I US unemployment data better than expected leave room for doubts about the end of the stimulus policy by the Fed. On the one hand, the unemployment rate remained unchanged at 7,6%, which could be interpreted as a signal in favor of the continuation of the stimuli, with the Central Bank which has linked its exit strategy to unemployment below 6,5%, on the other hand the US economy has shown decisive vigor with the creation of 195 new jobs against expectations of 160. Thus, after a brief upward flare-up, the European stock exchanges returned to negative territory, leaving room for volatility.
Milan closed down by 1,74% weighed down by the declines of the blue chips Telecom Italia, Eni and Fiat while the Btp bund spread falls further to 269 basis points, again benefiting from yesterday's words from Mario Draghi who promised an accommodating policy for a long time to come. Paris -1,46%, London -0,72% and Frankfurt down sharply to -2,75%. German data released in the morning on May factory orders unexpectedly fell (-1,3%) against expectations for a 1,2% rise.
Wall Street, after a higher opening, remains in positive territory with widespread gains. Banks are up with Jpmorgan +1,2%, Bank of America +1,3% while Apple loses 0,97%. Competitor Samsung Electronics, despite booming earnings, disappointed analysts' expectations with sluggish sales of the Galaxy S4. The euro-dollar exchange rate is down to 1,2836 (-0,60%), WTI oil rises again on Egyptian tensions: +1,21% above 102 dollars a barrel. Gold continues its descent: -2,9% to 1.214 dollars an ounce.
Telecom Italia down in Milan -3,6% which pays for the end of the negotiations with h3G in a scenario of turmoil between the various competitors in terms of alliances and mergers. Equita analysts then reduced the recommendation on the stock. Fiat Industrial also down by 2,63%, Buzzi Unicem -2,5%, Eni -2,5%. The main banks were also negative: Intesa Sanpaolo sold 2,2% and Unicredit 2,31%. Meanwhile, the Banking Union will not be on Ecofin's agenda on Tuesday, being postponed to the informal meeting in September because The proposal on the Single Mechanism for Orderly Bankruptcy, the second stage of the banking union, will be presented by Single Market Commissioner Michel Barnier only next Wednesday in the College of Commissioners.
It towers over the Ftse Mib Mediaset (+3,7%), at a two-year high following the announcement of a reversal of the advertising trend. Gtech +3,2% also did well, benefiting from the promotion by Nomura, Fonsai +1,6%. And A2A +1,02%.
Rcs falls -1,28% with a boom in trading (24% of the capital) in the aftermath of della Valle's entry into the field which confirmed his acceptance of the increase and his will to go further. RCS shareholders had until today to exercise their option rights and subscribe to the capital increase at the unit price of 1,235 euros. However, savings leapt, closing at + 5,7%.
