This live broadcast closed at 6pm on Friday.
The data on US labor market for September, higher than expectations, it reassured investors on the state of the United States economy, allowing European stock markets to recover ground after the weakness of the previous session. Business Square stands out, with the Ftse Mib in the lead, closing with an increase by 1.28%, driven by the banking sector. Concerns about new taxes have eased after the Minister of Economy, Giancarlo Giorgetti, clarified that the tax measures will affect all production sectors that have benefited from a favorable economic context.
Among the European price lists sitting without momentum for Frankfurt, which reflects a moderate increase in 0.55%, without ideas London, which does not show significant changes in prices, and in light Paris, with a broad progress of 0.85%.
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Overall the banks are doing very well: Bper recorded an increase of 4.28%, While Mps he earned the 3.05%, despite the confirmation of the Treasury’s intention to sell a further quota by the end of the year. Also Unicredit closes higher at 2.97%.
The auto sector also performed well, after the European Union’s decision to introduce duties on electric vehicles from China, with Stellantis which he recovered 1.75%. The performance of Record yourself, which jumped from 4.75% thanks to the acquisition of global rights to the drug Enjaymo from Sanofi for $1.075 billion. At the end of the list, however, Prysmian he lost it 0.89% And Amplifon the 0.46%.
USA, jobs above expectations
The exciting report on jobs in the US makes investors happy and makes them breathe a sigh of relief, after the risks that saw the American economy in recession.
According to data from the Bureau of Labor Statistics, the unemployment rate is dropped to 4.1%, compared to 4.2% recorded the previous month and to the consensus forecast. In September they were added 254 thousand new jobs in non-agricultural sectors, a strong increase compared to 159 thousand in August, a figure already revised upwards compared to the 142 thousand initially reported. This result clearly exceeded market expectations, which expected an increase of 147 thousand new jobs.
Employment continued to grow across several sectors in September 2024, with significant increases in catering, in the’health care, in the public administration, in the’social assistance and in thebuilding. The private sector has seen a creation of 223 thousand jobs, a figure well above market expectations, which envisaged 125 thousand new jobs, and the 114 thousand positions revised in August.
In the industry manufacturing, instead, a occurred drop of 7 thousand jobs, slightly worse than the 5,000 decrease forecast by consensus, but an improvement compared to the 27,000 jobs lost the previous month.
“Today we received good news for American workers and families with over 250,000 new jobs in September and unemployment returning to 4.1%. With today’s report, we have created 16 million jobs, unemployment remains low and wages are growing faster than prices.” This was stated by the President of the United States, Joe Biden, after the publication of data from the Bureau of Labor Statistics.
Stock markets 12pm: Piazza Affari remains positive, it is the best in Europe thanks to Recordati and Saipem
The index of Business Square continues to show an increase in the 0.71%, reaching 33,407 points, surpassing Frankfurt which rose by only 0.04% and even better than Paris with +0.34%. Meanwhile, the prices of petrolium accelerate, with Brent gaining 0.86%, settling at 78.29 dollars a barrel. This dynamic is influenced by the Iranian leader’s statements, Ali Khameneiduring his Friday sermon in Tehran, in which he stated that Israel will never achieve victory over Hamas and Hezbollah.
Today the greatest increases on the index are in the lead Recordati Ordwhich marks an increase of 3.84%, Saipem follows with an increase of 2.96% and banks like Bper Bank (+2.08%) e Unicredit at +1.50%.
Today the biggest drops on the index are led by Amplifon, which marks a decrease of 1.90%, and Campari follows with a drop of 0.73%.
Stock markets 9am: Piazza Affari opens positively after Giorgetti’s words, Mps and Tim do well
The European stock exchanges they move weakly awaiting key data on the US labor market, which could influence the Federal Reserve’s next decisions. The situation in the Middle East, with the growing tension between Iran and Israelcontinues to cause concern among investors. Paris loses it 0.2%, Frankfurt the 0.1% And London the 0.2%. In contrast Milan, with the Ftse Mib rising by 0.4%.
Piazza Affari therefore on the rise, after the 1.5% drop in the previous session, also influenced by the statements of the Finance Minister Giancarlo Giorgetti, who asked for “everyone’s contribution” to support the country, anticipating a severe financial maneuver, although without providing specific details.
The stocks recording the greatest increases today are led by industrialists: Recordati Ord opens with an increase of +3.84%, followed by Saipem at +2.35% while Eni marks an increase of 1.28% thanks to increase in the price of Brent oil, which marks a +0.21% to 77.78 dollars a barrel after the run on October 3rd. Telecom Italia continues its run, gaining 1.71%, with Sparkle’s offer on the table.
Good performance also by the banks, with MPS (+1%) in the lead, after the declines of the last few days. Yesterday Giorgetti confirmed that a tranche will be placed by the end of the year, but he also hoped for an industrial project for the institute, which will have to become one of the main Italian players. Positive data also for Iveco Group (+1.23%), Nexi (+1.15%) and Stellantis (+1.04).
Spread at 132 points
The spread between BTp and Bund opens slightly lower. In the first trading, the yield differential between the benchmark 10-year BTp and the German Bund of the same duration stood at 132 basis points, down 1 point compared to the previous closing. In contrast, the yield of the benchmark 10-year BTp is increasing, recording an initial value of 3.49% compared to 3.47% the previous day.
Oil falling, watch out for MPS and TIM
Soon live news from Milan Stock Exchange and give them European stock exchangesexpected to rise slightly earlier in the day as tensions in the Middle East remain high.
Oil prices slowed after the October 3 rally, linked to fears of a possible broader conflict in the Middle East that could compromise crude flows. The futures of Brent decrease by 0.14%, settling at 77.51 dollars per barrel, while those of Wti American drop by 0.14%, at $73.51. However, both are heading towards a weekly gain of around 8%.
In Piazza Affari, investors are still waiting for clarifications on the statements of the Finance Minister, Giancarlo Giorgetti, who called for “everyone’s contribution” for the country, predicting the introduction of new taxes for businesses. MPS remains in the spotlight after the minister confirmed the Treasury’s intention to sell part of its stake, currently equal to 26.7%, by the end of the year.
Stellantis remains a special observation, with the stock having recovered the levels of two years ago and the CEO Carlos Tavares who indicated his exit in 2026 as possible, at the end of his mandate. Recordati will also be in the spotlight following the announcement of the acquisition of global rights to Enjaymo (sutimlimab) from Sanofi, a unique biological drug for the treatment of cold agglutinin disease (CAD), for a value of up to 1.075 billion of dollars.
On the Milan price list, the spotlight is on Eni, which is evaluating the sale of further stakes in Plenitude and Enilive, with the aim of listing both companies while maintaining the majority, as stated by CEO Claudio Descalzi. For Stellantis, however, CEO Carlos Tavares has indicated the possibility of retiring in 2026.
In the end, Tim could continue to see movement, with the offer for Sparkle still under consideration. Yesterday, the company’s shares marked one of the best performances of the Ftse Mib.