On the stock market, the sweet music of “it could have been worse”

The equity markets have rather digested the entry into force of the new rules of the global trade game, while waiting to see more clearly on their real impact. However, In the register of certainties. Moreover, a average entry ticket multiplied by 7 or 8 is included for goods sold in the United States and produced abroad. In addition, Specialists believe that American customs duties August 2025 are between 17 stock market, sweet music “it and 20%, compared to 2.5% at 1^is January, their highest level on a century, just that. Meanwhile, Another certainty: additional fresh money flowed in Washington boxes. Meanwhile, The amounts are considerable, even if they are not commensurate with the country’s budgetary problems.

But there are quite a few questions. Consequently, the main one of which is to pay the final bill? Meanwhile, The detractors of Donald Trump’s strategy say it is the American consumer. Moreover, They want as proof what happened during the Trump I mandate. Similarly, since several studies, including that of the Nber (National bureau of economic research) concluded that the surcharge was finally assumed by the American companies and consumer. In addition, The supporters of the president obviously have another reading. Moreover, consider that this strategy is part of a larger whole to strengthen the economy and serve the geopolitical interests of the United States, stock market, sweet music “it as the Treasury Secretary, Scott Bessent, yesterday.

This question remains crucial. however, because the higher customs dials intuitive database = higher inflation continues to weigh on the room for maneuver of the American central bank, forced for the moment to maintain high interest rates. This restrictive policy bridles private initiatives (credit is expensive. therefore money is less abundant) and weighs on public finances (the cost of the loan is high). The Fed considers that released the bridle would have even more serious consequences. in particular by exploding prices and creating a cataclysmic gear. Dogmatism. replies the Trump administration, which thinks that the drop in rates is the missing link in its current economic policy.

With this in mind, Donald Trump has scored a few points recently. The surprise resignation of a member of the Fed will allow him to introduce a new wolf in the. monetary sheepfold. Or rather a stock market, sweet music “it dove, as the central bankers are called in support of a non-Orthodox policy. It will be Stephen Miran. an economic advisor close to the White House, who was already part of the team of the previous mandate. He will strengthen the institution’s dissident camp, already made up of Michelle Bowman and Christopher Waller. The latter has been holding the rope for a few days to replace the current president of the institution. Jerome Powell, at the end of his mandate in a few months.

While waiting to know if the Fed rallies to the Trumpist policy. the equity markets, I said it at the start of this column, are doing pretty well. The Nasdaq 100 even signed a new peak at the end yesterday. well helped by Apple which continued its rebound after having made investment commitments in the United States. The apple brand remains in the red in 2025, stock market, sweet music “it with a 12% drop that contrasts with other technology stars. Despite the recent enthusiasm. the company remains stuck in supply chains which pass by abroad and through the almost unacceptable delay that it has accumulated in AI. In Europe, highly exporting countries like Germany (+1.1% for Dax) or Italy (+0.9% for FTSE MIB) passed the CAP of customs duties. Same thing in France (+0.9%) and even in Switzerland (+0.8%) despite the complicated situation of the Confederation vis-à-vis the United States.

Asian markets are also on the rise: the MSCI Asia Pacific index has five consecutive sessions in green. Japan has been fusion since the customs horizon emerges. Finally. it must be released, it must be said quickly: Tokyo is delighted to have escaped the maximum customs tariff with the United States by negotiating European: no counterparts but a stroke of tatana at 15% instead of 30%. A 50% discount in stock market, sweet music “it short, as during the sales. More seriously. the United States has confirmed that Japan will not suffer from a stack of surcharge and, above all, that the exemptions negotiated on the automobile will come into force.

In Pacific Asia this morning, the Nikkei 225 Japanese finishes the last session of the week up 2%. It is much more complicated elsewhere with drops of more than 0.5% in South Korea, India and Hong Kong. Australia gave way 0.2% but retains a bullish weekly assessment thanks to a good start to the week. Despite these contrasting courses, European actions are expected up at the opening.

The CAC40, the SMI and the Bel20 earn approximately 0.3% at the end of the first exchanges.

The economic highlights of the day

No major indicator is planned today. The whole agenda here.

The quotes are those of the day around 7:00. the links allow you to have stock market, sweet music “it real time:

