US jobs beat expectations: 4.8 million jobs in June. Stock exchanges accelerate

MILANO – 4.15 pm. Stock markets strengthen with American data on the job market which beat expectations and give hope for a rapid exit from the coronavirus crisis, although on the other hand the health issue continues to cause great concern with the new infections constantly increasing.

I know the Italian market shows the Covid wounds and tries to return to normal in May, it is above all the report on the American occupation (anticipated for the Independence Day holiday) that catalyzes the attention. The American economy created 4.8 million jobs in June, above analysts’ expectations who bet on a figure of around 3 million. Considering the collapse of the previous months, the jump is the largest ever recorded in the monthly historical series. It must be considered that during the pandemic peak, over 22 million jobs were lost in the US and only 7.5 million were regained in the past two months. Bars and restaurants drew 1.5 million workers, a number similar to that hired in May, but the catering sector had lost over 6 million jobs in the first two months of the pandemic. In June, the unemployment rate dropped to 11.1%.

Downstream of the data, Wall Street it trades well and brings the Nasdaq (+ 1.4%) to new historical heights, in line with the Dow Jones (+ 1.6%) and the S & P500 (+ 1.5%). European squares are strengthened: Frankfurt marks a gain of 2.95%, Paris 2.7% e London marks a +1.6 percent. TO Milano, Piazza Affari rises 3.2 percent with banks in evidence thanks also to the drop in the spread between BTP and German Bund in the area 165 basis points.

Asian markets closed higher and the leadership of the Eastern troops was somewhat surprising Hong Kong, back to a holiday closing: the Hang Seng index rose by 2.58%, Shanghai 1.5% while Tokyo at the end of the day he limited the gain to +0.11 per cent. The financial center of the special region of China therefore seems not to be affected by the Beijing regulatory tightening, against which the American parliamentarians unanimously took sides approving a rule that imposes sanctions on banks that conduct business with Chinese officials responsible for crackdown on pro-democracy protesters.

L’euro opens slightly moved above $ 1.12. The European currency changed hands at 1.1261 dollars and 121.02 yen. Dollar / yen falls back to 107.64. In the Fed minutes published on the eve, the intention of American bankers to support the economy for some time emerged. Inflation in the OECD area slowed to 0.7% year-on-year in May from 0.9% in April and 1.7% in March.

Among the raw materials, the prices of Petroleum they are going flat in Asia. In the first electronic exchanges, the WTI sold 0.05% to 39.80 dollars and Brent advanced 0.10% to 42.07%.

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