HEAVY EXCHANGES AFTER BERNANKE, SPREAD TO 280. HEAVY BANKS, THREE STOCKS ESCAP THE RED
A clear start for the European stock exchanges, intimidated by the prospect that the Federal Reserve may review its monetary policy provisions before the end of the year, after the words pronounced yesterday by the institute's number one, Ben Bernanke.
The Fed, the central banker said during the press conference, could "start cutting the bond purchase plan at the end of the year if the inflation and unemployment forecasts are correct". Bernanke however underlined that "a decision on an interest rate hike is still far away".
The Fed effect is amplified by the outcome of the Spanish Bonos auction: good quantities placed, but rates are at their highest since April. The Spanish spread widened by 15 basis points to 310 for a 4,75-year Iberian yield of 10%. The spread between the 10-year Bund and Btp widened by 280 basis points to 4,44, for a yield of XNUMX%.
The Ftse Mib index fell by 1,59% to 15.790, Madrid -1,6%, Paris lost 2,08% and Frankfurt 2,25%. London -2,1%. In Europe, all the Stoxx sector indices are down. The greatest losses concern commodity stocks (-2,8%) and industrial sectors more linked to the economic cycle, such as the car (-1,8%).
Complicating the situation is the slowdown in China which in June recorded the largest contraction in manufacturing production in nine months, a new indicator of a slowdown in growth in the tenth largest economy in the world. This was announced by the HSBC bank. The provisional PMI index of purchasing managers published by the bank fell to 48,3 in June from 49,2 in May (the watershed between expansion and contraction of activity is located at 50).
China's slowdown weighs on luxury stocks as usual: Ferragamo -2,6% Tod’s -2,5%. It bounces sapphire +3,8% after the fall on the eve. By contrast, the euro zone's composite manufacturing PMI rose to 48,9 in June (47,7 in May), a 15-month high. But it still remains below the 50 level. In Germany, in particular, the PMI index stood at 50,9 points in June from 50,2 in May but, as explained by Chris Williamson, chief economist of Markit (the company that produces the ratio) will likely result in a flat growth figure for the second quarter or at most 0,1% growth.
The stocks on the rise in Piazza Affari do not occupy the fingers of one hand: Azimuth +0,85% thanks to the promotion of Goldman Sachs. Atlantia earn 0,16%. Finmeccanica rises by 0,95% on the expectations of possible integrations with other companies in the Defense and Aeronautics sector. Among the banks, Understanding drops by 3,17%, Unicredit -2,73% MontePaschi -2,41%.
Sharp reduction for Banking Pop.Emilia -5,15% after rumors about an inspection by the Bank of Italy. Banca Popolare di Milano -3,06%. Mediobanca -1%. The business plan, which will be illustrated to the financial community tomorrow, is being examined by the board of directors. Mediaset -2,23% after the sentence of the constitutional court on the Berlusconi appeal.
Rcs -2,26% announced yesterday that it had accepted the binding offer from PRS for the purchase of the company branches relating to Astra, Novella2000, Visto and OK Salute, as well as the puzzle area. As regards the capital increase in progress, the positions of Diego Della Valle and John Elkann remain distant. If the option rights were not purchased, the banks guaranteeing the increase would rise more than 30%
