Piazza Affari closed against the trend of the other positive European stock exchanges, with the Ftse Mib down by 0.4% to 28,586 points. Sales on Interpump (-4.7%) after the accounts, but also on Diasorin (-2.7%) and Stm (-2.5%). Leonardo (+2.9%), MPS (+2.8%) thanks to the above-expected quarterly report and Tenaris (+2.2%).
On Wall Street, the S&P500 advanced by 0.5% and the Nasdaq by 0.7% after the declines of the last sessions and today’s data on the labor market, with Amazon and Apple respectively at +11% and -3% after the accounts.
The job report highlighted the creation of 187,000 jobs in the non-agricultural sector, less than the 200,000 expected. The unemployment rate fell to 3.5% and average hourly wages grew 4.4% year-on-year, more than estimated and in line with June. Data that does not strengthen the thesis of further rate hikes but neither does it dissolve the Fed’s doubts about the next monetary policy moves.
Italy’s industrial production surprisingly rose by 0.5% on a monthly basis in June while eurozone retail sales unexpectedly fell by 0.3%.
On Forex, the euro/dollar strengthens to 1.103 and the dollar/yen slips below 142. Among the raw materials, oil (Brent) is approaching 86 dollars a barrel, after OPEC+ decided to keep the production policy, in the aftermath of the extension of the cuts by Saudi Arabia and Russia.
On bonds, Treasury yields fell, with 10-year bonds at 4.09% and two-year bonds at 4.81%, after the data on the labor market. The 10-year BTP also fell to 4.21%, while the BTP-Bund spread stood at around 165 bp.
As for the next week, focus on the US data on consumer and production prices, scheduled for Thursday and Friday respectively.