Piazza Affari unchanged, Tim tries to rebound

A mixed session for European stock markets as Wall Street continues to rise slightly following the American jobs data. At Piazza Affari, the Ftse Mib closed broadly unchanged (-0.04%) at 33,403 points, with Telecom Italia (+4.8%) partially recovering after the previous session’s slump. Iveco Group (+2.5%) and Amplifon (+2.65%) also performed well, while Azimut (-5.1%) fell due to lower-than-expected earnings and dividends, STM (-2.2%) and MPS (-2.1%). ).

The US jobs report highlighted that the number of non-farm payrolls was above expectations (275,000), but the unemployment rate also rose to 3.9% and average hourly wages fell to 4.3% per year. The picture emerging is of a labor market that is still resilient but should not pose excessive risks of a rebound in inflation, giving the Fed greater opportunity to cut rates this year.

Inflation data from the US and China is scheduled next week, as well as US retail sales, UK payroll data and statements from some ECB bankers.

For 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 falling to 2.27%. Among commodities, Brent oil prices fall again to $82 a barrel, while gold is back at its highs, trading above $2,170 an ounce.

In the foreign exchange market, the euro/dollar exchange rate remained little changed at 1.095 and the dollar/yen was around 147.2 yen per dollar, with the Japanese currency already supported in March by speculation about a possible interest rate hike by the Bank of Japan.

New record for Bitcoin, reaching $70,000 for the first time.