Piazza Affari closes at -1.3%, Wall Street performs well after jobs report

Europe is in the red while Wall Street is rising after surprisingly solid jobs data, with the S&P500 at +0.9% and the Nasdaq at +1%. At Piazza Affari, the Ftse Mib ended down 1.3% at 34,010 points, with most stocks falling. The energy suppliers Snam (-3.95%), Italgas (-3.1%) and Terna (-2.6%) as well as MPS (-3.1%) experienced particular declines. Eni (+1%) with the announcement of the new buyback plan and Leonardo (+0.8%) bucked the trend.

In the US, the March employment report reported 303,000 non-farm payrolls, well above expectations, with unemployment still at 3.8% and robust average hourly wage growth (+4.1% annualized). . Figures that confirm the strength of the US labor market while reducing the likelihood of Fed rate cuts in June. It is more likely, markets say, that the central bank will start cutting the cost of money from July.

Europe also received lower-than-expected factory orders from Germany (+0.2% MoM and -10.6% YoY), as well as retail sales from the Eurozone (-0.5% MoM and – 0.7% compared to the previous year). ), both refer to the month of February.

We remind you that inflation data from the United States is scheduled for next week, while the ECB will meet in the Old Continent, which is likely to confirm interest rates at current levels and awaits a likely intervention in June.

Bond yields rose, with the 10-year Treasury at 4.37% and the two-year at 4.71%. The BTP Bund spread widened to 142 basis points, with the Italian 10-year bond at 3.82% and the Bund at 2.4%.

Among commodities, Brent oil is holding above the $91 per barrel threshold, supported by the threat of escalating tensions in the Middle East and following OPEC+’s decision to confirm production cuts by the end of June. Gold updates its all-time high again at $2,324 an ounce.

In the foreign exchange market, after some volatility following the US jobs report, the Euro/Dollar exchange rate returns to 1.083, while the Dollar/Yen rate is at 151.6. Some statements from BoJ Governor Kazuo Ueda point to a possible second rate hike in the second half of 2024.