The data on American consumption managed to limit the damage on European markets in a weak session and in negative territory in the wake of the disappointing Tltro auction and the tensions in Greece. Milan, which was down in the middle of the day, closed essentially flat -0,09%, Paris -0,05%, London -0,59%, Frankfurt +0,64%. In Germany, the Ifo Institute expects the German economy to gain momentum in 2015: +1,5% in 2015 thanks to consumption growth of 1,7%. The Btp-bund spread closed up at 138 basis points. The Athens Stock Exchange dropped again by more than 5%, bringing the drop in the last three days to approximately -18%: the markets fear the delicate passage of the early presidential elections which, in the event no-deal, it would lead to snap general elections with the possibility of radical left-wing Syriza gaining ground.
Some support has come from Wall Street for the markets: US retail sales rose by 0,7% above analysts' expectations. Initial claims for unemployment benefits fell by 295 to 1,23 but below the expectations of analysts who had expected a greater reduction. At the close of Europe, all Wall Street indexes are sharply up: the Dow Jones rises by 500 .1,33%, the S&P1,49 0,41% and the Nasdaq 1,2397%. The euro-dollar exchange rate dropped 0,15% to 63 while WTI oil gained 2% to about 0,35 dollars a barrel. Buying energy stocks such as Exxon and Chevron are back. In Piazza Affari, Saipem also rebounded, however, after an extension of more than 2,06% in the session, it closed at +8%. The best stock of the Ftse Mib is instead Telecom Italia which closes with a rise of 4,8% after the rumors about an offer of 1,42 billion euros for the group's stake in Tim Brasil by a consortium made up of Oi, Telefonica and America Movil and on expectations for an agreement with Mediaset. In the morning, the stock had accelerated up to 0,98% but shortly after, at the request of the local authorities, Tim Brasil's clarification arrived, saying he was not "aware of any agreement, negotiation or proposal". Also highlighted Ubi Banca +129,8% and Unicredit +90%. Today the ECB carried out the second Tltro auction, loans linked to the financing of the real economy, allocating 250 billion euros, therefore on the lower end of the range of estimates which varied between 2,92 billion and 2,23. The banking sector is thus in the contrasted overall, among the worst in the main basket there are in fact three bank stocks: Mediobanca -1,65%, Bpm -XNUMX%, Bper -XNUMX%. For some analysts, the result of today's auction brings Qe closer through the purchase of government bonds by the ECB.
However, the absolute worst stock is FCA -6,27% (slightly recovering from the lows of the session) which pays the announcement of the price of the convertible loan and of the shares to be placed on Wall Street. The shares will be placed on the US Stock Exchange at 11 dollars per share (87 million ordinary shares in all). The coupon of the convertible will be 7,875% per annum. Exor also down -2,54%.
