(Il Sole 24 Ore Radiocor) – November starts with the plus sign for the European stock exchanges. In the first week of the month, the indices of the Old Continent all gained with the Ftse Mib of Square Business Pink Jersey, having registered a 3.42 percent increase compared to last Friday. The Cac40 in Paris (+ 3.08%) and the Dax40 in Frankfurt (+ 2.33%) follow on the podium. When the Stoxx 600 gained 1.67% in the octave, the Aex in Amsterdam (+ 1.09%), the Ftse100 in London (+ 0.92%) closed positively but with more contained increases. the Ibex35 in Madrid (+ 0.80%) which saved the week thanks to the rise of one percentage point in the session on Friday 5 November. Among the sectors, the best of the week at European level was that technological (+ 3.2%), followed by Auto (+ 2.86%) and Industrial Goods and Services (+ 2.84%). The decline recorded on a weekly basis by the price of crude oil (-1.97% in Brent and -2.66% in WTI) was also reflected in equities with the Oil & Gas sector which lost 2.14% , when only the Commodities sector did worse, losing 2.77 percent. In Piazza Affari, in the Ftse Mib, the queen of the week was Ferrari (+ 11.61%) which continued to update its all-time highs, followed by Tim (+ 10.74%) driven by rumors about possible news related to FiberCop. Third place for Tenaris (+ 10.28%). In the main Italian segment, the week was negative only for Diasorin (-6.58%) and Buzzi Unicem (-1.04%), when Enel (+ 0.80%) recorded the most limited progress.
Friday 5 November closed higher after US data
Closing up for the European stock exchanges in the last session of the week with Paris and Frankfurt which reached their respective all-time highs. In Piazza Affari the Ftse Mib rose by 1%, in Paris the Cac40 by 0.76% above the threshold of 7 thousand points and in Frankfurt the Dax40 marked a more limited + 0.15%, however sufficient to settle above 16 thousand. points. Madrid also did well (+ 1.01%), with Amsterdam below par (-0.08%). After a subdued start, the Old Continent indices found greater momentum, supported by the mid-session by data on the US labor market. 531,000 jobs were created in October, above expectations, with the unemployment rate falling to 4.6 percent. It’s at Wall Street closing at record levels after positive employment data, with the Dow Jones gaining 0.57% at 36,329.07 points, the Nasdaq the 0.20% at 15,971.59 points and the S & P500 index 0.37% to 4,697.60 points. The markets, concentrated in recent days on central banks, have stabilized after the decisions taken: the Federal Reserve has announced the start of tapering and the Bank of England has left rates and support measures unchanged. On the Covid-19 front, fears of a fourth wave in some European countries have been mitigated by the news on the treatment front: after Merck, Pfizer announced that its experimental pill to treat Covid-19 has reduced the risk of hospitalization or death in patients treated soon after the onset of symptoms. The new fears on the Chinese real estate market remained in the background, after the crisis that engulfed Evergrande, it emerged that the Chinese real estate development company Kaisa did not pay for a savings product, which penalized the lists of South East Asia, and disappointing data on industrial production in Germany (-1.1% monthly in September) and France (-1.3%).
FTSE Mib stock market trend
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Usa, + 531 thousand new jobs in October
Better-than-expected October employment report in the US. Last month there was a higher-than-expected increase in US employment (excluding agriculture), reversing the trend of the previous two months, and a higher-than-expected decline in unemployment, with the rate falling to its lowest level since the beginning. of the pandemic. In October, 531,000 jobs were earned over the previous month, while analysts expected an increase of 450,000; the September figure was revised from 194,000 to 312,000, the August figure from 366,000 to 483,000, for an overall addition in the previous two months of 235,000 jobs. By July, more than a million jobs had been added, the best figure of the year. Unemployment fell from 4.8% in September (unchanged) to 4.6%, against expectations for a drop to 4.7%.
Central banks under the lens
The moves of the central banks remain under the lens, although for now no maneuvers have been announced that have surprised investors. On Wednesday, November 3, the Federal Reserve announced tapering, meaning the reduction in asset purchases of $ 15 billion per month, from the level of $ 120 billion. The move was already largely metabolized by the markets and above all the number one, Jerome Powell, reassured that the central bank will instead be “patient” on the rate adjustment. Yesterday the Bank of England announced the status quo on monetary policy, despite analysts’ expectations of a possible rate hike. The cost of money was therefore confirmed at an all-time low of 0.1 per cent.
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