In the early afternoon (at 15 pm) Piazza Affari continues to move positively at around 1,70%. The recovery came after a dramatic start to the session (-4%) caused by the widening of the spreads between the ten-year BTP and the bund to 416 basis points, which then returned to around 380.
At 14.30 pm, the first positive data in a long series of negative macroeconomic data arrived from the USA: 117.000 jobs were created and the unemployment rate dropped to 9,1%, a much better figure than expected. The figure was welcomed by the European stock exchanges with slight optimism: the CAC and the AEX turned positive (+1,48% and 0,54% respectively) while London and Frankfurt slightly reduced this morning's decline despite continuing to travel in negative territory: after attempting to recover towards parity, the ESF 100 and the Dax consolidated the decline around the percentage point.
The stock market reaction, which at first seemed more promising (Milan rose by 2%), was slowed down by the reasons behind the decline in the number of unemployed: the decrease in the number of unemployed to 9,1% is due to the increase in the of the discouraged: 193.000 Americans have given up looking for a job. The percentage of active population therefore fell to 58,1%, the lowest level since July 1983. Overall, however, the reaction of futures on Wall Street was positive, which also turned positive. After the unemployment data, the contract on the S&P 500 rose by 1,4% and that on the Dow Jones by 1,1%.
