Also in Europe, as in Asia, the stock exchange year kicked off in deep red to then recover some positions. In Piazza Affari, the index dropped 1% (from a minimum of 1,6%) just above 18.100 points. Heavier decreases in Paris -1,4%, Frankfurt -0,06% holding up better which has thus almost eliminated the initial declines. London moves back by half a percentage point.
The decline in manufacturing activity weighs on the lists, with a sharp contraction in Europe, in line with the Chinese situation. The survey on PMI indices signals a slowdown in December to 51,4, the lowest since February 2016. In particular, in Germany, new orders fell to a four-year low. The PMI index fell to 51,5 points, the lowest for almost three years. As far as Italy is concerned, an increase was recorded in December to 49,2 points from 48,6 in November but the figure remains below the 50-point threshold which marks the watershed between growth and contraction.
The slowdown of the Eurozone economy, now orphaned by ECB purchasesis not isolated. US stock exchange futures anticipate a 1,3% drop in the session. The Chinese PMI index signals the contraction below 19 for the first time in 50 months, the watershed between growth and recession.
The negative economic situation also weighs on the oil market: Brent -1,1% to 53,20 dollars a barrel. Losing shots in Piazza Affari Eni -1,1% and Saipem -1%. On the other hand, purchases of safe-haven assets are picking up speed: gold is up 0,3% to 1.286 dollars an ounce, the highest price since June.
After the end of Qe purchases on the Bund are also running: The German 0,23-year yield falls to 0,25% from 2017% to its lowest since April 255, but only partially impacts the spread (10 points). The yield on the 2,70-year BTP dropped to XNUMX% at the start, the lowest since July, also thanks to the last-minute approval of the budget law which prevents the start of the provisional year.
The morning was dominated by the news of the commissioner di Cariges by the ECB: the stock was suspended by Consob before the opening of negotiations. The European Central Bank has appointed three extraordinary commissioners (Innocenzi, Modiano and Lener) and a supervisory committee made up of three members who will take over the leadership of the Ligurian bank from the board of directors. The priority remains the convening of a shareholders' meeting and the capital increase.
The entire credit sector was down sharply: -2,7% against -2,1% in the rest of Europe. Mostly declining Bfor e Ubi both around -3%. Down too Understanding e Unicredit over -2%. Male Bhip Ifis which loses 0,7% after acquiring a NPL portfolio from MPS (-1,7%) of the nominal value of 1,1 billion. Fly instead Dobank +7% after the acquisition of 85% of Altamira, a company active in the sector of credit recovery and real estate assets.
The car is also weak: Fiat Chrysler -2,4% in the wake of the negative forecasts coming from the USA. According to the Association of American Automobile Dealers, registrations would be down by more than 2% following the increase in interest rates and higher prices.
Down too Ferrari -1,1%, in the process of launching a €150 million treasury share buyback programme, as the first tranche of a €1,5 billion multi-year programme, to be completed by 2022. There are 10 companies in the main basket in positive territory, against 5 at the start. Leading the ranking here too is the Juventus + 6,8%. The utilities defend themselves: Snam + 1% A2A + 0,5%.
