Le European stock exchanges they move with caution after the recovery of the eve, waiting for the US labor market report, a key data for evaluating the resilience of the US economy and the Federal Reserve's next moves on interest rates. Milan The Ftse Mib regains the 52.000 point mark and reaches 52.076,41, down 0,32%. Also weak Paris (-0,21%) And Madrid (-0,18%), while London It's moving little. On the rise Frankfurt (+ 0,2%) and Amsterdam (+0,45%). Little changed. Wall Street futures awaiting US jobs data, while the Nasdaq appears more robust thanks to tech stocks.
The markets had been supported in the previous session by the Treasury yields falling And the words of Christopher Waller, a member of the Fed's governing body, who indicated the possibility of leaving rates unchanged in September if upcoming inflation data doesn't surprise on the upside. This more dovish tone helped fuel the recovery in stock markets.
Meanwhile, mixed signals are arriving from Europe. Eurozone retail sales fell 0,6% in July on a monthly basis, versus expectations for a 0,3% increase. The data from Germany was more positive, with industrial orders growing 2,5%, well above forecasts.
Markets await US jobs data
Il US employment report is now the main catalyst for the markets. In July, employment decreased by 23, while for August, consensus forecasts around 55 new jobs. A higher-than-expected figure could mitigate fears of a slowdown in the US economy; conversely, another negative result would strengthen expectations of a more accommodative stance on the part of the Fed, in view of the meeting of September 16.
In Europe, however, the framework is more restrictive: the ECB is expected to raise rates for the second time this year in meeting of September 10, with borrowing costs expected to rise to 2,5%. Economists, however, predict that September's tightening could be the last, while markets continue to price in further increases in the coming months.
Tech stocks see renewed confidence in artificial intelligence.
The return of purchases on stocks is also supporting the price lists technology stocks, after recent profit-taking. Results from companies in the sector continue to highlight robust demand for artificial intelligence, encouraging renewed investor interest. Among the most closely watched stocks is Snowflake, which recorded a strong rise after better-than-expected quarterly results and encouraging growth prospects.
Stay in the spotlight too Nvidia, after the announcement of theHugging Face acquisition for $12,9 billion, an operation that strengthens the chip giant's presence in the AI ecosystem, broadening its scope from hardware to the tools and platforms used by developers and increasing competitive pressure on companies like OpenAI and Anthropic.
Its anthropic is finalizing a $15 billion pre-IPO credit line, as it looks to a future listing with the goal of raising a very large sum. OpenAI he instead announced Astra, described as its most powerful language model ever and designed to perform most tasks typically performed on a laptop. On the enterprise applications front, Palantir Technologies and PwC have expanded their alliance to help companies integrate artificial intelligence tools into their most strategic operations: the stock is among the biggest gainers on the Nasdaq.
Not the entire sector, however, is moving in the same direction. Broadcom is declining despite strong quarterly results, after indicating a revenue forecast for the fourth quarter that was lower than market expectations. This reaction highlights how, even in the midst of the AI race, investors are becoming more selective: it's no longer enough to benefit from the AI boom; it's increasingly important to demonstrate that growing demand translates into results and prospects that exceed expectations.
Piazza Affari: Stm and Lottomatica stand out, banks under pressure.
It stands out on the Milan stock exchange Lottomatica, which rises by 2,52%, followed by stmicroelectronics, up 2,25%, supported by the positive tone of technology stocks on Asian markets and Wall Street. Purchases also on Stellantis, which gained 1,74%, in line with the European auto sector, supported by the approval of the new restructuring plan of VolkswagenThe group foresees another 50 staff cuts, which are added to the 50 already planned, in addition to a reduction in costs and the complexity of the range. The market welcomed the plan positively: Volkswagen shares jumped in Frankfurt and dragged the European sector along. Also doing well Buzzi, up 1,62%.
At the bottom of the list are the banks: Unicredit loses 1,63%, Bpm bank 1,2%, Bper 0,91% and Intesa Sanpaolo 0,4%. Weak also Ps e MediobancaThe sector is affected by the prospect of lower interest rates, which could compress the interest margin.
The sector also remains at the centre of the bank risk. The The ECB has given the green light to the merger of Mediobanca into MPS.: the project will be submitted to the vote of the Siena assembly on October 29, together with the Ops on Banco Bpm and Banca GeneraliThe latter, meanwhile, closed August with a net collection of 602 million euros, bringing the cumulative figure since the beginning of the year to 5,7 billion, up 43% and reaching historic highs for the month and for the first eight months of the year. Next week, however, will be theIntesa Sanpaolo shareholders' meeting, scheduled for September 10, to express his opinion on the capital increase to service the MPS offer. Chairman Gian Maria Gros-Pietro expressed confidence ahead of the meeting: there will be "broad support" from shareholders, also in light of the positive opinions expressed by proxy advisors.
The dossier also remains in the background Unicredit CommerzbankThe discussion between CEO Andrea Orcel and Hesse's Prime Minister Boris Rhein was described as constructive, while Commerz announced a new €1,2 billion buyback. The transaction, with the cancellation of the repurchased shares, could further increase UniCredit's shareholder weight, strengthening the Italian bank's position in the German dossier.
Among the industrialists he stands out Leonardo, supported by the order of approximately 1 billion dollars received by ATR from the Indian company FLY91. Also to be monitored Iveco, following the Consob's approval of Tata Motors' takeover bid, which started on September 7th and will remain open until October 26th. In decline Eni (-1,66%), following the slight decline in oil prices
The other markets
On the currency market, the dollar remains under pressure: theeuro rises to $1,1629. After yesterday's rally, the yen retraces. Bitcoin falls 1,15% to $80.661, while the it is little moved but remains above 4.450 dollars an ounce.
On the energy front, oil and gas remain little changed, but at high levels, while concerns remain about the security of supplies from the Middle East. Fears particularly concern the possible impact on routes through the Middle East. Strait of Hormuz. Fold the PetroleumWTI fell 0,72% to $90,64 a barrel, while Brent crude lost 0,43% to $95,11. Also little changed was gas natural gas in Amsterdam, which falls just under 72 euros per megawatt hour.
On the bond front, the yield remains stable spread BTP-Bund spread at 82 basis points. The yield on the benchmark 10-year BTP rose slightly, to 4,18% from 4,17% at the previous close. Here too, the market is looking primarily at the next signals from the United States to understand how the Fed's monetary policy might evolve.
