Stalled markets in Europe and record levels on Wall Street on the day of job report in the us, which shows better-than-expected data, but not such as to force the Fed to rapidly change its ultra-expansionary monetary policy.
Business Square it is practically colorless, -0,01% and stops at 25.282 points. The main list highlights: Stm +2,21% (in a European context favorable to the sector); Nexi +1,42% (with the positive opinion of JP Morgan analysts); Ferrari +1,31%; Atlantic +1,16%. However, profit-taking penalizes financial stocks: Unicredit -1,86%; Banco Bpm -1,56%; Unipol -1,24%. Even Mediobanca remains at a standstill (-0,08%), while Leonardo DelVecchio continues to make purchases, including another 3,5% of the capital of Piazzetta Cuccia of which it now holds, through Delfin, almost 19%.
They close mixed, but the others are not far from parity European lists: Frankfurt +0,3%; Amsterdam +0,3%; Paris -0,02%; Madrid -0,26%; London -0,04%.
It knows no respite instead the Wall Street rally celebrating the June job report, good, very good, but not too much. The occupied Nonfarms rose 850 last month after a 583 increase in May, according to data released by the Labor Department, better than many analysts expected, even though the tunemployment rate roseor to 5,9% from 5,8% in May. An expansive push was given by the decision of companies to raise wages, with the aim of calling many reluctant unemployed into service. “The US labor market is warming up – says Hugh Gimber, a strategist at JP Morgan Asset Management – but it is not yet hot enough to force the Fed to adopt a more aggressive tone”.
Indeed while the share grows, driven by technology stocks, communication services and consumer discretionary, the yield of T-Bond drops and the 1,43-year bond moves just above 1,48% after yesterday's 1,78%. It should be recalled that at the end of March, when the inflation figures were frightening because they seemed destined to have a heavy impact on monetary policy decisions, the rate had reached almost 1%. At the start of the year, it was below 0,048%. The three-month US bond yield is instead stable at around XNUMX%. Now the focus shifts to the publication next week of the minutes of the Fed meeting in June who may offer more details on the various positions within the board on inflation, tapering and interest rates.
Even the yields of European government bonds are in decline. On the secondary, the 0,78-year BTP rate drops to +0,28%. However, the Bund did better (-106%) and the spread between the two bonds widened slightly to 1,57 basis points (+XNUMX%).
During the day, the voice of the president of the European Central Bank was heard again Christine Lagard, which participated in the twenty-first edition of the Rencontres Economiques d'Aix-en-Provence. For the number one of the ECB, it is not yet the time to let her guard down: the monetary and fiscal response must continue to be accommodating until the pandemic phase has been completely overcome and the recovery has not been well underway. Only then "will it be possible to think about recreating a margin of maneuver which clearly will have to be recreated in order to be ready to face the next crisis, which will occur sooner or later". In an interview in La Provence, published on the central bank's website, Lagarde also said that "the recovery in the Eurozone is underway but remains fragile".
In this context the'euro-dollar it floats on the previous day's levels, with the exchange rate remaining around 1,184.
Among the raw materials spot gold is in fractional progress to 1783,45 dollars an ounce, while the Petroleum, the great protagonist of these weeks, has moved little after yesterday's gains, when the OPEC+ crude oil cartel, surprisingly, postponed the decision on the increase in production for the coming months to today. The expectation was for an increase of 400 barrels per day from August to the end of the year, but it ran aground due to the opposition of the United Arab Emirates, which contested the method of calculating the quotas.
Brent moves on levels above 75,80 dollars a barrel and WTI also remains close to 75 dollars.
The uncertainty slightly penalizes the oil stocks of Piazza Affri, with Eni losing 0,73%.
Also in Milan, Ferragamo appreciates by 0,44% the day after the board of directors approved the agreement for the exit of CEO Micaela le Divelec Lemmi with a severance pay of 1,9 million, in view of the arrival of the new manager Marco Gobbetti.
Mediaset gains 2,95% with the positive indications arrived on Thursday on the trend of advertising sales. In Italy, the group could close the year with an 11-12% growth in advertising revenues after the higher-than-expected performance of the first half-year, according to Pier Silvio Berlusconi. The CEO also claims that talks are underway with potential financial and industrial partners for the project to create a European TV hub. The conquest of the rights to the Coppa Italia for the next three seasons and the indiscretions of the Sole 24 Ore on a resumption of contacts with Discovery contributed to the positive performance.
Telecom +0,76%, after the start ofcommercial offer for football, at an introductory price, until the end of July, which is very attractive compared to Dazn's direct offer, as it also includes access to many Champions League matches thanks to theagreement with Mediaset on the Infinity app+.
Among the stars and stripes stocks, we note the leap of Tesla +3%, which delivered 201.250 vehicles in the second quarter of 2021, breaking the first quarter's record. It goes in orbit in every sense Virgin Galactic +16,8%, prompted by news that Richard Branson plans to travel into space on July 11 aboard his company's spacecraft, nine days ahead of Amazon founder Jeff Bezos, who will travel in his Blue Origin.
J&J jumped 0,61% after announcing recent studies show its vaccine works against the Delta variant of the new coronavirus.
