The US economy created much less work than expected in August and this disorients the markets, squeezed by worries about the slowdown in growth, starting with China and the Federal Reserve's next choices.
Thus the European lists archive the session in decline and Wall Street is struggling to start, although the Nasdaq soon finds its way to new rises and new highs, while the Dow Jones and S&P500 are down slightly.
In Europe the final bill of losses is more expensive and starts from Madrid -1,33% and Paris -1,03%, followed by Milano -0,64% (which remains over 26 thousand points), Frankfurt -0,4% and London -0,33%.
Influencing the mood of the stock markets is the collapse of the services sector in China last month (the PMI slipped below the threshold of 50, highlighting a marked contraction of the tertiary sector in the world's second largest economy) and the highly anticipated US jobs report: 235 thousand new jobs in August (after over a million in July) against expectations of around 730. This is the worst result since January. At the origin of the sudden slowdown there would be a weakening in the demand for services and a persistent shortage of workers also given the surge in Covid 19 infections for the Delta variant. The unemployment rate fell to 5,2% from 5,4% in July. The report exacerbates concerns about an economic rebound that may have already hit its high point and comes after economists sharply cut US gross domestic product estimates for the third quarter amid a resurgence in coronavirus cases and continued shortages. of raw materials, which are depressing auto sales and supplies.
The ratio will now be carefully evaluated by the Fed with a view to starting tapering, which should be within the year, but in an unspecified timeframe and barring complications. After such disappointing numbers, observers are therefore divided between those who believe that the payroll count below expectations is sufficient to allow the Fed to move away from the "this year" signal and those who do not.
In the immediate aftermath of publication, risk aversion increased in any case and equities accelerated downwards in Europe and showed signs of weakness on Wall Street.
Sul currency market the dollar triggered the reverse gear, only to then recover as the hours went by. The euro trades almost flat around 1,187 (after clearing 1,19). Instead, the bull market continues for the major cryptocurrencies. The bitcoin up about 2% to $50.594.
North American government bonds are trading with falling prices and rising yields.
A climate that also influences the Italian secondary where it is spread between 10-year BTPs and Bunds with the same duration, it rises to 106 basis points (+0,85%) and the rate returns to +0,7%.
Meanwhile, Bofa raises its 2021 estimates for the euro area on GDP (+4,8% from +4,2%) and inflation (+2,2% from +2%) and believes that the ECB will end its purchase plan Pandemic Emergency Program (PEPP) at the March 2022 deadline. It therefore expects 40-50 billion monthly purchases for the 12 months under the conventional bond purchase program (APP) with a slowdown in 2023.
Reuters, based on a survey conducted by the same agency, writes that "the European Central Bank will announce a reduction in the pace of emergency bond purchases starting next quarter, at its meeting in September, but will continue to purchase bonds until 2024, at least through the institute's core program, and possibly even longer."
Among the raw materials we appreciate thegold, +1,07%, 1829 dollars an ounce, while futures of the Petroleum. Brent, November 2021, drops 0,2%, 72,88 dollars a barrel.
In the stock market of Piazza Affari there are only three blue chips with the plus sign: Unicredit +0,65%, which is still working on the dossier Mount Paschi (-ten%); Diasorin +0,45%; stellantis + 0,4 %
The other banks are down, starting with Bpm bank -1,95% which is the worst big cap of the day.
Red is also on for Telecom -1,62%; Tenaris -1,6%; Saipem -1,57%; Atlantia -1,53%.
nexi closed with a loss of 0,76%, after having touched the worst points downwards, following the start of ainvestigation by the Antitrust on the merger with Sia to verify whether a dominant position in the digital payments sector is created as a result of the transaction. In the daily, the Equita broker believes that the probability of approval is high but does not completely exclude "possible remedies".
Generali, -0,29%. For Il Sole 24 ore, in addition to the hypothesis of a third term for Philippe Donnet, there is also that of the appointment of a tandem formed by Luciano Cirinà and Sandro Panizza. Meanwhile, Francesco Gaetano Caltagirone resumes shopping on the shares of Trieste's Lion, buying about 3 million shares between 31 August and 2 September for a total outlay of 52 million euros: the share corresponds to just under 0,2%. This is what emerges from the internal dealings communicated by three vehicles of the entrepreneur, namely Finced, Mantegna 87 and Acqua Campania Spa. With these purchases, the entrepreneur reaches 5,8% confirming himself as the leading private shareholder.
Out of the main basket Webuild it is practically flat (-0,08%) after an upward first part of the session in the wake of the definitive award of a 1,26 billion euro contract for the executive design and construction of two sections of the Pedemontana motorway Lombard.
Shines Rai Way (+5,31%) after press rumors about a possible merger with Ei Towers in the tower sector following the establishment of the new RAI board of directors.
