Thanks to a small final acceleration and the good performance of the auto sector, almost all European stock markets closed the last session of the week higher: Piazza Affari is still among the best today and it appreciates by 1% to 21.774 basis points, ahead of Paris +0,44%, Amsterdam +0,42%, London +0,1%. The strongest is Frankfurt +1,34%, while Madrid is the only one with a loss -0,28%.
Perhaps it was the one who gave a better pace to continental exchanges the recovery of Wall Street, moved into cautious progress after the bad start. However, volatility seems to be the hallmark of today's session in New York, with the indices moving up and down, not far from the waterline, while government bonds see prices falling and rates rising. In particular, the 3-year Treasury moves beyond the XNUMX% threshold.
The mood of investors has to contend with a staggering news like the assassination of former Japanese Prime Minister Shinzo Abe (Tokyo wiped out gains following the event), while mass Covid tests in Shanghai heighten recession fears emanating from China.
On the other hand, the ECB's alarm on the repercussions of climate change for bank accounts of up to 70 billion euros on loans was irrelevant in Europe.
The macro data of the day is that on US jobs, which exceeded estimates.
US labor can support a hawkish Fed
I jobs created last month in the United States, excluding agricultural, are 372 thousand, more than expected (250 thousand) and this reinforces the forecasts of a hawkish Fed, which does not fear the recession and can move more freely on rates. Even if the figures for the previous six months have been revised downwards "non farm payrolls do not change our expectations on the Federal Reserve's next moves - says Filippo Diodovich, Senior Market Strategist, IG Italia - we believe that at the next FOMC meeting the bankers US central banks will decide to raise interest rates by 75 bps from 1,50%-1,75% to the new range of 2,25%-2,50%”. Thus, "a further gap between the monetary policies of the central banks (FED and ECB) which will bring the euro-dollar exchange rate below parity in the summer" becomes increasingly probable.
I average hourly wages they also rose 10 cents, 0,31%, to $32,08; compared to a year earlier, they grew by 5,11%.
Atlanta Federal Reserve Chairman Raphael Bostic said he was "fully in support of a 75 basis point hike" in interest rates at the next meeting. "The economy is strong and this shows that another 75-point hike won't do lasting damage." And again: "We are seeing an initial slowdown in the economy but a more significant slowdown is needed". So "We will try to bring inflation down while keeping the economy as strong as possible."
Changes, sterling shaken by political chaos
La single currency it therefore seems destined to fall below parity against the greenback in the space of a few months, even if at the moment it is attempting a timid recovery and is trading around 1,017, not far from the lows of the last 20 years.
The pound deflates a bit, after yesterday's flare-up following the announcement of Boris Johnson's resignation. The British uniform, according to Federico Vetrella, Market Strategist of IG Italia, would be suffering due to the political chaos within the conservative party.
Volatile session for oil
Il oil is on the upside right now, in a volatile session and at the end of a difficult week, with sentiment divided between fears of a drop in demand and supply problems. Both contracts are heading for a weekly contraction. Prices tumbled, with North Sea oil falling $10,73, the contract's third-largest drop since trading began in 1988.
At the moment, however, Brent is recovering 1,3% and trades at 106 dollars a barrel.
Piazza Affari is appreciated with Saipem and Leonardo; snap Mps
On the main Milanese price list Saipem is still leading the dance, up 7,27%, ahead of the closing of the capital increase on Monday.
On the industrial front, among the encouraging news for Saipem, there is the one communicated this morning on the achievement of important results in the projects in progress in offshore wind energy in Britain and Taiwan.
Among the oil stocks it is also confirmed in cash Tenaris, +3,68%, following the definitive agreement to acquire 100% of Benteler Steel & Tube for $460 million. The operation is judged positively by analysts as it allows the group to strengthen its activity on the American market. Good for Eni +1,63%.
Leonardo, +4,12%, celebrates the promotion of the French broker Oddo, which has raised the rating from Neutral to Outperform, setting a target price of 12,50 euros.
After difficult moments during the week, the engines of theautomotive: Stellantis +3,83%; Iveco +3,4%.
Industry is progressing with Interpump +2,86% and Prysmian +2,3%, although Italian industrial production fell by 1,1% in May (+3,4% year on year). It is still brilliant Stm +2,1%.
Among the financial Banca Mediolanum +2,81% and Banca Generali +2,32% stand out. Positive, without surges or falls, the largest banks. Outside the Ftse Mib, however, Mps flies, earning 11,78%.
Neglecting Telecom, +0,2%, in the aftermath of the Capital market day.
The worst blue chip is Poste, -1,56%, penalized by the relegation of Ubs to "neutral" from "buy" with a target price reduced to 8,70 from 13 euros.
Utilities end up at the bottom of the list, with Terna -1,5%, Italgas -0,46%, Enel -0,21%.
The closing is also in green for bonds: the spread between Italian and German ten-year bonds, it drops to 198 basis points (-2,21), with yields rising to +3,28% and +1,29% respectively.
