Car and bank stocks are in the ballast today Business Square, which closed the first session of September negative, with a loss of 0,63% at 28.650 basis points. In fact, the high tone of is not enough Telecom Italy (+2,76%) and oil stocks to support the price list after the cold shower of a declining GDP in the second quarter and in a day still without a precise direction for the European markets, while Wall Street, sung at the start, moves uncertainly at the end of the morning (DJ + 0,15% Nasdaq -0,08%). The eagerly awaited report on the August US job it unexpectedly led to an increase in the unemployment rate (to 3,8% from 3,5%), a trend that raises the bets on a stop in rate hikes by the Fed in September, other data however could contradict this expectation.
In the rest of Europe the panorama is confirmed as mixed and sees Frankfurt down 0,67%, with Paris -0,27% and Madrid -0,59%. They go up London +0,34% and Amsterdam .
Among the raw materials are appreciated metals and Petroleum. Brent crude rose by 1,35% to 88 dollars a barrel; Wti +1,6% 84,97 dollars a barrel. The black gold is driven both by the demand side, with Chinese incentives to support finance and the economy, and by the supply side after Russia, the world's second largest oil exporter, agreed with the OPEC+ partners to cut oil exports, while Saudi Arabia is expected to extend its voluntary production cut of 1 million barrels per day (bpd) until October.
In chiaroscuro the awaited report on Us worka
The boulder on the Toro road today could have been the highly anticipated employment report in the United States, which says a lot about the state of health of the American economy and a lot can influence the next choices of the central bank. In reality, the data has cleared the way of many obstacles, especially as the unemployment rate has risen and many workers have started looking for work again, a situation that should reduce wage pressures and positively affect the'inflation. On the other hand, however, i jobs created last month (agriculture excluded) were 187 thousand, against 170 thousand expected and 157 thousand in July.
Weighing these data, together with the Chinese, European and American SMEs, the other markets are also reacting. The dollar strengthens and the euro loses share, for an exchange rate around 1,079, furthermore government bond yields rise. T-Bonds, after a positive start, are currently seeing rising rates especially on long maturities. The ten-year bond is indicated at 4,183% (+2,37% from the previous reference).
Spreads up. Italy's GDP slows down in the second quarter
Some tension is also recorded on the Italian paper. The spread between 10-year BTPs and Bunds with the same duration, it rises to 167 basis points (+1,78%) and rates grow respectively to 4,21% and 2,54%.
From the macroeconomic front there has been little good news for theItaly, with Istat which revised the estimates downwards and showed how GDP in the second quarter slowed down more than expected (-0,4% compared to the first quarter and +0,4% compared to the second quarter of 2022). The acquired change in GDP for 2023, in the light of the updated data for the second quarter, is now +0,7%.
The decline in GDP in the second quarter of the year is mainly due to the trend in domestic demand (including inventories), while foreign demand did not provide a significant contribution. Even Prometeia, focusing on its August index which measures the trend of the economy in real time, speaks of stagnation for the Italian economy. However, the research center does not foresee a recession and estimates 2023% growth in 1, down slightly from the 1,1% estimated in July. However, we are walking a razor's edge, due to the risk that "a recessionary spiral will manifest itself in Europe, all the more probable if inflation does not continue its descent and the ECB further raises the cost of money".
Piazza Affari remains in breakdown with Stellantis and Ferrari
It is the titles of the four wheels that leave Piazza Affari in breakdown today. The black jersey of the day goes Ferrari -3%, followed by stellantis -2,19%. The climate was also cloudy for the sector at the European level, with UBS downgrading its rating by Volkswagen (-4,41%) And Renault (-6,05%). In the US, on the other hand, union negotiations in progress are viewed with concern.
On the main Milanese stock market, healthcare stocks such as are also losing share Amplifon -1,86% and Recordati -1,27%. The banks archive a volatile session, which eventually turned red for Bpm bank -0,95% Ps -1,05% Unicredit -0,97%.
The best blue chip of the day is Telecom, which remains crackling after the recent news for the network and awaiting the offer from Kkr. The stock also benefits from the promotion by analysts, with Barclays having improved the recommendation from "underweight" to "equalweight", increasing the target price from 0,25 to 0,38 euros per share.
Rising Crude Boosts Oil Stocks: Eni +1,758% (Morgan Stanley brought the target price to 15 euros from 14,2 euros on the six-legged dog stock), Tenaris + 0,98% Saipem +0,67%, the latter recovering from yesterday's sharp slide.
