Stock markets cautious and in negative territory in the middle of the day. He looks at the ECB meeting on Thursday and at the appointment with the Fed on December 17-18 with his eyes on the decision on tapering. In the afternoon, the data on the ISM index of New York is on the agenda. Milan dropped 1%, the other European stock exchanges also fell: Paris -1,6%, London -0,79% and Francorte -1%. The spread travels around 234 basis points. Tokyo closed up 0,6% at 15.749,66 points, hitting a new high in nearly six years as the dollar strengthened against the yen.
The OECD has released inflation data which turned out to be down again for the fourth consecutive month. In the OECD area, inflation stood at 1,3% annually in October against 1,5% in September. In July it was 2%. The OECD notes that the data is linked to the drop in energy prices. Also in Italy, inflation in October fell by another basis point to 0,8%. Most marked decline in Germany (from 1,4% to 1,2%) and France (from 0,9% to 0,6%). Traders are eyeing the deflationary risk.
Today Eurostat it released producer prices in the industrial sector of the Euro area (E17) which fell in October by 0,5% compared to the previous month and by 1,4% compared to the same month last year. The trend figure is slightly worse than expected. For the EU commissioner for economic affairs Olli Rehn, spoke at the Lisbon Council, it is necessary to continue with the reforms for the recovery of Europe. The tipping point of the economy, he explained, has been seen "since this summer" and the recovery "will gain momentum next year" as the level of economic activity returns to 2007/2008 levels. But "we cannot claim victory yet" because "the recovery is still fragile and there is a very high level of unemployment".
At Piazza Affari the price list is weighed down by Telecom Italia (-3,5%), which yesterday denied the rumors of the sale of Brazilian assets and on which Credit Suisse cut its ebitda estimates, Fiat also down (-3,4%), in the aftermath of the Italian auto data and Cnh industrial -2,5, XNUMX%, Finmeccanica -2,3% and Ferragamo -2%. In contrast among the best of the Ftse Mib Autogrill +1,2%, Atlantia +0,4% which recovers part of the ground lost yesterday in the first trading session after the merger with Gemina, Ansaldo +0,5% and also Tod's +0,3 .XNUMX%.
The banks were negative: Unicredit -0,9%, Ubi -0,9%, Intesa -0,6%, Banco Popolare -1%, Mps -0,8%, Bpm -1%. For Fitch, the outlook on the Italian banking sector remains negative for the third consecutive year due to the fragility of the domestic economy, which will lead to longer times for asset quality to recover, after doubtful loans will reach their maximum level in 2014.
