A mixed session for European stock markets, while Wall Street continues to rise slightly after the American data on the labor market. On Piazza Affari, the Ftse Mib closed substantially flat (-0.04%) at 33,403 points, with the partial recovery of Telecom Italia (+4.8%) after the collapse of the previous session. Iveco Group (+2.5%) and Amplifon (+2.65%) also did well, while Azimut (-5.1%) fell behind in the wake of below-expected profits and dividends, STM (-2.2 %) and MPS (-2.1%).
The US job report highlighted nonfarm payrolls above expectations (275 thousand) but also an unemployment rate increasing to 3.9% and average hourly wages slowing to 4.3% per year. The picture that emerges is that of a labor market that is still resilient but which should not pose excessive risks for a new rise in inflation, offering the Fed greater possibilities to cut rates this year.
US and Chinese inflation data are scheduled next week, as well as US retail sales, UK payroll data and statements from some ECB bankers.
On bonds, the BTP-Bund spread remains stable at 130 basis points, with the yield on the Italian 10-year bond falling to 3.56% and that of the Bund to 2.27%. Among raw materials, Brent oil drops again to 82 dollars a barrel, while gold once again updates its highs and trades above 2,170 dollars an ounce.
On Forex, the euro/dollar exchange rate was little changed at 1.095 and the dollar/yen was around 147.2 yen per dollar, with the Japanese currency supported by speculation on a possible rate increase by the Bank of Japan as early as March.
New record for Bitcoin, which reached $70,000 for the first time.