Stock markets down at the end of the week after US employment data. The US economy created 160.000 new jobs in April, down from 208.000 in March and 40.000 fewer than expected.
The increase is the weakest in the last seven months, but the US unemployment rate remains at 5%. In return, there has been some improvement on the wage front: hourly wages rose by 2,5% year on year, from +2,3% in March. A breath of fresh air to support consumption and in the fight against low inflation.
The data influenced the price lists. In Milan, the Ftse Mib index closed down by 0,45% after a failed attempt to rebound in the final (-4% in the week). Paris also down -0,42%. Better Frankfurt and London. The Eurostoxx index falls by 0,33%. The yield on BTPs has fallen below the 1,5% barrier, but the spread with the Bund is widening.
On Wall Street, the S&P500 index lost 0,5%, Dow Jones -0,3%, Nasdaq -0,6%. The yield on the ten-year bond of the United States is slightly recovering after three days of decline, trading at 1,75%, +1 basis point. Volatile trend for oil: Brent rose by 1% at mid-day to 45,7 dollars.
Among the headlines News Corporation +1,5%. Rupert Murdoch's publishing company that owns the Wall Street Journal, announced the quarter's figures.
In Piazza Affari, the recovery of bank stocks continued in the afternoon (sector index +0,5%). At the top is Banco Popolare +4,3%, on the eve of the shareholders' meeting which will have to approve the capital increase of one billion, necessary for the wedding with Bpm +1,4%. Close behind is Monte Paschi +2,4% which continues the rally after the accounts.
Intesa San Paolo closes slightly up +0,27% which released its quarterly accounts: the results beat expectations, and CEO Carlo Messina reassured the trend for the coming quarters. No less important, Atlante will intervene in the increase of Veneto Banca: Intesa will act as guarantor but will not hold any shares.
In the rest of the list, under pressure Salvatore Ferragamo -1,7% on the day in which RBC downgraded the title to "underperform" by lowering the target price to 19 from 23 euros.
Heavy losses, with decreases of 2,8% for Cnh Industrial, weighed down by negative forecasts of the sector and Leonardo, the new baptismal name of Finmeccanica: some items in the quarterly report are not convincing, starting from the helicopter sector.
Among the oil companies, Eni drops by 1,4% while Tenaris gains +1,5%. Saipem loses 0,3% despite Macquarie having raised the rating to Neutral from Underperform. Enel down -1,5%, Terna -1% and Snam -0,9% also down.
On positive ground Autogrill +0,2%: JP Morgan raised its recommendation to Neutral from Underweight, target price to 7,90 euro. Telecom Italia -1,8% leaves a good part of the gains on the eve on the ground. Mediaset -0,2%.
