Business Square today recovers the losses of the day before and is queen in Europe with an increase of 0,72%, thanks above all to the leap of Saipem (+3,35%). The oil service in fact closes a brilliant session, supported by rumors about new contracts with Saudi Aramco.
For the rest, the climate remains wait-and-see on the various European price lists and in New York, even if today the balance tips slightly towards purchases. As Paris earns 0,53% as Frankfurt, Amsterdam 0,52% salt, Madrid of 0,16%, London by 0,11%. Overseas wall street, which yesterday interrupted the long trail of eight positive sessions in a row, is moving cautiously in tune (DJ +0,02%, S&P500 +0,23%, Nasdaq +0,22%), while over the course of a year the work has cooled more than expected, setting a slippery slope for Jerome Powell.
In the USA, almost a million jobs are missing
On the topic of macros and central banks today we are preparing to weigh the July minutes of the Fed and the new elements on the US labor market, which have just arrived and which could influence what the number one of the US central bank will say, Jerome Powell next Friday in Jackson Hole. According to the review onnon-agricultural occupation by the Bureau of Labor Statistics for the year ending in March, 818 thousand paychecks are missing. This would be a difference compared to what was previously estimated. Goldman Sachs and Wells Fargo had expected a downward revision of at least 600.000 units. Employment therefore grew by almost 30% less than the 2,9 million initially reported between April 2023 and March 2024.
The wait regarding the choices for US rates is also being felt in Europe, because the Fed will also influence the behavior of the ECB. Thus, on the European side, the words of the governor of the Bank of Italy are recorded today Fabio Panetta according to which it is "reasonable to expect that we are moving towards a phase of easing of monetary conditions, because inflation is falling and the world economy is slowing down". And are you hoping for a rate cut in September? “Obviously I hope so,” replied the governor as he left a meeting at Rimini meeting.
The dollar is flattening
The new labor data hits the currency market, where the dollar he was attempting a timid recovery, which at the moment seems to have failed. THE'euro trades close to one-year highs in the 1,113 area. It too yen consolidates recent gains at 145,30.
The same script affects the futures of Petroleum, which after a rebound phase have now flattened. Brent is thus trading around 77,36 dollars a barrel, while the WTI is at 73,20.
THEgold returns above 2509 dollars an ounce, despite showing some gains. THE'aluminum is decreasing, after the recent run, due to a shortage of supply due to the violent rainy season that hit Guinea, the world's leading exporter of bauxite (aluminium in the form of ore). The three-month price on the London Metal Exchange in the morning was stuck at +0,05% at 2.474 dollars per ton, after having reached a five-week high the day before.
Positive Piazza Affari in the wake of Saipem
In Piazza Affari the main price list is led by Saipem. The indiscretion of the online specialist newspaper Upstream according to which Saudi Aramco had awarded the Italian oil service a strategic offshore contract for the further expansion of its Marjan oil and gas field contributed to pushing the purchases on the stock. The potential value of the agreement would be more than two billion euros.
Among the biggest increases of the day there are also Recordati + 2,37% Ferrari + 2,54% Bpm bank +1,93% and Popular of Sondrio +1,88%. Luxury is on display with Moncler +2,1%, promoted by Bernstein to 'outperform' from 'market-perform', e cucinelli + 1,48%.
It is at the bottom of the list telecom, with a loss of 0,73%. The utilities are weak: Terna -0,34%; Hera -0,59%; Snam -0,41%. Among the banks the black shirt goes to Unicredit -0,19%.
Stable spreads and declining rates
Panetta's words touch the secondary. The spread between the 140-year BTP and the Bund of the same duration it appears stable at 3,57 basis points and the yields are still nibbling slightly downwards. The Italian stock is indicated to close at XNUMX%.
