Western stock markets rebounded in the last trading session of the week, on Friday, October 2, after the sharp sell-off of recent days. Several factors are giving Euro-American markets a boost, starting with the decline in government bond yields and the resulting relief in spreads, which had come under extreme pressure in recent days: today the spread between our 10-year BTP and the German Bund narrowed, although it remains above 110 basis points, with the yield on the 10-year BTP at around 4,6%, down from 4,7% yesterday. The US 10-year T-Bond, after having exceeded 5,3% (a record since 2002), today returned below 5,2%.Triggering all this was the September job creation data in the United States, which came in lower than expected.
US jobs data pushes interest rate hikes further away, and stock markets are smiling.
This has reinforced the idea that the Federal Reserve may have less need to aggressively raise rates, and has given new momentum to the stock markets: on Wall Street, the Dow Jones is up about half a percentage point, but the Nasdaq is doing even better, currently up over 1%. Europe is also closing very well: Milan +0,49% to 50.483 points, Paris +0,8%, Frankfurt +1,17%, London +0,32%, Madrid +0,4% despite the risk of early electionsThe other good news of the day is the fall in oil, which is currently holding just above $100 a barrel with Brent, but is losing more than 1% compared to the previous session. WTI Crude Oil is trading at $90 a barrel.The G7 has agreed to consider releasing up to 100 million barrels of emergency oil and diesel reserves to ease fuel costs.
European natural gas prices hit €74 per megawatt-hour, while Bitcoin soars above $86.000.
The coordinated release, overseen by the International Energy Agency, is expected to take place over four months, French President Emmanuel Macron said. European natural gas, on the other hand, remains stable at above 74 euros per megawatt hour., while as is often the case these days, gold and silver have little to say, today in a slightly bearish trend: the former is worth just under 4.150 dollars an ounce, the latter is strenuously resisting at 60 dollars an ounce. The Euro-US Dollar exchange rate is always very favorable to the American currency, around 1,126. Bitcoin has appreciated by more than 3%, now worth more than $86.000, at its highest since the end of January.
SpaceX soars on the Nasdaq: Musk considers a partnership with Nvidia
On the Nasdaq, tech is mostly finding a clear boost, apart from Micron still paying the price for its pre-quarter rally, still losing 2% today. Among the most traded stocks are Nvidia +2% and the Musk galaxy with Tesla +5% and SpaceX +6%. Tesla reported 486.532 deliveries in the third quarter, against approximately 456.900 expected by the market: exceeding the number of vehicles by almost 30.000, with European demand proving particularly strong. However, there is some good news for the space company: Elon Musk hints at a possible major collaboration with Nvidia; the start of payments for Google's computing contract; and new information about its computing contracts with Anthropic. Sandisk bucked the trend, losing 4%.
Tech is also highlighted at Piazza Affari, with Stm and Technoprobe
The tech boom is also spreading to the Milan Stock Exchange, where STM, up 6,67% above €50 per share, and Technoprobe, up 6% above €35 per share. Prysmian, up 4%, and Inwit, up 2,3%, are also strong. Another day of passion for the banks insteadDespite the generally positive market sentiment, they haven't recovered from yesterday's plunge and, in many cases, have actually lost further: Bper -1%, Unicredit -0,85%, Intesa Sanpaolo -0,78%, Banco Bpm -0,75%. Insurance companies are also suffering, with Generali -1% and Unipol -1,1%, and defense companies with Fincantieri -2% and Leonardo -0,86%. Outside the main basket, Banca Ifis' Via Crucis continues, after the change at the top: today another -5,1%, in the last six months the value has practically halved.
