by Nino Sunseri
Economic and financial journalist for over 50 years, he started in 1974 at the Giornale di Sicilia. He worked in the roles of news manager and correspondent for Corriere della Sera, La Repubblica and Libero.
The Milan Stock Exchange rises by 0.94%
Piazza Affari raises its head and heads towards a rising session finale after the release of new data on the US labor market. The Ftse Mib index marks +0.94% at 30,390 points. Milan is in its second week of growth (+1.60%) and comes within a whisker of the highest levels of the last fifteen years.
Stock performance
Among the main Milanese stocks, Prysmian rose by 3% after announcing a contract with the Brazilian Petrobras worth over 100 million euros. Moncler (+2.4%) took advantage of the brilliant day in the European luxury sector after the Kering board of directors announced an interim dividend for the 2023 financial year. Below parity Mps (-1%), Diasorin (-0 .8%) and Bper (-0.1%).
Europe is doing well
European stock markets strengthened in the final stages of the session, comforted by the prospect of a less tense climate on the cost of money. Thanks to today’s increase, the EuroStoxx50 index reaches its highest level since 2008. It is the sixth positive week. Frankfurt’s Dax updates the historical record. The main German stock market index also completes its sixth positive week in a row.
US employment rises more than expected
The U.S. economy created 199,000 jobs in November, exceeding expectations, thanks to increased employment in healthcare, government and, to a lesser extent, manufacturing, where the return of auto workers has had an impact after the Uaw strike. Nonetheless, job growth continued to lag behind the 240,000 seen in the previous 12 months.. At the same time, the unemployment rate surprisingly fell to 3.7%, while monthly wage growth slightly exceeded forecasts.
Currencies and oil
On the currency market, the prospect of a more gradual decline in US rates than the market had recently hoped for supported the dollar: the greenback strengthened to 1.0754 for a euro from 1.0785. On the energy front, recovery session for the price of oil after the US Energy Department announced its intention to buy up to 3 million barrels to fill strategic reserves. January WTI gains 2.71% to 71.22 dollars a barrel and Brent for February rises by 2.59% to 75.97 dollars. The price of natural gas on the Amsterdam TTF platform fell by 3.2% to 38.7 euros per megawatt hour.
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