Today's stock markets, July 11. Anticipation mounts for the tariff letters, and Bitcoin hits a new record high.
Donald Trump could send new tariff letters "today or tomorrow," and Canada and the European Union are among the trading partners targeted this time. Markets are maintaining a wait-and-see attitude, trying to determine whether the intense negotiations will lead to a favorable agreement along the lines of the one reached between the United States and Great Britain, or whether higher tariffs will be applied.
There's excitement among the banks at Piazza Affari. The ABI (Italian Banking Association), the industry's representative association, is meeting today, but more importantly, the end of the trading session will provide a clearer picture of the various games of chance. This is because Banca Ifis's bids for Illimity and Bper's bids for Popolare di Sondrio are closing, the Mediobanca board of directors is meeting to comment on the takeover bid launched by MPS —which begins on Monday—and the Regional Administrative Court's response to the Unicredit-Banco BPM deal is awaited, which could definitively jeopardize Andrea Orcel 's plans.
Tononi (BPM): "Akros complied with the procedures, we're at peace."
"There is an ongoing investigation, so I honestly prefer not to comment, other than to point out that Banca Akros has repeatedly stated in recent weeks that it has fully complied not only with the regulations, but also with the procedures typically used in transactions of this type." This was Massimo Tononi, president of Banco BPM, speaking at the ABI meeting in Milan, regarding the Milan Public Prosecutor's Office's investigation into the Ministry of Economy and Finance's placement of a 15% stake in MPS through Banca Akros, the Banco BPM group's investment banking arm. "Therefore, I am absolutely calm, precisely for this reason. Beyond that, I have nothing to say, because I don't know anything more than what I just said about the ongoing investigations," Tononi concluded.
Tononi (BPM): "Unicredit takeover bid nonexistent, unattractive."
Subscriptions to UniCredit's public offering continue to be "virtually nonexistent, we're talking about 0.1% of the capital. This confirms what the market has been telling us for months, namely that the offer is unattractive, indeed completely inadequate, because our stock price has been at a premium to its implied value since the first day of the offering." Massimo Tononi, president of Banco BPM, said this as he arrived at the ABI meeting in Milan, responding to those asking him for a comment on the subscriptions to UniCredit's public offering in Piazza Meda. "Therefore," he continued, "shareholders don't seem to be expressing widespread support because our bank continues its journey, a journey full of successes and satisfactions, with very positive prospects, among other things. Prospects that UniCredit doesn't recognize."
Pope (Bper): "Over 50% in Sondrio? We'll see how it goes tonight."
"Let's see how it goes tonight. We'll see later. We've reached over 36%," said Gianni Franco Papa, CEO of BPER, arriving at the ABI meeting in Milan. He was responding to questions about whether, after exceeding the 35% threshold in Banca Popolare di Sondrio's share capital in BPER's takeover bid, he was confident of reaching the 50% + 1 share threshold.
Weak start in Europe as Trump's letter awaits
European stock markets are off to a weak and uncertain start. Investors are awaiting the next steps on the trade tariffs announced by US President Donald Trump overnight. Trump said the European Union could receive a letter as early as today and announced a 35% tariff on Canadian imports starting August 1, also signaling his intention to impose across-the-board tariffs of 15%-20% on most other trading partners. In early trading, the CAC 40 index in Paris fell 0.34% to 7,875.22 points, the DAX 30 in Frankfurt lost 0.47% to 24,357.16 points, and the FTSE 100 in London rose 0.02% to 8,979.04 points. In Milan, the FTSE MIB fell 0.22% to 40,439.35 points.
Bitcoin surpasses $118,000, hitting a new all-time high.
Bitcoin has surpassed $118,000, setting a new all-time high, and is on track to close the week with a gain of around 10%, thanks to strong institutional demand and the Trump administration's supportive policies. Since the beginning of the year, the cryptocurrency has gained nearly 22%. In March, President Trump signed an executive order establishing a strategic cryptocurrency reserve and appointed several pro-cryptocurrency figures. In a related move, Trump Media & Technology Group filed with the SEC to launch a cryptocurrency exchange-traded fund (ETF) that would invest in a basket of digital assets, further boosting the credibility of institutional adoption.
Investors are now closely watching the upcoming "crypto week," which begins July 14, when lawmakers are expected to consider several key bills regulating digital assets. Markets also continue to monitor broader risks related to escalating trade tensions, while the latest FOMC minutes showed that most officials are willing to cut interest rates this year, a move widely seen as supportive of Bitcoin.
Inflation in France is rising more than expected
Inflation in France rose more than expected in June: on a monthly basis, prices rose by 0.4% versus the previously forecast 0.3%, after having previously fallen by 0.1%. On an annual basis, it stood at 1% versus the previous 0.7% and slightly above the 0.9% estimate.
Trump: "Letters to the EU and Canada today"
The European Union and Canada will receive letters informing them of the new tariffs "today or tomorrow," US President Donald Trump said in an interview with NBC News . "I'd like to do it today," Trump said, adding: "I'm talking about the European Union, which, as you know, includes many countries, and Canada. We'll be releasing them in the next couple of hours."
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