MILAN – 4.15 p.m. Nerve bags after you’ve given them US data came on the job market much worse than expected, with 210,000 job creation in November, which fell below analysts’ expectations for 550,000 new jobs. The public, automotive and retail sectors are all in decline.
Slow down the pace of hiring US companies
In this way, some clouds are gathering over the recovery of the world’s most important economy, a consideration that becomes even more consistent with developments in the health sector in recent days. It therefore seems that we can re-propose the movie that was seen back in the summer when it was the Delta variant that slowed the crew restart. “If Omicron had the same effects – he noted, al Wsj, Justin Weidner, economist at Deutsche Bank – would slow down the recovery in the labor market. “For the time being, one of the signs of ongoing normalization is the fact that the proportion of job seekers is growing. Also because wages (+ 4.8%) are beginning to react to rising inflation rates, but in this case too the personnel growth was lower than expected (+ 5%).
Unemployment is falling, but on a different statistical basis it is calculated at 4.2%. This decline – hotly explained Antonio Cesarano“Intermonte’s global chief strategist,” is precisely “on the increase in the number of potential employees who have actively appeared to look for work. This is likely due to the lack of subsidies and less fear of the pandemic after the slowdown in infections, including “October and November”. For Cesarano, “putting the information in the two reports together creates an overall context in which companies began to slow down on recruitment as potential workers finally appeared more frequently to actively look for work. Or, to put it another way, the job offer picks up “when the demand for labor from companies appeared more cautious”. If you look at the comparison with the pre-Covid, 3.9 million seats are still missing. Above all, according to Cesarano, “there is a lack of new hires, especially in the leisure and hospitality sector (+23,000), for which 1.3 million jobs are still missing to return to the pre-pandemic phase”.
Markets trust central banks
The picture of light and shadow that emerged from American job data is making the financial markets nervous. At first, the creation of far below expectations appears to be preventing the Federal Reserve from move to “hawkish” tones and thus towards an accelerated shutdown of the taps with which it flooded the markets with liquidity. But remember BloombergThe governor allowed the only decrease in unemployment Jerome Powell keep pushing on tapering accelerated: the disappointment of the created places is not a Game changer on the way to hold on to stimuli.
After an initial strengthening, concerns about the resilience of the recovery appear to be spreading and equity markets are turning back down. Towards the end of the session, Milan the 0.4% return, Frankfurt decreases by 0.27%, London 0,05% e Paris 0.24%. After Wall Street got off to a good start, even the American indices are weakening: the technology sector is suffering particularly and the Nasdaq is down 1.6%, while the Dow Jones is down 0.4% and the S & P500 is 0.26%. Recordati stands out afterwards on the Piazza Affari the Maxi acquisition in the UK.
On the European side, the President of the ECB, Christine Lagarde, reiterated that the European Central Bank was “ready to act” but “a rate hike in 2022 is very unlikely”. With regard to macro data, there are reassuring indications from the service sector. The SME index recorded by Markit in our country rose to 55.9 points in November, from 52.4 in the previous month compared to the 54.5 points expected by analysts. The composite value rose from 54.2 in October to 57.6 points, well above the expectations of the analysts, who had forecast an increase to 55.9 points. On the other hand, car production in Germany is bad: the market collapsed again by 31.7% in November and in 2021 is expected to close ten percentage points below 2020.
The Asian markets developed positively this morning. there Tokyo Stock Exchange it stretched at the end of the trade, rising 1% on the Nikkei at 28,029.57, adding 276 points. Hong Kong’s Hang Seng ended the week on par, down 0.093%. On the other hand, the Shanghai Composite was positive with an increase of 0.94% to 3,607 points and the Shenzhen Component with an increase of 0.86% to 14,892 points. The list of islands is influenced by the selection of Didi, Uber’s Chinese rival, which is preparing to be delisted from Wall Street after a few months and will go public in Hong Kong. In a statement, the company announced that its board of directors had approved the initiation of delisting proceedings from the New York Stock Exchange. The decision follows Beijing’s pressure on the giant, as opposed to its Wall Street listing from the start.
On the currency front, the price issue is also alarming Turkey, which has been struggling with it in the past few days strong devaluation of the currency: In November the country recorded an annual inflation rate of 21.3%, the highest level in three years. there Central Bank of Turkey said it had returned to liquidity in the foreign exchange market for the second time in 48 hours “due to deleterious pricing in exchange rates,” a statement said in a statement. In one week, the central bank of Turkey’s net foreign exchange reserves fell by $ 510 million, from $ 25 billion to $ 24 billion and $ 670 million.
The difference between German BTPs and Bunds ten years after almost 6 hours of trading. The annual return fell 3.6 points to 0.915%, which is the largest drop among returns on similar European stocks.
Among the raw materials are those Petroleum it rose in New York, where prices rose 2.69% to $ 68.28 a barrel.