September 25, 2022

Hardwood Paroxysm

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Bounce Stocks: Bet on a Softer Fed. Milan rose 2.9%, down on gas

(Il Sole 24 Ore Radiocor) – The European stock exchangesafter discounts September 1st session And in August, it closed with a strong rebound after the monthly US jobs report, given the slight increase in unemployment that remains low to less than 4%, which gave investors the opportunity to hope for a less aggressive stance from the US central bank: according to analysts, inflation data will be American issued on September 13 decisive.

The revival of price lists was also aided by racing brakes gas prices which have fallen to a minimum of €203.4 per megawatt-hour (-17%), in light of the resumption of Russian gas flows to Europe via Nord Stream 1: But prices in the Amsterdam market have partially rebounded after the question and answer between EU Commission President Ursula von der Laine (“Time for a price cap”) and Dmitry Medvedev, Deputy Chairman of the Security Council of the Russian Federation, according to which supplies will be cut off in the event of a cap price from Moscow.

US jobs data worse than expected: Wall Street rises

August Employment Report worse than expected or, in the United States of America. Last month, 315,000 jobs (excluding agriculture) were created compared to the previous month, while analysts expected an increase of 318,000. The July number was revised from 528,000 to 526,000. The unemployment rate rose from 3.5% in July (confirmed data) to 3.7%, against expectations 3.5% confirmation. Average hourly wages rose 10 cents, 0.31%, to $32.36; Compared to the previous year, it increased by 5.2% (expected + 5.3%). The average workweek decreased by 0.1 hour to 34.5 hours. Labor force participation was 62.4%, 1 percentage point from February 2020 levels, before the onset of the coronavirus pandemic.

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Wall Street indices rise (S & P500 And the Nasdaq Corporation) backed by US labor market data. According to Oanda’s Craig Erlam, the indicators emerging from the report should not for the time being change the Fed’s willingness to raise rates by 75 basis points, but would be relevant if accompanied by other data on slowing inflation. “The decisive factor will be the August inflation data published on September 13,” adds Antonio Cesarano of Intermonte, whose “US labor market data in August shows signs of a slight decline in very weak supply-side conditions for workers, such as in order to increase the risks of increased wage pressures, as well as to those that have already appeared in recent months. ”

Managed assets are doing well in Milan, in line with Tenaris

In Italy, the issue of gas and the impact of inflation are central themes in the Italian election campaign towards the September 25 vote and will be discussed during European House Forum – Ambrosity: The 48th session opened in Cernobbio and will continue until Sunday in the presence of economists, politicians and representatives of the financial world. The FTSE MIB Milan touched 22,000 points, with the spread narrowing to 232 points, against 238 on the eve, and the ten-year yield which, after adjusting the 4% threshold, is now down to 3.84%. Frankfurt was the best in Europe (DAX 40) while the most dynamic sectors were automobiles, technology and financial services.