Closing in no particular order for European stock markets, despite the positive trend on Wall Street following the employment data. On Piazza Affari, the Ftse Mib ended up 0.7% at 28,674 points, with Nexi (+6.1%) at the top, driven by Silver Lake’s interest in purchasing a stake. Finecobank was also in evidence (+3.5%), while Intesa Sanpaolo closed at +1.6% after results above expectations, the improvement in guidance and the increase in the distribution of value to shareholders. Eni, however, fell back (-2.15%), held back in part by the drop in crude oil prices.
In the US, October nonfarm payrolls increased by 150,000 and the September reading was revised downward to 297,000, while the unemployment rate rose to 3.9% and growth in average hourly wages slowed to 4. 1% per annum. Furthermore, the ISM services index recorded the slowest expansion in five months, marking 51.8 points. Numbers that strengthen the prospect of a Fed holding firm on interest rates and fuel hopes of cuts by mid-2024.
On bonds, the BTP-Bund spread is reduced to around 186 bp, with the Italian 10-year bond falling below 4.5%. Among raw materials, oil is losing ground with Brent below 86 dollars a barrel, while gas fluctuates around €48/Mwh. On Forex, the euro/dollar jumped above 1.07 while the yen recovered ground to 149.3 against the greenback.