EU stock exchanges weak, fears over asset management bend Milan (-0.6%). US employment boom in January
US data rekindled optimism about the economy but pushed back the possibility of a rate cut. In Piazza Affari, Finecobank and Mediolanum slumped. Bitcoin continues to fall, while oil prices rise
by Chiara Di Cristofaro and Ivan Torneo
(Il Sole 24 Ore Radiocor) -First they celebrate, then they reconsider: the share markets greeted the US unemployment figure in this way, which on the one hand painted a much better picture than expected, and on the other moved from June to July the Fed's expectations for a rate cut. And while Wall Street saw new highs before falling back, Europe ended the session on a weak note, with Piazza Affari a black card weighed down by the heavy sell-off that hit the entire investment management sector. Milan thus closed down 0.6% (Ftse Mib at around 46,510 points), Paris lost 0.2%, Frankfurt 0.5% and Madrid 0.5%. Amsterdam is saved with +0.5%. The U.S. employment surprise (+130,000 new jobs, the highest figure since December 2024, expectations were for 55,000, unemployment rate at 4.3%) comforts the health of the American economy and pushes up the dollar, but pushes the rate cut away and now shifts the focus to inflation, due on Friday 13 February, which may still influence the Fed's agenda.
Meanwhile, on the geopolitical front, the next round of negotiations between Ukraine and Russia is scheduled for 17 or 18 February in the US, although it is unclear whether diplomats from Moscow will participate, as Ukrainian President Volodymir Zelenski said in an interview with Bloomberg.
Wall Street volatile with work data
After opening higher on the back of a better-than-expected January jobs report, indices on Wall Street failed to consolidate gains. The Dow Jones lost 0.13 per cent to 50,121.40 points, the Nasdaq gave up 0.16 per cent to 23,066.47 points and the S&P 500 dropped 0.01 per cent to 6,941.45 points. New employment data dampened negative market sentiment, which was driven by weaker-than-expected retail sales numbers on the eve of the meeting. The latest jobs data, however, could help reinforce outgoing Federal Reserve Chairman Jerome Powell's claim that the labour market is showing 'signs of stabilising' after the central bank halted its rate-cutting campaign last month. Investors are now betting that the next cut will be in July rather than June.
On the stock market, Mattel fell by up to more than 30%: in the accounts adjusted profit stopped at 39 cents, lower than expected, as did revenues, which at USD 1.77 billion missed estimates by USD 1.84 billion. Volatile Kraft Heinz, which suspended its separation plan and reported revenues slightly below expectations. Teradata, on the other hand, ran, with double-digit percentage gains after its quarterly accounts came in above expectations.
Mediolanum and Fineco plummet in Milan
At Piazza Affari on the stock market, the day was conditioned by the alarm - which started yesterday on Wall Street with the collapse of Charles Schwab - that the AI may penalise the financial services sector. Thus, asset management closed with a sharp loss, with Finecobank down 9%, closely followed by Azimut (-4.5%) and Mediolanum (-9.5%). Energy companies did well, with Italgas (+3.5%) reaching all-time highs and utilities well-bought in general. Oil stocks were also positive, with Eni (+1.8%) and Tenaris (+3.2%) following the rise in crude oil prices. The rally of Ferrari (+4%) continued after the eve's spurt, while St (+2.9%) and Tim (+1.8%) also rose, on the highest since 2018 with Tim Brasil's solid results, which are consistent with guidance. Banks were weak, particularly Mps (-3.1%) despite the release of accounts that saw earnings in 2025 rise to €3.04bn.
