Banks and oil put the stock market under pressure Milano (-1,7% at the beginning of the afternoon), with a much higher decline than other European markets. The euro/dollar exchange rate was little moved at 1,08409. The Italian 1,57-year yield rises to 1,558% from XNUMX% yesterday evening. The spread with the Bund it is stable at 98 basis points.
Il European GDP it grew by 0,3% in the third quarter of the year (+1,6% on an annual basis). The Eurostat figure, in line with forecasts, is the result of an increase in domestic consumption accompanied however by a slowdown in exports.
The rebound of the crude (Brent +1% to 41,1 dollars) after Monday's plunge is not enough to curb the decline in oil stocks. Eni drops by 1,7%, Saipem -1,2%, Tenaris -1,7%.
The crisis today has fully invested the others commodities: the index of mining companies shows a drop of 4,5%. In London Anglo American loses 9% to 337 pence, the lowest in its history: the company has announced a drastic cost-cutting plan which provides for the elimination of 85.000 jobs (out of 135.000). Dividend payments will be suspended and $4 billion of assets will be sold. Bhp Billiton -5%.
Banks under pressure in Piazza Affari. The news of the Sole 24 Ore which anticipates inspections by the EU banking supervision for verify the correctness of the capital increases of the Popolari in 2014. Mount Paschi loses 4,3%, new low ever. It also collapses Banca Carige (-4,6%). Banco Popolare -3,6%. Where's Banca e Bper -2,3%. The big names are also declining: Understanding -1,5% Unicredit-2,6%.
It deflates the focus on Telecom Italy (-2,3%), despite the news that JP Morgan has a potential 10,1% stake, built with call options possibly coming from Xavier Niel's 15%. The shareholders' meeting will be held in one week, next Tuesday 15 December. salt Bouygues (+2%) driven by the news of possible purchases of competitors by Orange. Weak industrialists: Fiat Chrysler retreats by 1,6%, also down stm (-1,8%) And Finmeccanica (-0,9%).
