It still closes with a "minus" sign not a positive week for Piazza Affari, which after having reached its highest level in over 18 years in August, fell below 42.000 basis points, losing almost another percentage (-0,91%) compared to Thursday's session. On the day in which the festival opens of the international elite in Cernobbio, with a focus on duties, those who suffer most are the energy stocks, with three of the worst performers on the main list being Tenaris -3%, Saipem -3,2% and Eni -2%. The reason is easy to explain: today was a sharply bearish day for oil, with WTI crude oil falling more than 3% to around $61 a barrel, while Brent crude fared slightly better, losing 2,8% to $65 a barrel. Moncler also fell 2,4%, with Morgan Stanley cutting its price target to €52 from €53. The rating is confirmed at "Equal Weight."
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Good news from the spread, the euro rises
In Milan bad day for the banks tooUnicredit -2,4%, Intesa Sanpaolo -1,3%, Banca Mediolanum -1,3%, Bper -1,1%, Pop Sondrio -1,9%. The two banks involved in the mutual risk game, MPS and Mediobanca, performed slightly better, but just above parity. The best performing stocks, bucking the trend, were Stm +3,8%, Interpump +2,5%, Amplifon +1,2%, and Pirelli +1%. Good news regarding the spread: while France has become the sick man of Europe and is expected to hold a confidence vote on Monday, which is causing considerable market concern, the spread between the Italian 87-year BTP and the German Bund today fell below 3,53 basis points, with the yield at 8%, just 3,45 cents higher than that of the French OAT, reported at 80%, with the OAT/Bund spread widening toward XNUMX basis points. Since the beginning of the year, the BTP-Bund spread has narrowed by more than a fifth. On the foreign exchange market the euro still appreciates against the dollar US, jumping above 1,17 from the previous close of 1,16, with a substantial gain of 0,8%.
Stocks plunge amid disappointing U.S. jobs data. Gold hits a new record high.
The other European stock markets also closed in the red (Frankfurt -0,8%, Paris -0,5%, London almost at par) and Wall Street went into the red, with the Dow Jones losing 17% at 30pm Italian time and the Nasdaq 0,7%, were mainly the US labor market data, worse than expected, which on the one hand strengthen the bets on a Fed rate cut already in the meeting of 16-17 September, on the other hand for they are actually sinking the markets Because the data revealed a truly worrying state of health for the US economy: only 22 jobs were created in August, far fewer than the 75 estimated, while the July figure was revised upward to 79. Unemployment rose to 4,3%, the highest since 2021, and average hourly wages increased by 3,7%, slowing compared to the previous month. These data led to a new all-time record for the , which he achieved $3.586 an ounce with a gain of about one percentage point. U.S. gold futures for December delivery rose to $3.636 (+0,8%).
On Wall Street, the star of the day is Broadcom
In contrast to the trend on Wall Street, some technology stocks should be mentioned, in particular Broadcom which is the main protagonist of a generally weak session: the stock gained more than 10% after the publication of the quarterly accounts, exceeding estimates thanks to its activities related to Artificial Intelligence, networking and VMware. The semiconductor giant closed the third quarter with revenues of $15,96 billion, up 22% from last year, and earnings per share of $1,69, above estimates of $1,65. Driving the results, as mentioned, was Artificial IntelligenceRevenue for the segment reached €5,2 billion, up 63% year-over-year, and Broadcom expects further growth for the current quarter to €6,2 billion, the eleventh consecutive increase. Overall, the company estimates revenue of €17,4 billion (up 24%) and adjusted EBITDA margins of 67%.
