Tension in UK government, Gilt yields rise

Work was also at the center of the day on the stock exchange. The negative data on non-farm employment weighed heavily. In June, according to estimates by the company ADP, it fell by 33 thousand units, while analysts expected it to rise by 99 thousand. Official data tomorrow. The American indices initially pulled the handbrake, then improved slightly: S&P500 +0.27%, Nasdaq +0.70%. Tesla is still in the spotlight: +4% after yesterday's -7% due to Trump's threats to remove all subsidies from Elon Musk's companies. Today it rebounded despite the decline in car deliveries: -14% in the second quarter compared to the previous year. The spotlight was also on Microsoft (+0.03%), again for reasons related to work. The news is not good: according to Bloomberg, the company will cut 9 thousand employees, just under 4% of the workforce. In May it had cut 6 thousand. Europe closed on average on the rise: Milan +0.57%. London was an exception, -0.18%, also due to tensions within the majority of the British government. Yesterday, the welfare reform passed but with the opposing vote of 42 Labour MPs. During a parliamentary debate, Prime Minister Starmer, answering a question from the opposition, did not want to say whether Reeves will remain in his post. The pound weakened and rose by 14 basis points, to 4.60%. This is about 1% more than the 10-year Italian BTP. Today it is at 3.54%, up by 8 basis points. The spread with the German Bund is slightly up, to 92. On Piazza Affari, StMicroelectronics and Moncler stocks performed better, while Unipol and Mediobanca fell further.