Today's stock market news, July 18. Glimmers of hope in tariff negotiations are reassuring markets.
MILAN – The business climate is improving, and markets are breathing a sigh of relief. Europe is off to a positive start, following a strong closing the day before, when even Wall Street regained confidence, reviving its highs. Moreover, Trump is open to a "probable agreement" on tariffs with the EU, and the US economy remains solid, with retail sales rising and unemployment claims declining. The data, however, has prompted the US president to once again lash out at Federal Reserve Chairman Jerome Powell , urging him to lower interest rates .
At the Milan Stock Exchange, the back-and-forth between the Caltagirone Group and Mediobanca over MPS's takeover bid for the Milanese bank is gaining traction. UniCredit and Banco BPM shares are also being closely watched, pending whether Consob will once again freeze the offer , given the letter in which Brussels rejected the golden power restrictions imposed by the Italian government. However, the takeover bid's July 23 deadline is likely to arrive before clarity is provided.
Sefcovic meets with EU ambassadors today, focusing on tariff negotiations
This afternoon, the ambassadors of the 27 EU countries will meet with European Commissioner Maros Sefcovic for an update on the progress of negotiations with the US on tariffs following his latest visit to Washington. The Coreper meeting is scheduled for 2:30 PM, according to diplomatic sources.
Asia closes mixed, while Chinese stocks perform well.
Asian markets closed mixed, with Chinese stocks buoyed by support from technology stocks after shares of TSMC, the world's leading manufacturer of advanced artificial intelligence chips, rose 2.2% yesterday on the back of record quarterly profit, although it stated that future revenues could be impacted by US tariffs. Hong Kong rose 1.25%, Shanghai 0.5%. Seoul bucked the trend (-0.15%). Previously, the Tokyo Stock Exchange closed the last session lower, with the Nikkei down 0.21% at 39,819 points.
Inflation data, which slowed more than expected, contributed to the trend, fueling speculation that the central bank will ease its typically accommodative monetary policy. Specifically, consumer prices in Japan (excluding fresh produce) rose 3.3% year-on-year in June, slowing more than expected after reaching 3.7% in May, according to government data. The figure, lower than forecasts by economists surveyed by Bloomberg (+3.4%), nevertheless confirms the persistence of high inflation in the archipelago, well above the 2% target set by the Bank of Japan (BoJ).
France, without agreement, will evaluate anti-coercion instrument
Regarding tariffs, "the European Union has the means to defend itself. It has the tools to activate, for example, countermeasures in the event of a failure to reach an agreement with the United States, and to go further by using the anti-coercion tool, which would also allow us to target, for example, the American services we consume—I'm thinking in particular of digital services." This was stated by French Minister for European Affairs Benjamin Haddad upon his arrival at the EU General Affairs Council.
"We must be very clear. This is a test of the European Union's geopolitical credibility. The tariffs imposed by the United States are unjustifiable, they are unacceptable. They are not based on any reality in the current trade relationship between the European Union and the United States. We have said this, and we share this position with all our European partners. We want to find a solution. We want to find an agreement and a de-escalation path that is in everyone's interest," he added. "We are strong, we have a unified single market. We have 27 member states. We have the tools to defend ourselves, and we will. We will defend our interests collectively," he concluded.
Europe opens higher, optimistic about tariff negotiations
European stock markets are off to a positive start, in line with yesterday's close: markets are regaining courage and resuming their rise, while investor risk appetite is improving, though it remains volatile. Optimism is fueled by US President Donald Trump's words, calling an agreement with the European Union "possible," while he is considering tariffs of 10-15% for 150 countries. Regarding negotiations with Brussels, the EU has reportedly proposed lowering tariffs on US auto exports by 10% if the Trump administration reduces its own taxes on the sector to below 20%. At the bell, the Milan Stock Exchange is up 0.44%, London is up 0.43%, and Paris and Frankfurt are up 0.46%, respectively.
El Salvador continues to buy Bitcoin
El Salvador adds more Bitcoin to its "strategic reserve" with a new purchase, just as the cryptocurrency's price surpasses $118,000 (about €101,500), marking a new all-time high. El Salvador's National Bitcoin Office (ONBTC), under President Nayib Bukele, announced the new purchase on X. According to data published on the bitcoin.gob.sv/es portal, El Salvador holds 6,241 Bitcoins, currently valued at over $753.1 million.
El Salvador's Bitcoin reserves had already reached $700 million as of July 10, at a time of strong growth in the cryptocurrency's price. However, economist and former president of the country's Central Reserve Bank, Carlos Acevedo, recently told reporters that the rising price of Bitcoin "will not stimulate the Salvadoran economy."
DoValue Acquires German Company Coeo, Manages Credit with AI
DoValue has signed a binding agreement to acquire 100% of Coeo's share capital from an affiliate of Waterland Private Equity, for a base cash consideration of €350 million (including target-level net debt), plus an earn-out component of €40 million to be paid in 2028, subject to the achievement of certain financial targets. Headquartered in Germany, Coeo is the world's largest player in the segment of next-generation AI-based credit management companies.
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