Stock Markets Today, May 14. Btp-Bund Spread at 99.9 Points, Lowest Since September 2021
ROME – After the economic agreement with the United Kingdom and the agreement with Beijing on the 90-day suspension of most cross-duties that cooled the trade war, the enthusiasm of the markets is also cooling, as they await the next developments. The gap between Washington and Brussels is still wide, yesterday's US inflation data are the last "cleaned" from the effect of duties and China has criticized the Anglo-American agreement as a possible barrier to its goods in the British market. Thus the stock markets remain cautious after the shocks of the last few weeks.
Btp-Bund spread at 99.9 points, lowest since September 2021
The spread between BTPs and Bunds breaks the 100-point threshold and reaches its lowest point since September 2021. The differential drops to 99.9 points. The yield on the Italian 10-year bond is below 3.68%.
Europe Travels Down. Spread Remains at 100 Threshold
European stock markets are moving weakly with the lens always on the theme of duties. Donald Trump is in Riyadh for a meeting with Syrian President Ahmed al-Sharaa (Jolani), the day after the tycoon announced the lifting of sanctions against the war-torn country. The Old Continent area index, the stoxx 600, is down a quarter of a point with technology stocks on sale. Among the individual markets, Milan is holding up while moving on parity (+0.09% to 40,107 points). Frankfurt is down 0.24%, Paris 0.52%. Madrid is up 0.34% as is London (+0.12%). Eyes are focused on the spread which is moving on the minimum between September and October 2021. The differential is oscillating at 100.5 points while the yield on the Italian ten-year bond is falling below 3.68%.
Unicredit rises on the stock exchange, technical meeting at the Mef tomorrow
Unicredit is up (+1.58% to 56 euros) on the stock exchange while a technical meeting is scheduled for tomorrow morning at the Ministry of Economy and Finance on the Golden Power requirements in relation to the takeover bid on Banco Bpm. The meeting, as reported by some newspapers, will be between some top managers of the bank and Treasury officials. Various sources reiterate its exclusively technical nature. According to the Messaggero, the meeting is scheduled for 10 am at the ministry.
Urso: “Maximum support to the commission for a positive result like GB”
“We are now in the negotiation phase, in which it is necessary to provide maximum support to the European Commission" with the aim of "pursuing a positive result like the one achieved by Great Britain". This was stated by the Minister of Enterprise and Made in Italy, Adolfo Urso, during the briefing on duties in the Senate. "There is no need to show off muscular solutions, but caution and responsibility" to "demonstrate that Europe is there".
Sony: 2024-25 profit +18%, but estimates 13% drop in 2025-26 due to duties
Japanese entertainment giant Sony has announced a record annual net profit, up 18%, boosted in particular by its video games and music businesses. However, the group is taking a cautious approach for the 2025-2026 financial year, in a global economic context made more uncertain by the trade war launched by US President Trump. In particular, the group recorded a net profit of 1.141 trillion yen (7.1 billion euros) for the 2024-2025 financial year, which ended on March 31, but expects a 13% decline to 930 billion yen (5.5 billion euros) for the current financial year, which began in April.
Edison, the first LNG shipment from the USA arrives in Italy
Edison announces the arrival in Italy of the first load of liquefied natural gas (LNG) from the United States, linked to the contract with Venture Global. The LNG carrier Elisa Aquila, available to the Edison fleet for the transport of LNG, after loading the gas from the Calcasieu Pass plant - in Cameron Parish in Louisiana - and two weeks of navigation, unloaded in the past few hours at the Piombino terminal approximately 165,000 liquid cubic meters of LNG to be regasified and introduced into the national network. Edison communicated this in a note.
Stock Exchanges, Milan's Trend
Leonardo stands out on the list, gaining 1.5%, followed by Prysmian, which rises by 1.4% after the announcement of a potential bond issue, Azimut (+1.4%) and Telecom (+1.4%). In the banking sector, Banca Mps is doing well, rising by 1.17%, Intesa (+0.42%), Unicredit (+0.05%). Mediobanca is doing badly (-0.95%). Inwit is down 0.76% after the accounts and Italgas is losing 0.63% the day after the shareholders' meeting.
