Today's Stock Markets, June 30. Optimism on tariffs reinvigorates markets
MILAN – Optimism about progress in trade talks is buoying markets. US President Donald Trump said he does not think there will be a need to extend the July 9 deadline on tariffs: his team is “sending letters to nearly 200 countries affected by the measures” and is working “on agreements with all the others”.
A new banking takeover bid has arrived at Piazza Affari, this time among specialized institutions. Banca CF+ has launched an offer for 100% of Banca Sistema at 1.8 euros per share with the aim of merging with the latter and not delisting it. On the main list, eyes are on the Tim stock, which has rejected the accusations made by Enav regarding the radar failures that on Saturday created a traffic block in the North West of the country. Focus is also on A2A after the countdown has started for the sale of approximately 490 thousand gas delivery points (in practice meters) to Ascopiave in Lombardy. Today, the agreement with BP for a 17-year supply of LNG was also signed.
Generali: “Dangerous sign made completely safe”
Generali announces that the Citylife area in Milan has been made "totally safe" after the collapse of the sign on the Hadid tower, which houses the group's headquarters. "The episode - explains the Lion of Trieste in a note - was promptly managed with the immediate securing of the sign itself, without any damage to people or surrounding structures". The area has been closed, the M5 stop in Piazza Tre Torri and the City Life Shopping district have been closed. Firefighters and law enforcement are on site.
Deficit worsens in first quarter, to 8.5% of GDP
In the first quarter of 2025, the public finance picture shows a higher indebtedness compared to the same period of the previous year, due to a more marked growth in expenditure compared to revenue. According to Istat data, in the first three months of this year, the net indebtedness of public administrations in relation to GDP is estimated at -8.5% (-8.2% in the same quarter of 2024). The primary balance of the AP (indebtedness net of interest expenses) was negative, with an impact on GDP of -4.7% (-4.8% in the first quarter of 2024).
Plenitude starts production of Renopool photovoltaic park
Plenitude starts production of the northern block of the Renopool photovoltaic plant, located in the municipality of Solana de los Barros, in Badajoz, in the region of Extremadura in Spain, with an installed capacity of 130 MW. Once operational by the end of 2025, it will be the largest solar park built by the company globally, consisting of seven plants distributed in two blocks, with a total installed capacity of 330 MW. The Company expects that the northern block, currently connected to the grid and consisting of three photovoltaic plants, will guarantee a production of more than 265 GWh per year.
Milan opens higher, Ftse Mib +0.30%
The Milan Stock Exchange opens higher, supported by the optimism of investors who await the developments of the ongoing trade negotiations in view of the impending deadline of July 9. The Ftse Mib index in early trading advances by 0.30% to 39,859.73 points. Highlights on the list include Stmicroelectronics which jumps by 2.60% at the start and Terna which rises by 1.26%. Leonardo (+0.90%) and Iveco (+0.86%) also performed well. Stellantis (-0.96%) Prysmian (-0.88%) and Banca Mps (-0.70%) are down.
Canada scraps tax on US big tech
Canada has announced the cancellation of a tax on tech giants in hopes of reaching a trade deal with the United States, and the resumption of negotiations to that end, interrupted by U.S. President Donald Trump. Canadian Finance Minister Francois-Philippe Champagne "announced that Canada will cancel the Digital Services Tax." The government said the resumption of negotiations should lead to a trade deal with Washington by July 21.
This easing of tensions between the two countries comes shortly after the US president broke off talks by describing the Ottawa tax on digital giants as a "direct and obvious blow" to the United States. This 3% tax on revenues from online advertising, sales platforms, social networks and the sale of personal data was supposed to come into force today and would have particularly affected giants such as Google, Apple, Meta (Facebook), Amazon and Microsoft, accused of exploiting the intangible nature of their business to evade taxes.
Another Bank Takeover Bid at Piazza Affari
UK-US agreement in force for reduction of duties on cars and aerospace sector
A trade deal that cuts tariffs on British exports of cars and aerospace equipment to the United States comes into force today, as the two sides continue to negotiate steel tariffs. “Starting today, British car and aerospace manufacturers will benefit from significant tariff cuts on exports to the United States, saving thousands of jobs,” the U.K. Department of Trade said in a statement. London and Washington reached an agreement in May to reduce U.S. tariffs on cars from 27.5% to 10%, with a limit of 100,000 vehicles per year. It also eliminated a 10% tariff on goods such as aircraft engines and parts. “Our historic trade deal with the United States is a win-win for British businesses and protects jobs in the UK,” Prime Minister Keir Starmer said in the same statement.
China: “We should avoid trade agreements with the US at our expense”
China will take "firm countermeasures to protect its legitimate rights and interests" if any country ends up making trade deals with the United States at Beijing's expense, "in exchange for so-called tariff reductions." The Commerce Ministry said through a spokesperson over the weekend that it "firmly opposes" such practices, responding to a media question about the US's recent trade talks with other economies.
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