There is no escape for Business Square -0,77% overwhelmed by Mps landslide -8,43% which in the afternoon increased its losses and closed in the red with over 4% of the capital changed hands. The Alexandria case affects not only Mussari but enters the electoral campaign with a straight leg. "No responsibility of the Democratic Party, for the love of God ... the Democratic Party makes the Democratic Party and the banks make the banks", answered Pierluigi Bersani, arriving in Albano Laziale for the electoral tour, on the party's possible responsibilities in the MPS case controlled by the Foundation whose leaders are the expression of a territory where the Democratic Party has always had its historic fiefdom.
However, most of the other institutes are also under pressure: Ubi –4,14% penalized by Morgan Stanley's opinion that the stock is not worth buying, Banco Popolare -4,11% bpm -2,62%.
Lo BTP-Bund spread it widened slightly again to 264 points. Today the IMF cut its growth estimates for Italy: GDP is expected to drop by 1% in 2013, 0,3 points more than estimated in October. The estimate for 2014 remains unchanged, at +0,5%. For the chief economist Olivier Blanchard the fiscal consolidation maneuvers implemented by both the Berlusconi and Monti governments were painful but Italy had little choice.
from Squinzi's Confindustria comes a call for a shock therapy based on a strong discontinuity. "We must regain growth, create jobs, put businesses back at the centre," warns President Giorgio Squinzi, presenting the proposals that Viale dell'Astronomia is launching today in politics. With this recipe, claims the entrepreneurs' association, in 5 years, to 2018, the growth rate will rise to 3%; GDP will increase by 156 billion, plus 2.617 euros per inhabitant and employment will expand by 1,8 million units, the employment rate will rise to 60,6% from 56,4% in 2013, the unemployment rate will fall to '8,4% from the 12,3% expected for 2014, the weight of industry will return to 20% of the added value of the entire economy from the current 16,7%, investments will jump by a cumulative 55,8%, the exports will rise by 39,1%.
"For me, the estimate of a -1% GDP in 2013 has already been established for some time", commented the Davos World Economic Forum the CEO of Enel kicks off today Fulvio Conti. “I'm not a pessimist – he said – but a realist. And these are estimates that Confindustria has been making for some time. This means that the first quarter will go badly, the second a little better. The third is hopefully more positive, to get out of the crisis in 2014. Now the financial crisis is ending but the phase of the crisis of the real economy must end”.
While the mighty of the earth parade in Davos, where today he is the guest of honour Prime Minister Mario Monti, the bad news from the IMF, which is not at the first downward revision of growth estimates in recent months, also affects the Eurozone which is also expected in 2013, after -0,4% in 2012 with downwards revised estimates to -0,2% from +0,2% to -0,2%. Growth will return in 2014. For Blanchard, optimism is “in the air, especially in the financial markets. Acute risks have decreased but we must not be under any illusions: considerable challenges remain before us. Recovery is slow."
Meanwhile the Portugal it returned to the market with an issue of long-term securities for the first time since the rescue in May 2011: an issue directly to investors and not through an auction of 5-year securities. The local press reports that demand would have reached 10 billion euros against an offer of 2 billion, yield around 5%, (6,4% in the last five-year bond auction prior to the bailout).
Contrast the other European Stock Exchanges: Frankfurt +0,15%, Paris -0,40%, London +0,30%, Madrid -0,22%. The euro fell slightly and remained above 1,33. WTI oil fell by 0,26% to 96,24 dollars a barrel. Wall Street is off to a good start. At the end of the European market, the Dow Jones rose by 0,37% and the Nasdaq by 0,52% after the accounts of Ibm which released higher than expected targets and Google which sees earnings increase thanks to e-commerce. The market is now eagerly awaiting Apple's results, which will be released after markets close.
In Piazza Affari it also suffers Finmeccanica -3,15% among the worst stocks of the Ftse Mib: press rumors weigh on the stock according to which the decision for the sale of Ansaldo Energia could be postponed until after the political elections and on cuts in the defense sector.
Bucking Tenaris +1,67% best stock of the Ftse Mib. Autogril also tops the basket +1,59% in the wake of rumors about a possible separation of duty-free activities from food and beverage ones. Campari +1,46% and Pirelli +1,35%. In strong red Camfin -7,28% after yesterday Marco Tronchetti Provera declared that there is nothing being studied that could change the current control structure of the company