On the bond front, the spread between ten-year BTPs and their German counterparts Bunds opened stable at 101 points, in line with yesterday's close. The yield stood at 3.69%. On the currency market, the euro was little moved at the start of the session. The European currency was trading at 1.1182 dollars.
Alstom, accounts in profit for 149 million
French train maker Alstom said it posted a net profit of 149 million euros for the fiscal year ended in March, compared with a net loss of 309 million euros a year earlier.
Revenue increased by 4.9% to 18.49 billion euros, while orders increased by 4.7% to 19.845 billion euros. Adjusted earnings before interest and taxes, the company's key metric, stood at 1.18 billion euros, up 18% and with a margin of 6.4%.
European stocks, London down at start
Uncertain opening for the main European stock exchanges, with London that at the start remains below parity: the Ftse 100 index loses 0.16%. Positive, however, Paris (+0.03%) and Frankfurt (+0.19%).
Asian stocks mixed, Tokyo closes in the red
Asian stocks were mixed with Hong Kong (+1.7%) and South Korea (+1.23%) rising, following tech gains on Wall Street, while Japan was weak (Nikkei -0.14%) due to a strengthening yen. Shanghai rose 0.63% and Shenzhen 0.23%. The rally driven by a temporary US-China tariff deal appeared to run out of steam as investors focused on further trade talks.
Burberry cuts 1,700 jobs
Burberry has said it will cut around 1,700 jobs globally as it continues its restructuring amid a wider crisis affecting the luxury sector. The British trench coat maker said it will make organisational changes to improve efficiency and profitability, with expected savings of £60m by fiscal 2027. This is on top of the group's previously announced £40m cost-cutting programme.
Luxury fashion group Burberry reported a loss per share of 14.8p for the 2024-25 financial year, compared with earnings per share of 73.9p. Revenue in the period ended March 29 was £2.461bn (-15%; -17% on a reported basis). Comparable retail sales fell 12%.
Milan Stock Exchange, cautious opening
Weak opening for the Milan Stock Exchange: the Ftse Mib index starts trading up 0.07% and rises to 40,105 points.
Trump: “We will find an agreement with China”
"The relationship with China is very good. I think we will find an agreement, I hope so," said US President Donald Trump in an interview with Fox. Washington and Beijing have signed a trade truce, reaching an agreement to reduce the tariffs they have imposed on each other for 90 days to give themselves time to negotiate a broad agreement.
US-China tariffs, suspension comes into effect
China will adjust its tariffs on US imports for an initial period of 90 days starting today following the agreement reached with Washington, Xinhua reported, citing the Customs Tariff Commission of the State Council of China. The commission said that "the reduction in bilateral tariffs is in line with the expectations of producers and consumers in both countries and is conducive to economic and trade exchanges between China and the United States, as well as the global economy."
The agreement provides for a 90-day tariff cut of 115%, up to 10% for Chinese imports of US-made goods and 30% on US imports of mandarin goods. In addition, other secondary cross-tariffs have also been removed or suspended.
Germany, inflation +2.1%
The inflation rate in Germany, confirmed in the second reading at +2.1% in April. The inflation rate has therefore continued to decrease since the beginning of the year, after having stood at +2.2% in March and at +2.3% in both January and February.
The development of energy prices had a significant downward effect on inflation in April. On the other hand, rising food prices also pushed inflation up in April. In addition, above-average increases in service prices intensified again. Compared to March 2025, consumer prices increased by 0.4% in April.
Asian stocks mixed
Asian stocks were mixed, with Hong Kong and South Korea rising, in line with Wall Street's tech gains, while Japan's markets slipped on a stronger yen. The rally prompted by the temporary U.S.-China tariff deal appears to be losing steam, with investors eyeing further trade talks.
In Tokyo, the Nikkei is down 0.31%. Chinese markets are instead trading positively. Shanghai is up 0.69%, Shenzhen is up 0.21%, while Hong Kong is up a solid 1.66%. In Seoul, the Kospi is up 1.2%.
Trump: “Confrontation with Xi? Maybe”
U.S. President Donald Trump said he could imagine a direct confrontation with Chinese President Xi Jinping over the final details of a U.S.-China trade deal. "Yeah, I can see it. I mean, I'm not sure it's going to be necessary," Trump told Fox News Channel's Sean Hannity in an interview conducted on Air Force One as Trump flew to Saudi Arabia.
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