A day with a plus sign for European stock markets, while Wall Street continues to rise slightly after a start weighed down by the September job report. On Piazza Affari, the Ftse Mib closed with a gain of 1.2% at 27,810 points, driven by the banks Banco Bpm (+3.5%), Bper (+3%), Mps (+2.9%) and Unicredit (+2.9%).
Tim is down (-5.9%), paying the price for the uncertainty over the future of the network, in the aftermath of the summit between the government and Vivendi from which few indications were leaked. Campari is also subdued (-1.4%), gains on Prysmian (-1.2%) after yesterday’s rise in the wake of the new 2027 targets.
Focus of the day on the American report on the labor market, which highlighted the creation of 336 thousand new jobs, more than double those expected, a stable unemployment rate at 3.8% and a slight moderation in the annual growth of average hourly wages (at 4.2%).
Overall strong data which increases the chances of a further Fed rate hike by the end of the year, although much will depend on next week’s numbers for consumer and production prices.
In Europe, ECB hawk Isabel Schnabel said there could be another tightening of the cost of money to calm inflation.
The job report fueled a new wave of bond selling, momentarily pushing the yield on the 10-year Treasury up to 4.88%, before falling to 4.76%. The BTP-Bund spread exceeded 205 basis points during the day, subsequently reducing to 203 bp, with the 10-year BTP at 4.91%.
The placement of the BTP Valore was completed during the day, the collection of which exceeded 17 billion, with the confirmation of the coupon rates at 4.1% for the first three years and 4.5% for the last two.
Among raw materials, Brent oil remains in the area of 84 dollars a barrel, while on the Forex the euro/dollar rises to 1.059 after an initial drop in the wake of the American data.