More than for the bags, all the attention and concerns are for the bond markets still in great suffering, in the United States, where you wait for the employment data today, And in Europe where the long-awaited maneuver in France does not allay investors' fears about the country's fiscal trajectory. The spread between Franco-German yields surpassed 140 basis points yesterday, the widest level since 2012. Investors also sold theeuro against major currencies. Meanwhile, the growing military buildup in the Gulf has kept oil prices high. Petroleum.
Wall Street rallied late yesterday, along with government bonds. Micron data supported tech stocks.
Yesterday the stock indices of Wall Street At the end they recovered from the initial losses and closed slightly higher, thanks to the recovery of the government bonds after their yields had reached multi-decade highs. The recovery was based on the good results of micron Technology which have raised attention for the sector ofartificial intelligence on the other hand, an exponent of the Fed who said the central bank is in no hurry to raise rates. Dow Jones closed at +0,04%, S & P 500 with +0,2%, Nasdaq with + 0,04%.
In early trading, stocks came under pressure as economic data continued to point to asolid economy, while persistent price pressures have fueled fears that theinflation could force the Federal Reserve to take a more aggressive approach with interest rate hikes. Weekly jobless claims fell below expectations, confirming recent data that indicated a solid labor market situation, ahead of the release of the report on thetoday's occupation. Forecasts point to a solid gain of 90.000 jobs, although estimates range from 35.000 to 180.000, leaving plenty of room for surprise. Unemployment in the United States remains at 4,1%, although some analysts believe there is a risk of an increase to 4,0% given the slow growth of the labor force and the low participation rate. Another significant data point could be average hourly earnings, which should provide an indication of cost pressures in the labor market. The ISM manufacturing survey has already highlighted a significant increase in the price paid component.
U.S. Treasury yields initially extended gains and the benchmark Treasury note rose 10 years has reached the maximum 24 years, at 5,34%, after closing September with its biggest quarterly gain since 1994. Yields then fell after the Fed vice-chairman Philip Jefferson suggested that the central bank might be patient before raising rates again, following a 25 basis point increase in September. The yield on U.S. Treasuries 2 years, which typically moves in lockstep with Fed interest rate expectations, fell about 10 basis points and was set to post its biggest daily decline since August 2025. According to CME Fedwatch, markets now expect only a 28,2% chance of a hike of at least 25 basis points, down from 68,6% the previous week.
micron Technology closed up 3%, thanks to a better-than-expected revenue forecast and $32 billion in commitments from customers under its supply agreements, which boosted confidence in the artificial intelligence sector.
anthropic aims to to be listed on the stock exchange as early as mid-November: The company that manages Claude could officially start marketing his IPO, sources say. Bloomberg, as early as the week of November 9th, thus allowing trading to begin before Thanksgiving. Typically, merger and acquisition activity pauses in the days surrounding the holiday, which falls on November 26th. Amazon plans to sell Nvidia chips worth $8 billion to investors, according to the Financial Times. Mattel enters the theme park sector, the first planned for the end of 2027
Asia's decline is dragged down by Hong Kong. China's stimulus plans aren't meeting expectations.
In Asia the bags I'm under pressure and bond markets are holding on to the previous session's record levels. The MSCI Asia-Pacific stock index fell 0,5% and is on track for a weekly decline of 1,7%. The stock index Hong Kong led the declines in Asia as trading reopened after the holidays, pressured by disappointment over China's latest economic stimulus measures, which it deemed sufficient to maintain growth at current levels but not to trigger a broader recovery. Hang Seng lost up to 3%, the biggest drop since March 23. The financial sector was the worst, with stocks HSBC down 5,7%. China Construction Bank Corp. and Bank of China Ltd. lost about 2% each. Tech giants also lost ground. Alibaba e Tencent weighed on the HSI. The markets of the Mainland China are closed instead due to a public holiday until Wednesday of next week.
Il Nikkei Japan's unemployment rate fell 1% and is set to close the week with a gain of 3,1%. Japan's unemployment rate rose slightly to 2,5% in August. Kospi is at +0,1%. The markets of the China continental will remain closed for holidays.
even the currency market he is shaken. The dollar The euro is hovering near its highest level in 17 months, thanks to the weakness of the euro. The single currency slipped to $1,1215, its lowest level since May 2025, and lost ground against the yen and the Swiss franc, falling 0,8% and 1%, respectively. The yen traded at $158,13 per dollar after data showed core inflation in the Japanese capital accelerated to an annual rate of 2,7% in September, strengthening the case for further interest rate hikes.
The prices of Petroleum They remained steady today in Asia after the previous night's surge, with the United States reportedly sending additional troops and aircraft carriers to the Middle East. China also suspended oil product exports, fueling fears of a worsening global fuel shortage. U.S. West Texas Intermediate crude oil futures held steady at $92,84 a barrel, after closing overnight up nearly 3%. The crude oil futures contract Brent It recorded a slight decline, but remained above $102 a barrel.
European stock markets are recovering slightly, but government bonds are causing concern. At the Milan Stock Exchange, eyes are on Fincantieri, Saipem, Italgas, and Stellantis.
After yesterday's sharp decline, European stock markets are expected to open slightly higher this morning, based on Eurostoxx 50 futures signals at +0,3%. Keep an eye on government bond yields. The OAT/Bund spread yesterday hit a 2012 high of over 140 basis points. The BTP/Bund spread rose to 118 basis points.
Italgas enters Portugal, €120 million agreement with Marubeni and Toho Gas to acquire 22,5% of Floene
InsuranceThe Italian Insurance Association (ANIA) is warning of structurally higher NATCA losses due to climate change. In 2026, the Italian insurance industry is expected to sustain approximately €4 billion in catastrophe-related losses.
EniEni has completed the reorganization of Plenitude's shareholding structure with Ares and Eip. The transaction values the low-emission energy company at €10,75 billion. After the €1,56 billion capital increase, Eni's stake drops to 65,03%. The new structure gives Eni and Ares joint control of Plenitude, supports the company's growth plans, and requires its deconsolidation from Eni's balance sheet. RadiocorEni Plenitude is reportedly evaluating entering the Italian mobile phone market as a virtual operator. Discussions are still in the preliminary stages.
Fincantieri, Saipem. They are reportedly working on establishing a joint venture to incorporate Sonsub's underwater technology into the shipbuilding group's underwater division, MF reports.
Poste Italiane, Tim. Poste Italiane has increased its stake in TIM to 86,95%, after purchasing just over 1% of the capital on the market.
StellantisNew car registrations in Italy increased 9,9% year-over-year in September, reaching 139.356 vehicles, according to data released Thursday by the Ministry of Transport. In the first nine months of the year, they grew 8,7% to 1,27 million units.
MaseratiHuawei, China's JAC, officially confirms talks with Stellantis. The talks will focus on costs and production in Italy.
EniFor Descalzi, gas will have a long life. Moving forward with the mega-project Argentina LNG.
Italmobiliare sells Capitelli to the French for 36 million: 20% annual return on investment.