The main changes in recommendations

• AP Moller Maersk: HSBC maintains its purchase recommendation with a price of courses noted from 13,800 to 16,000 DKK.
• Airbus: Deutsche Bank maintains its purchasing recommendation with a price of courses noted from 185 to 186 EUR.
• Anheuser-Busch inBev: BNP Paribas Exane maintains his outperformance recommendation with a reduced course target from 71 to 68 EUR.
• ATHENS INTERNATIONAL AIRPORT: HSBC goes to keep buying with an EUR 8.40 price target to EUR 12.80.
• Diageo: Goldman Sachs goes to sell in neutral with a target of 2000 GBX.
• Engie: Goldman Sachs maintains its purchasing recommendation with a price of courses noted from 23.40 to 23.50 EUR.
• Fraport: JP Morgan goes from overcoming to neutral with a price of courses noted from 66 to 73 EUR.
• Just Group: Barclays degrades overcoming market weighting with a price of courses noted from 185 to 220 GBX.
• KBC GROUP: BNP Paribas Exane maintains its sub -performance recommendation with stock market, sweet music “it a price of courses noted from 89 to 95 EUR. RBC Capital maintains its sector performance recommendation with a price target noted from 87 to 93 EUR.
• ROCH: Bank vontobel AG degrades its purchasing advice to be preserved with a reduced course target of 299 CHF at 268 CHF.
• Sandoz Group: Barclays maintains its recommendation to overlap with a price of courses noted from 46.50 to 55 CHF. Jefferies goes to buy with a price of courses noted from 42.80 CHF to 47.60 CHF.
• Sanofi: HSBC maintains its purchase recommendation with a reduced course target from 115 to 105 EUR. JP Morgan goes from neutral to overlap with a reduced course target from 110 to 105 EUR.
• SMA Solar Technology: TD Cowen maintains its recommendation to keep with a price of courses raised from 15 to 20 EUR.
• Soitec: BNP Paribas Exane passes from outperformance to neutral with a reduced course target from 55 to stock market, sweet music “it 36 EUR.
• Swissquot Group Holding: Oddo BHF starts neutral follow -up with a 555 CHF course target.
• Totalnergies: Jefferies remains to be preserved with a reduced course target from 58 to 57 EUR.
• Vivendi: Morgan Stanley maintains its market weighting recommendation with a price of courses raised from 2.80 to 3.20 EUR.
• Zurich Insurance Group: BNP Paribas Exane maintains its underperformance recommendation with a price of courses noted from 480 to 485 CHF.

In France

Important ads (and less important … I specify that the information is given hot before opening. does not prejudge the color of the actions during the session)

• Airbus delivered 373 planes in the first seven months of 2025.
• Samse announces the appointment of its managing director Yannick Lopez at the helm of the eponymous brand.
• Nicox extends its dilutive financing line.
• Entech wins a contract for storage of energy on battery.
• Boostheat issues new convertibles.
• Atari issues new shares to reimburse a loan of 14 murder.
• The main stock market, sweet music “it publications of the day : Gérard Perrier, Archos, Logic Instrument… the rest here.

In the vast world

Important ads (and less important)

D’Europe

• Companies’ results (comments are given hot. do not prejudge the evolution of securities)
  • Munich Re reviews its insurance forecasts for insurance for 2025, due to the evolution of exchange rates.
  • RTL announces a domestic turnover in decline and does not take into account market forecasts.
  • Nn Group announces results that exceed estimates thanks to strong revenues in Europe.
  • Genmab tightens its annual forecasts upwards.
  • Bpost exceeds expectations in basic benefits for the quarter.
  • Lotus Bakeries publishes an EBITDA of 129.3 murder in S1.
  • Jungheinrich aims for an EBIT for the fiscal year between 160 and 230 million euros.
  • ASMODEE publishes revenues from the tax T1 up 32%.
• VOPAK will develop a new terminal worth 170 million euros in India.
• Hammerson finalizes the acquisition of a 50 % participation in Bullring and Grand Central.
• Cosmo extends its partnership with Takeda against ulcerative colitis.
• The stock market, sweet music “it main publications of the day : Munich R. ENBW, NN Group Group

North America

• Increased values after their quarterly: Expedia (+17%), Natera (+15%), Instacart (+12%), Monster Beverage (+7%), Block (+5.5%), Take-Two (+4.6%), Gilead (+3.3%)…
• Decrease values outside session after their quarterly: The Trade Desk (-29%). Pinterest (-11%), Twilio (-11%), Microchip (-7%), Godaddy (-4%)…
• Intel CEO, attacked by Trump, is also disagreement with his board of directors, according to the WSJ.
• General Motors will import Catl batteries from China despite customs duties.
• Curevac and GSK are suitable for resolving the patent dispute with Pfizer and Biontech.
• Meta chooses Pimco and Blue Owl to finance data centers up to $ 29 billion, Bloomberg revealed.
• Ford refers to 2028 the marketing of its pickups. electric vans to focus on cheaper models, according to Automotive News
• Tesla closes the team of the Dojo Superwards and reaffects its resources, a negative signal for the group’s AI, according to Bloomberg.
• The main publications of stock market, sweet music “it the day : Constellation Software. Lamar Advertising, Tempus AI…

Of Asia and elsewhere

• BHP and Vale would have offered $ 1.4 billion to settle the dispute on mining dams in Brazil, according to the FT.
• Chugai Pharmaceutical Actions plunge 17% after the disappointing results of the obesity against obesity which it conceded the license. to Eli Lilly.
• Softbank’s actions reach a record level after a solid quarter doped at AI.
• Petrobras announces a dividend of $ 1.6 billion and net profit in the second quarter.
• The Australian company Iress confirms discussions for a potential offer of Blackstone and Thoma Bravo.
• The main publications of the day : TSMC. State Bank of India, Japan Post Bank, Hindustan Aeronautics, Tata Motors, Bridgestone, Inpex, ASICS…

The rest of the global publication agenda here.

Lectures