(Il Sole 24 Or Radiocor) – European stock markets are turning back the clock and are once again fearful of a potentially aggressive tightening from before feed it Because of a healthier-than-expected US job market. In a session is not particularly lively, in fact, the data onworks United States: 263,000 jobs were created in November versus an estimate of 200,000, with wages also increasing. The trend that, at least this is the fear of the Watchers, could incite Jerome Powell To postpone the long-awaited slowdown in the rise Taxi interest (presumably by the Fed chairman himself just a few days ago). In the background, there are still concerns about the health of the EU economy, tensions in Ukraine and the approaching entry into forcethe ban on Russian crude, which will run in 72 hours. Concerns that finally led the Old Continent indices, on the heels of Wall Street, to end the week’s final session weak, as sales focused on energy, utilities and technology. In this climate, the FTSE MIB Milan Index ended the day in the red after losing as much as 1%. The CAC 40 of Paris, the FT-SE 100 of London, the IBEX 35 of Madrid and the AEX of Amsterdam (the only exception is the DAX 40 of Frankfurt) also fell.
Tim’s Field Week (-7%) with government stakes on the grid
All in all, it’s been an uneven week for European equity markets after the last round in November. In the last octave, in fact, Ftsy Meb It closed down 0.4%, as did Spanish Ibex (-0.4%) and German Dax (-0.1%). However, the opposite signal of the French Stock Exchange (+0.4%) and above all London (+0.9%), has been the only positive so far in 2022 (FTSE 100 +2.3%), while the negative of Avary Square, from January to today, represents Tour -10%, which is the worst balance among the big names of the Old Continent. But the lights in Piazza Affari have almost always remained focused Tim (-7.1%), which is the worst headline this week after the failed CDP offer on the network and the Meloni government’s doubts about the fate of the company, between hypotheses of rejecting comprehensive takeover offers and partial takeover offers that have not yet been verified. And in the “red” zone, banks, from UniCredit (-4.5%) to Banco Bpm (-3.6%), were grappling with the new scenario of a possible slowdown in interest rates and an economic recession around the corner. Finally, Iveco (+3.4%), Recordati (+3.1%) and Fineco (+2.5%) shone on the main roster.
In the latest session, DeA Capital grabs the fancy with its takeover offer
The Milan Stock Exchange ended the December 2 session with a loss of 0.26%, after losing as much as 1%. Luxury is bad with Moncler, Telecom Italia grappling with the future of the single network, oil companies with Tenaris and the car with Stellantis, following data on registrations. Reversing direction, Amplifon, Banca Generali and again Davide Campari who, after a lead 24 hours only, confirmed on Thursday that Dioniso, the 50-50 joint venture with Moët Hennessy, has risen to 100% of Tannico. Outside the main list, it should be noted that Dea Capital, which was unable to raise the price initially, is up by double digits and is approaching the price of De Agostini’s total takeover offer at €1.5 per share, with a target to write off.
Wall Street, fears of the Fed “hawk” varied
Wall Street closed mixed (Dow +0.10%, S&P 500 -0.12%, Nasdaq -0.18%) after the US employment report. In November, 263 thousand jobs were created (excluding the agricultural sector) compared to the previous month, while analysts expected an increase of 200 thousand jobs. The October number was revised from 261,000 to 284,000. The unemployment rate remained at 3.7%, in line with estimates. average hourly wage rose 18 cents, 0.55%, to $32.82; Compared to the previous year, it increased by 5.09%. Average working hours per week decreased by 0.1 hours, to 34.4 hours. The labor force participation rate reached 62.1%, a difference of 1.3 percentage points from February 2020 levels, before the outbreak of the coronavirus pandemic. Now, investors fear that the Fed may decide not to slow the pace of rate hikes, given the strength of the labor market (though just two days ago, Fed Chair Jerome Powell said the pace of rate hikes could slow earlier in the year). Next meeting scheduled for December).
Spreads closing slightly higher at 191, yield at 3.76%
The BTP/Bund spread on MTS telecoms subordinated government bonds closed the week slightly on a day that saw a sharp change in course after better-than-expected data on US jobs. Eurozone bond yields, which fell precipitously in the morning to multi-week lows, are starting to rise again. The yield spread between the Italian 10-year BTP standard and the same German maturity closed at 191 basis points, up partially from 190 points on Dec. 1. The Italian 10-year benchmark yield also rose, indicated to 3.76% at the end of the session, from 3.73% from the last reference the eve.