I Financial markets remain in the shadow these days, overshadowed by fears of a slowdown in the US economy and Chinese demand. They contribute today to the volatile climate new data on American jobs and the probability that the Fed will cut rates by 50% in September rises to about 0,5%, while we will see exactly what action the ECB will take in a week, at its meeting on September 12.
Meanwhile, the US government bond yield curve is normalizing.
European Stock Markets Mixed, Milan Flat. Luxury Suffers as Tiffany Darkens in Shanghai
I European stocks close mixed e Business Square (+0,01%) flattens out at the end, supported by utilities but weighed down by a new hemorrhage on luxury. The global sector is being worried by the rumour of a heavy and possible resizing of an image store (flagship) of Tiffany in Shanghai. A news that is read as a new signal of weakness in Chinese consumption.
Paris is the weakest square, -0,92%, weighed down by the performance of its big names' shares. Meanwhile, the president Emmanuel Macron has finally given the mandate to form a new government, after months of consultation and the long Olympic truce. The The chosen prime minister is Michel Barnier, former negotiator of the European Commission for Brexit and will have the difficult task of "forming a coalition government at the service of the country and the French people".
Frankfurt It is virtually colorless -0,06%, like the German macro data, which cancel each other out. In July, German factory orders rose by 2,9% on a monthly basis against analysts' estimates of a decline of 1,6%, but the Ifo research institute, has cut its estimates for the Teutonic GDP, bringing its growth forecast for this year to zero.
In the rest of Europe it only goes up Madrid +0,58%, while Amsterdam loses 0,57% e London yields 0,35%.
Wall Street falls after volatile morning
Wall Street moves weakly after some changes of direction in the early hours, with a lot of macro data in the hands of investors (the August ISM services index was better than expected at 51,5).
Among the stocks that go against the trend Tesla (+7%) is the best performer on the S&P 500, with the electric car maker determined to move forward, as planned, with the launch in Europe and China of its Full Self-Driving (FSD) assisted driving service. Nvidia still down (-1,58%).
The operation of is also in the spotlight Verizon Communications, that is acquiring Frontier Communications, the largest pure-fiber Internet service provider in the United States, in an all-cash deal valued at $20 billion.
Paychecks at three-year low in U.S.
The catchphrase about that what will the fed do The next monetary policy meeting (which ends on September 18) continues to feed this week on a significant amount of data on employment, which will culminate tomorrow with the August employment report from the Bureau of Labor Statistics, the most complete and most followed by the central bank and which could fuel new speculation on monetary easing.
Today the information arrived Adp payroll report, developed in collaboration with the Stanford Digital Economy Lab. The result is that U.S. private employers hired their lowest number of workers in 3 years in August, while July data was revised downward. Private sector payrolls rose by 99 (versus an estimate of 140), the slowest growth since January 2021, after adding 111.000 jobs in July. Wages rose 4,8% year-over-year. Weekly claims for unemployment benefits fell to a 14-week low, falling by 227.000 to 24 (seasonally adjusted) in the week ended Aug. 229.000, the Labor Department reported; expectations had been for a figure of XNUMX.
Dollar flat, gold above $2500
After this binge of US data the currency market moves with caution. Theeuro-dollar It is flat at the 1,108 area and the yen is slightly down.
Among raw material Oil is raising its head again and Brent ($73,80 a barrel) and WTI ($70,39) futures are both up around 1,5%.
It also travels wellgold and spot gold moves above $2507, up around 0,5%.
Piazza Affari afloat with Tim, Erg and Enel
Piazza Affari stays afloat today, despite the rain bomb on Milan (and various storms in the center-north) thanks to purchases in utilities, which look favorably on a season of loosening rates after the long tightening of the central banks. Among the best blue chips of the day there is a heavyweight like Enel, +1,64%, which benefits among other things from a recent report by Ubs and positive on the stock thanks to 'solid profits and strong implementation of the plan' by the company. The experts confirm the 'Buy' recommendation on Enel shares with a target price of 8,25 euros. The stock has gained about 11% in a month (since August 5).
Good on this day too Erg + 1,5% A2a + 1,38% Terna + 1,01% Snam + 1,16% Italgas + 1,28%.
The pink shirt of the day goes to Telecom, + 1,88%.
Banks are recovering led by Understanding +1%, while in a broader picture of financial stocks it rises Unipol + 1,51%.
The luxury sector, on the other hand, is trembling, which extends beyond the confines of clothing. At the bottom of the list Brunello Cucinelli -5,25%, followed closely by Ferrari -2,35% and Moncler -2,19%. Reuters points out that in the luxury and surrounding areas, high-end nautical stocks are also suffering. Outside the main basket, they are in fact falling sharply Saint Lawrence -6,58% and Italian Sea Group, -10,57%.
Among the weakest blue chips of the day are also stellantis -1,65% and Tenaris -1,54%.
Stable spreads and declining rates
The positive phase of government bonds of the Eurozone, which go hand in hand and the spread consequently remains stable. differential The yield spread between BTPs and Bunds, both with a ten-year duration, is now at 139 basis points, with rates at 3,57% and 2,18% respectively, close to closing.
