in the ongoing trade dispute. "I like Chinese President Xi, I always have and always will, but he is very tough," the US president wrote on his social network Truth.
Bialetti, closing for the purchase by Nuo Octagon by the first half of June
the closing of the agreement for the sale of control of Bialetti to the Nuo fund, controlled by the Chinese Pao-Cheng family, is expected for the first half of June. This was announced in a press release, reporting that the Council of Ministers has communicated to the company that the golden power legislation does not apply to the operation. After the purchase of the 78.567% stake, the buyer will promote a mandatory takeover bid on the remaining listed shares.
Interview with Donnet, CEO of Generali
Pedranzini (Pop Sondrio): “Oops? The market believes we are worth more”
The market "believes we are worth more". Mario Alberto Pedranzini, general manager and managing director of Popolare di Sondrio, the target of the takeover bid launched by competitor Bper, has been talking for over an hour with Roman customers, mostly small shareholders of the institution, in the large room overlooking the greenery of an iconic Roman hotel when the question from the public about the Emilian bank's offering arrives. Pedranzini, together with the bank's front line, illustrated the new industrial plan to 2027 with the motto Let's move forward in our own way , recalled the peculiarities of the local bank, its establishment in Rome in 1990 with the first branch that in a few years, thanks to the appreciation registered in the capital's square, has become over 50.
"The takeover bid is advancing - he states - the markets are giving Sondrio confidence and the stock is at a discount" compared to an offer that "did not take into account the 2024 results and the industrial plan that was not known" and that foresees approximately 1.5 billion in profits in the three-year period. A stand-alone industrial plan "that we wanted to make known to put institutional investors and retail (which holds 35% of the capital) in the position to make the best choice for their savings".
They rise to 50% on steel and aluminum
Yesterday evening, US President Donald Trump signed an executive order the day before that increased the tariffs on steel and aluminum imports to the US to 50%. The new tariffs are effective from 6:00 AM Italian time today. The decision comes a few hours before the meeting between US and European negotiators scheduled for today in Paris. Trump justified the increase with the desire to "ensure that (imports) do not jeopardize national security. While the tariffs imposed to date have provided essential support to prices in the US market, they have not allowed these industries to develop and maintain a rate of capacity utilization sufficient for their sustainability and in light of national defense needs," the text of the executive order reads.
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