(Il Sole 24 Ore Radiocor) – After the prudence of the first hours of trading, the European stock exchanges are getting into the right gear, with the Ftse Mib in Milan which stands out among the continental indices thanks to a series of quarterly reports that are better than forecasts, with the acceleration of Banca Pop Er, Pirelli & C and Banco Bpm. The lists of Paris with the CAC 40 and Frankfurt with the DAX 30, but also the IBEX 35 of Madrid and the AEX of Amsterdam are lagging behind.
Support also comes from overseas, after the publication of the data on job market American, with more jobs created than estimated and a falling unemployment rate. After the new records reached by the S & P500 and Nasdaq, in the wake of the publication of encouraging quarterly accounts, investors therefore welcome the new indications on the health of the American economy, while monitoring the spread of the Delta variant of Covid-19 and the its impact on production activities.
Positive Wall Street futures after US jobs data
Futures up in the premarket on Wall Street after the release of the US employment report in July. Last month there was an above-expected increase in jobs and a larger-than-expected decline in the unemployment rate. In fact, 943,000 jobs were earned compared to the previous month, the best figure of the year, while analysts expected an increase of 845,000 jobs. Unemployment fell from 5.9% in June (unchanged) to 5.4%, against expectations for a drop to 5.7%. On the eve of the 43rd record close for the S&P 500 in 2021. Economists expect an average of 845,000 more jobs, according to the Dow Jones, but the range is wide, between 350,000 and 1.2 million, a sign of the uncertainty about recovery.
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At Piazza Affari, Bpm and Pirelli shot after the accounts
Among the Milanese stocks with greater capitalization, the best-than-expected accounts support Banco Bpm, with Equita analysts speaking of “results clearly better than expected”, highlighting “a better operating performance on all lines (interest margin, trading, commissions and costs) “. Half-year effect above estimates also on Pirelli & C stock which also revised upward targets. Positive Banca Pop Er, returned to the center of attention for possible consolidation scenarios, and Unipol which, before the opening of the markets, published the half-year report closed by the insurance company with a consolidated net result of 652 million (+ 5.6% on 2020 ) and direct deposits of € 6.6 billion (+ 7.4%) with a Non-Life portion of € 3.9 billion (in line with 2020) while Life jumped by 21% to € 2.6 billion (analysts numbers “better than expected thanks to UnipolSai and lower taxes”). Meanwhile the Ferrari rally continues and the Stellantis group also gains positions. At the bottom of the list, Amplifon and Interpump Group and Moncler are losing positions. Equities linked to the oil and pharmaceutical sectors were also weak with Diasorin and Recordati. In the rest of the list, a boom debut for the new Ulisse Biomed on the Aim market. In light Nova Re, Poligraf S Faus and It Way.
Jobs Use Fed Move Indicator
The labor data is a highly anticipated indicator, because, as is well known, the Federal Reserve has always said to wait to withdraw monetary stimulus until the labor market is strong enough. In recent days, the data on employment in the private sector had been disappointing: this led to fears of a slowdown in the labor market and therefore in the economy. On August 5, however, the data on unemployment benefits were encouraging. Now will come a definitive answer on the “health” of work in the United States.
Spread up to 104 points, 10-year rate at 0.56%
Session higher for the BTp / Bund spread. The yield differential between the ten-year Italian benchmark BTp and the same German duration is indicated at 104 basis points, up from the 101 points of the previous reference. The yield of the benchmark ten-year BTp also rose at 0.56% at the start, from 0.53% at the closing on 5 August.