Stock exchanges, Europe cautiously waiting for the data on US jobs. Down the price of gas

(Il Sole 24 Ore Radiocor) – The European stock exchanges do not take any chances on a day that will have as a watershed the publication of the monthly September report on USA work, with analysts expecting 260,000 new jobs created and a stable unemployment rate at 3.7%. This is a key figure for imagining the next moves of the Fed on the interest rate front to curb record inflation. On the eve Wall Street the last session closed in “red” and also the indices of the Asian lists are pointing downwards (-0.7% on the closing Tokyo Stock Exchange). On the Old Continent in Milan, the FTSE MIB does not move away from parity as well as the main indices in Frankfurt (DAX 30), Paris (CAC 40), London (FT-SE 100) and Madrid (IBEX 35). The balance of the week so far is actually positive, even if after the first two sessions of rebound there was a turnaround due to the data on the strength of the US economy and the indications of the Fed representatives on the willingness to continue the monetary tightening.

Germany: industry data -0.8%, retail sales -1.3%

German industrial production was down 0.8% month-on-month in August but 0.1% net of energy and construction, while on a trend basis it rose 2.1%, above expectations. In August, retail sales were down 1.3% in real terms compared to July for the calendar-adjusted and seasonally adjusted index and were 4.3% lower than the same period a year ago, according to the data released by the Federal Statistical Office Destatis.

FTSE Mib stock market trend

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Euro slips below 0.98 dollars, gas in sharp decline

On the currency market, the euro returns to slide below $ 0.98 after recovering more than 3% since the end of September on the US greenback. Oil prices stable at $ 94.54 per barrel for Brent in December and $ 88.46 per barrel for WTI in November, while gas fell by about 7% to 162 euros per megawatt hour while Europe is at work on various solutions to limit the price in order to reach an agreement in the European Council of 20 and 21 October.

BTp, 10-year yield goes up again

The spread between BTp and Bund is slightly down in a context of moderate increase in bond yields in the Euro Zone. The yield differential between the ten-year benchmark BTp (Isin IT0005494239) and the same German maturity stands at 242 basis points from the 243 basis points of the eve. The yield of the benchmark ten-year BTp is up, reaching 4.55% from 4.51% of the last reference.

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The macro agenda of October 7th

For the macro, in the meantime, household consumption in Japan, import prices, industrial production and retail sales in Berlin have already been archived, and the figures for trade in Italy are expected. From the United States, data on the labor market are expected: new non-agricultural workers, unemployment rate, hourly wages, while the ECB publishes the monthly survey on consumer expectations in the euro area.

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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