Contrasted last session of the week today on both sides of the Atlantic: European stocks close mixed, Wall Street it moves in random order and government bonds lose their appeal in today's trading.
Square Business is in the black jersey and loses 0,55%, falling to 26.950 basis points, weighted by Understanding San Paul, 2,93%. The big Italian bank closed a golden quarter, but that wasn't enough to save it from earnings.
In the rest of Europe it is weak Frankfurt -0,2%, while Madrid remains colourless. They get stronger Paris +0,94% and Amsterdam +0,69%. It stands tall on the continent London +1,06%, which reaches new all-time highs at 7.902 basis points, while the pound plunges and changes hands at 1,210 dollars (-1,2%).
In fact, in an uncertain context, the greenback and theeuro, after recovering to 1,09, is currently trading around 1,083.
Among the raw materials the Petroleum: Brent +2,19%, 83,97 dollars a barrel; Wti +2,69%, 77,92 dollars a barrel. collapse thegold, which lost more than 2,4%, with spot gold trading at around 1867 dollars an ounce.
Usa work and big tech at the origin of caution
After yesterday's rally, investors therefore took a breather on the last trading day of the week, unnerved by the flourishing US labor market and the disappointing quarterly reports presented during the European night by some mega techs such as Apple Lossless Audio CODEC (ALAC),, A e Amazon. The share of the Cupertino company, which started down today, then changed sign and is currently the best on the market. Dow Jones.
Employment and declining profits are actually two sides of the same coin: strong employment can in fact influence the Fed, reinforcing its determination to pursue a restrictive policy; on the other hand, the drop in profits of the web giants is alarming in terms of economic growth and the effects of rate hikes. The good mood that in recent days has welcomed the decisions of the central banks (Fed, ECB, BoE, which have raised the cost of money in line with expectations and announced new interventions), leaves room today for some doubts.
US employment rises, but wages slow down
In January the market of USA work it continued to run unpredictably: 517 new non-agricultural jobs were created, against expectations of 187; unemployment fell to 3,4%, the lowest level since 1969. Slightly offsetting concerns on the inflation front are wage increases, which are slightly slower than in December and in line with expectations: the hourly wage average increased by 0,3%, from +0,4% the month before. Year-on-year wage growth eased to 4,4% from 4,8% in December.
The report on the work is being felt on T Bond, which see falling prices and rising yields. The 3,488-year bond is at 3,398% from yesterday's XNUMX%, but the trend is similar across all maturities.
Stable spread, rising rates
After yesterday's gains, today's sales also hit European government bonds. The ten-year BTP rate remains below 4%, but is indicated at 3,88% at the end, compared to 3,75% on the previous day. The 10-year Bund is at 2,15% (from 2,02%) to one spread by 173 basis points (+0,37%).
Meanwhile, the economy of the bloc is showing further signs of resistance and the tertiary sector is once again expanding in Italy.
The PMI services in January rises to 50,8 in the Eurozone from 49,8, exceeding the Piave line of 50. In Italy it passes to 51,2% from 49,9 in the month of December. Germany is also above expectations (50,7 points) while disappointing in France (49,4).
Piazza Affari: Pirelli doing well, utilities in the red
Pirelli supports Business Square with an increase of 3,61%, thanks to the promotion to 'overweight' by Morgan Stanley. The automotive sector, however, is mixed and sees Ferrari down 1,94%, after yesterday's jump following the accounts.
This trend in random order characterizes all sectors to a certain extent. Financials are positive with Finecobank +2,73% and Bper, +0,48%, but also negative with Understanding, Unipol -1,37% Unicredit -0,66%. Monte Paschi Bank makes history in itself and rises by 2,83%.
Oil stocks are split: good Saipem +1,62% ed Eni +0,68%, but Tenaris yields 0,59%. Outside the main basket, Saras still suffers (-1,94%) which recorded heavy losses in the last few sessions, after a cash phase. Angel Capital Management of Angelo Moratti, the reference shareholder together with the other members of the family, has ruled out a disengagement from the company.
On the Ftse Mib they are in the top ranking Campari +2,43% and Diasorin +1,34%, but also stm +1,31%, which follows the swing of the Apple customer.
The sector most penalized is that of the utilities, which sees substantial reductions for Ivy -2,79% Terna -2,76% Snam -2,02% A2a -1,81%.
bad, finally, nexi -2,78% and Inwit -2,37%.
It goes down too Telecom -1,22%, awaiting developments after the offer of Kkr and the government's objective of a national telecommunications network in public hands.
