The US economy is booming but that plays against an imminent Fed rate cut and the markets darken. In fact, the session of European stock markets closed down, while Wall Street moved in the red, moving away from the records reached on Wednesday, with data on the labor market higher than expected. Even Piazza Affari, back from a positive trail of 6 sessions, lost 0,61% and dropped below the psychological threshold of 22 points (21.985), regained just two days ago.
Banks are moderately positive, with the exception of Unicredit (-1,2%), while outside the main basket Monte dei Paschi di Siena (+11,57%) makes history in itself, which even today is a magnet for purchases. On the secondary, the spread between Italian and German ten-year bonds rose slightly, 210,7 basis points (+2,08%) and the 10-year BTP rate remained at 1,7%. The carte tricolore closed a golden week, with the most important reduction in returns on a weekly basis for over a year.
Returning to the stock market: sales prevail in Frankfurt -0,47%; Paris -0,48%; Madrid -0,71%; London -0,7%. The fall in orders from German industry (-2,2% monthly in May and -8,6% annually), higher than expected (-0,2% monthly and -6,2 .XNUMX% on an annual basis). The mood deteriorated slightly then with the negative opening of Wall Street, after the US data at work. Overseas nonfarm payrolls grew by 224.000 in June, making the biggest jump in five months, well above analysts' forecasts (160.000).
Wage dynamics were not as buoyant, but the Federal Reserve will have to take into account in any case a buoyant labor market which reveals an underlying economy that is still strong. For this reason, the expected cut in the cost of money, which was bet on for the end of Julycould move away. Some observers believe that the numbers still support the hypothesis of a 25 basis point cut between now and the end of the year, but at this point to understand what will happen, Governor Jerome Powell's Congressional testimony on July 10 and 11 will become crucial.
Macro data is the background for a recovery of the dollar against the main currencies. The greenback had lost steam over the past two weeks as it moved away from the two-year high recorded in May. The exchange rate with the euro sees the single currency falling to the 1,12 area. Gold is preparing to close the first week down after two of gains and is currently hovering around $1400 an ounce. Brent-type oil was positive +1,34%, 64,15 dollars a barrel.
In Piazza Affari, Saipem, +1,83%, recovers its recent losses. Lukewarm but positive financial results with Banco Bpm +0,54%, Intesa +0,3%, Bper +0,21%; Ubi +0,19%. Purchases on Buzzi 1,12% and Nexi +0,48%. Sales penalize Stm -2,42%, Snam -1,52%, Terna -1,44%; Amplifon -1,44%. Atlantia down -1,43%, penalized both by the news that Moody's has placed the company under observation for a possible cut in the judgment, and by the statements of the deputy premier, Luigi Di Maio, who reiterated that a procedure for the concession must be opened.
