Profit-taking weekend in the wake of the Chinese macro data on GDP, accompanied by the negative closure of Asian stock markets and the drop in crude oil in anticipation of the Doha meeting on 17 April. In Piazza Affari, the Ftse Mib closed down by 0,39%, Paris -0,36%, Frankfurt -0,42% and London -0,34%.
In Europe, energy stocks were hit but also the auto sector after the publication of European sales data for March.
Beijing has announced a slowdown in GDP to 6,7% over the year, as expected, for the first quarter of 2016. This is the slowest pace since 2009 as regards data for the first quarter. On the macroeconomic front, the US recorded an industrial production drop of 0,6% in March and for the sixth time in seven months. The consumer confidence of the University of Michigan was also down, reaching 89,7 points in April, from 91 at the end of March and below investors' expectations. Indices on Wall Street are moving weakly as Europe closes. Purchases on Citigroup after better than expected results. WTI oil experienced another sharp correction down 3,1% to $40,19 a barrel. The market is waiting for the Doha summit between the producing countries. On the international front, also keep an eye on the Brazilian Chamber's vote on the impeachment of President Dilma Roussef over the Petrobras scandal.
In Piazza Affari, sales hit Saipem -2,89%, but also Anima -2,4%, Exor -2,26%, Bper -2,22% and A2A -1,82%.
Counter-current instead Stm +4,69%. According to rumors, the board of the Italian-French company is looking for a manager to replace Carlo Bozotti, CEO of the company, even before his natural expiry, scheduled for May 2017. Marco Patuano, former number one of Telecom Italy.
The banks also did well: Banco Popolare +4,61%, Mps +1,95% and Ubi Banca +1,67%. Banco's shares continue to be boosted by the news that Moody's has placed the bank under observation, together with Bpm, for a possible upward revision of the rating, following the announcement of the merger plan. In addition, yesterday Giuseppe Castagna, number one of Bpm, announced that the industrial plan of Bpm-Banco Popolare "will be ready between the first and second week of May", i.e. "as soon as the due diligence has been completed"
