Italy’s 10-year government bond yield fell toward 3.6%, following declines in US and European peers, as investors shifted focus from global fiscal concerns to weaker-than-expected US labor market data. The latest ADP survey showed private businesses added only 54,000 jobs in August, a sharp slowdown from July and well below forecasts of 65,000. Other indicators pointed to a cooling labor market, with job openings in July falling to their lowest since September 2024 and jobless claims reaching a two-month high. Market attention now turns to Friday’s August nonfarm payrolls report for further guidance.