The data on US employment, to be read from a Fed perspective, have brought some volatility in the markets today, uncertain between bid and ask, between purchases and immediate realizations.
I European stock markets close weak and also Wall Street is uncertain: jobs created in the United States in February are more than expected, but unemployment rises and wage increases are modest, so investors continue to bet on a first rate cut in June, without opening bottles of sparkling wine, especially since the indices are all around their maximums.
Weak Europe, Telecom stands out in Milan. Nvidia on the roller coaster on Wall Street
Business Square today preserves weekly earnings and closes at 33.403 basis points, -0,04%. Queen of the price list is Telecom, +4,82% after yesterday's 24% drop, due to the analysts' doubts about debt and financial charges. Instead, it aggravates the losses of the day before Azimuth, -5,21%, which disappointed some brokers. In a report Barclays writes of "contrasting" quarterly results, with net profit of 94 million, below our expectations of 104 million.
It is in command in Europe Paris with a modest increase of 0,15%, while they retreat Amsterdam -0,78% London -0,42% Frankfurt -0,29% and Madrid -0,13%.
Wall Street, after having reached new highs with Nasdaq and S&P 500, is deflating. Maybe it's the fault of Nvidia is moves in red, after reaching a new record a few hours ago. Broadcom loses nearly 6%% as full-year forecasts fail to impress investors.
Falling dollar and superstar gold
Currencies above all reflect a trajectory oriented towards monetary easing in the month of June, while gold runs.
Il dollar continues to weaken and the euro index is also down today. The exchange rate between the two currencies is so little changed in the 1,095 area, while The yen is strengthening with growing predictions of a change of direction also by the BoJ, only in this case it involves abandoning the ultra-accommodative monetary policy.
Since we are talking about central banks, it is worth mentioning some European representatives who spoke today. In particular the French governor, Francois Villeroy de Galhau, went unbalanced by identifying a possible cut in the cost of borrowing by Eurotower in the spring "between April and June". But even more significant is the fact that it was also a hawk like the leader of the Bundesbank who spoke about rates Joachim Nagel, according to which “the probability of a rate cut before the summer break is rising”.
In United States, after the opening offered by the president of the Fed Jerome Powell at the Congress, today the employment numbers of the Department of Labor that I am stronger than expected and therefore apparently suitable for further easing the Fed's cut. The total is in fact 275.000 new positions (against estimates of around 200 thousand), but the January numbers are heavily downwards and revised to 229 thousand from 335 thousand previously assumed.
Furthermore unemployment rises to 3,9%, while it was expected to remain stable at 3,7%.
Bottom line, Ansa reports, the trend of swaps after the data indicates that the Fed will cut rates by a quarter of a point in June.
This framework favors the rally in gold, which shows no signs of fading and the bullion prices above the highs of around 2.178 dollars an ounce. Bitcoin is also bubbly at 67.700 dollars (+1,14%).
Il Petroleum is fractionally lower: Brent -0,55%, 82,50 dollars a barrel.
Declining spreads and rates
A positive chapter in this phase is that of eurozone government bonds, in the prospect of a cut in interest rates and despite the many variables that are always remembered by the ECB, starting from the ongoing wars and the tensions in the Red Sea.
Lo spread In any case, the ten-year BTP and Bund continue to fall, 132 basis points today and the yields are lowering: +3,57% for the Italian bond, +2,24% for the German one.
The eurozone has it too avoided recession, because fourth quarter GDP growth remained unchanged.
Piazza Affari toasts with Iveco Amplifon and Saipem
In Piazza Affari, there are still some blue chips that confirm their upward trend today Saipem +1,32% and Iveco +2,51%. The first still in the wake of the results, the second after press rumors that Leonardo (-0,38%) would be interested in taking over the Iveco subsidiary, IDV, manufacturer of armored vehicles for defense and civil protection, for a valuation of around 750 million euros.
Not to be overlooked is also the behavior of Amplifon, +2,65%, which communicated record revenues 2023 and growth forecasts for 2024. The stock has gained over 8% during this eighth period.
It bounces nexi + 1,91%.
They are however, many financial stocks were weak, in addition to Azimut, today MPS -2,13% and Unicredit -1,86%. STM goes down -2,16%.
Realization session for Erg -1,91%.
