The panorama is varied at the end of the trading in the European evening, while at the moment the trend of Wall Street after the expected and positive report on non-farm employment, of great weight for the Fed.
Paris (+1,31%) stands out on the other stock markets of the Old Continent, in the last session of a difficult week due to the internal political crisis and the fall of the government, even if the obstinacy of the president Macron in staying at the helm and the gaps opened by the socialists for the birth of a new executive have offered some breathing space to French stocks and bonds today. In addition, the luxury sector, one of the most present on the Cac 40, is among the best in Europe, thanks to a report by Goldman Sachs which sees the emergence of resistance in the valuations of the sector's stocks after the recent correction.
Thus Milan closes the session on the rise (and it is the seventh consecutive), with an increase of 0,36% led by the big names, starting from Moncler (+4,96%), although gains on bank stocks held back the list. The weekly balance of the Ftse Eb is a gain of more than 4% and the blue chip index appears to be heading towards 35 basis points (today it is 34.749).
Pre-Christmas sentiment remains solid also at Frankfurt +0,21%, marking a new high, although German industrial production marks a new misstep (-1% in October). They slightly lose ground Madrid -0,43% Amsterdam -0,31% and London -0,5%.
There were no reactions on the markets to two important news items of the day, such as the decision of Constitutional Court of Romania di annul the results of the first round of the presidential election due to alleged Russian interference; the growing alarm over a mysterious disease in Congo, which has prompted the Italian Ministry of Health to ask the Maritime, Air and Border Health Offices to keep a high level of attention at “all entry points”.
Read EVEN Stock Market Today December 6th Live
Wall Street is buoyant: jobs are growing, but the market is betting on a rate cut
Wall Street proceeds in positive territory on the important day US employment report in November, a key index together with the inflation data due out next week and which could guide the Fed's choices, in the last monetary policy meeting of the year.
I jobs created in the United States last month were 227 thousand, a higher number than expected and which makes the timid step of October pale in comparison. The effect of this boom has not, however, reduced the probability of a 25 basis point cut by the US central bank, in fact it has increased them and now according to the Fedwatch tool of the Cme group, there is a 91% chance of a 25 point cut, against 71% yesterday.
The reason for this apparent contradiction, according to experts, is to be found in the fact that the November figure is high on paper, but in reality it is the result of a temporary trend due to the return to work of over half a million people, stopped two months ago by the passage of two hurricanes and strikes at Boeing. The average of the last two months, equal to 132.000 jobs created, appears more truthful and slowing compared to the recent past.
To complete the picture in November the unemployment rose from 4,1% to 4,2%, in line with expectations. Average hourly earnings rose 13 cents, or 0,37%, to $35,61; they rose 4,03% from a year earlier.
Euro slightly down, bitcoin below $100k
There is no upheaval in the foreign exchange market after the US employment report.euro It moves in a very modest range and is slightly down today, but above 1,056.
Il bitcoin It lost ground overnight, but is currently recovering, still moving below the stellar level of one hundred thousand dollars it recently reached, but further showing its volatility.
Among the raw materials, the Petroleum, following the decision by OPEC and its allies to maintain production cuts in the first quarter of next year. WTI and Brent futures are down more than 1,5%, with prices just above $67 a barrel and just below $71, respectively.
The report and bets on a cut in the cost of money also favor purchases on US government bonds, which see rising prices and falling yields. The 4,138-year rate is currently at 4,182%, down from XNUMX% yesterday, but the decline is visible across the entire curve.
Piazza Affari remains hot with Moncler and Cucinelli
Square Business keeps warm thanks to purchases on Moncler e cucinelli +1,15%, while outside the Ftse Mib it is also noticeable Ferragamo + 3,85%.
The sector benefits from the reflections of Goldman Sachs, but the queen of down jackets also benefits from the promotion decided by Goldman itself and by Bernstein.
For Goldman the stock has moved to Buy from Neutral, with a target price of 58,7 euros. Luca Solca of Bernstein is even more optimistic, estimating a target price for the stock of 60 euros and confirming the outperform recommendation.
Among the most effervescent blue chips of the day also returns Campari +2,69% and the driving force of stellantis +3,19%, which is joined today Ferroneous +2,17%.
Among financial stocks it remains in the spotlight Finecobank +2,25%, while banks succumb to the realizations starting from Bper -2,84%, together with the shareholder Unipol -1,34%. It also falls back Unicredit -0,62%, while the possible prey is saved Banco bpm (+ 0,37%).
In the oil sector they are retreating Tenaris -2,96% and Saipem, -2,05%, the latter well bought recently.
Stable spreads
The Italian paper also consolidates its weekly gains, maintaining one today spread between 109-year BTPs and Bunds of the same duration at XNUMX basis points, the lowest level in almost three years.
Yields are also stable at 3,19% and 2,1% respectively.
Tensions are also easing further on French government bonds, which today see a further slight spread of 77 basis points.Oat 2,87-year shows a rate of XNUMX%.
