The effervescent American job market sent today the markets are haywire who, looking at September employment in the United States, were overwhelmed by volatility. First, the stock markets fell, intimidated by the idea of a Fed in the trenches, and then they rose again, better weighing the report, which sees more new jobs than expected, but also moderate growth in wages.
Yellow, for i European lists, has a happy ending and the rebound that had not arrived in recent days took shape today, while Wall Street, after a false start, is currently moving forward.
Same script on the other markets: the dollar, which rose immediately after the release of the jobs data, is currently falling against the main currencies and theeuro shows a change close to 1,06.
Crude oil continues to move just above or just below parity: Brent is currently colorless, at 84,08 dollars a barrel. US government bonds remain in check (but reduce losses).
Europe is doing well, where Piazza Affari is the best. Telecom crash
Business Square is queen in Europe: it gains 1,16% and closes at 27.810 basis points, thanks to the banks rallying with the new version approved of the extra-profit tax, which offers institutions the opportunity to choose not to pay the burden, allocating an amount equal to 2,5 times the value of the tax to strengthening assets. Instead, he remains in the black shirt Telecom (-5,89%) after yesterday's informal meeting between the top management of shareholder Vivendi and the economy minister Giancarlo Giorgetti on the sale of the network. Equita writes that "political support for the operation remains very strong", but according to traders the absence of news makes the outcome uncertain. Furthermore, already yesterday, Tim was the worst blue chip of the day also following the relegation of Deutsche Bank which led the stock to "sell" from "hold" with a target price of 0,23 euros from 0,3 euros.
In the rest of Europe they are progressing Frankfurt +1,09% and Paris + 0,88% Madrid + 0,84% Amsterdam + 0,69% London + 0,54%.
September employment in the US rose above expectations
In United States, in the month of September, the occupied non-agricultural growth exceeded analysts' expectations: +336.000, according to the Labor Department's employment report. August figures were also revised upwards, with 227.000 jobs added instead of the 187.000 previously estimated. Wages increased, but at a moderate pace: +4,2% in the 12 months to September, after +4,3% in August. However, economists estimate that growth should be 3,5% to favor an inflation trajectory towards the ECB target of 2%.
These are numbers taken into great account by the Fed in establishing its monetary policy and the question is now whether they will provide support for new rate adjustments within the year or not and how long the high levels achieved will remain.
4,8-year Treasury rate above XNUMX%
In particular, government bonds responded to the macroeconomic framework. The XNUMX-year Treasuries it rose above 4,8% again, to a 16-year high, but is currently slightly below that threshold at 4,76%.
The climate also seemed unfavorable for eurozone securities and for an indebted country like Italy, but in the end things didn't go that bad.
Spreads over 200 basis points
Lo spread between 201-year BTP and Bund it widens to 1,01 basis points (+5%). The Italian stock, which had approached 4,89%, closed at 4,87% (from 2,88% yesterday), while the German stock closed unchanged at XNUMX%.
For the Dutch councillor Class Knots, one of the hawks of the ECB, it is not surprising what is happening to the tricolor paper: "Italy's spread has increased slightly in recent weeks due to the upward revision of the deficit trajectory", proving that "there is it is still a discipline on the markets."
An injection of confidence (and money) from Btp Valore
Small savers, however, still have faith in Italy, given the excellent result of the second issue of Btp Value, which closed at the end of the morning with a total collection (over the five days) of 17,23 billion euros, just under the 18,1 billion of the first edition.
The bond has a duration of 5 years and offers quarterly coupons, also guaranteeing an extra final loyalty bonus for those who hold it until maturity. Rates confirmed: 4,1% for the first three years, 4,5% for the fourth and fifth years.
Piazza Affari, everyone is crazy about Maire Tecnimont
It shines today, on all the titles of Business Square, the title Maire Tecnimont which, after the gains of the day before, makes a leap of 14,23%. The news of an 8,7 billion dollar order in the United Arab Emirates yesterday gave a boost to the shares of the plant engineering group in the hydrocarbon sector.
Staying out of the main basket archives a cash session too Buzzi, +2,21%, promoted by HSBC to "buy" from "hold", with a target price of 31 euros (from 24 euros).
Instead, it limits the gains to 0,63%. Olidata, which won a 2 million tender with the State Mint.
On the Ftse Mib the main protagonists of the session were the banks. The best ones are Bpm bank, + 3,46%, Bper + 3% Ps + 2,88% Unicredit +2,86% and Understanding + 1,59%.
Well the luxury, with Moncler +2,19% and achieve gains of over 2%. stm +2,59% and Interpump + 2,53%.
There are some of the worst big caps Campari -1,43% Prysmian -1,16% Leonardo -1,07%.
You realize about Saipem -0,53%, after yesterday's increases.
