Despite the uncertainties, the Ftse Mib closed in positive territory +0,26%, benefiting from the easing of tensions by Fiat, which trimmed its losses towards the end of the session, and the recovery in positive territory of the banks. Contrast the other European Stock Exchanges and weaker than Milan. Frankfurt +0,19%, London negative -0,13% while Paris and Madrid (+0,01%) unchanged. Athens -0,32%.
After falling to almost 320 basis points, the Btp-bund spread closes in the 326 area. The run of the euro continues, rising to 1,3149 (+0,55%). WTI oil trades up to 86,44 dollars a barrel (+0,64%). Gold is declining below the threshold of 1.700 dollars an ounce.
Wall Street confirms the declines of the start with the eyes of the market looking at the agreement on the fiscal cliff when time is running out. At the close of Europe, the Dow Jones lost 0,19% and the Nadaq 0,82%. Apple drops 3,3% and Best Buy drops more than 10%. Different economic data during the day: industrial production in November rose by 1,1% above expectations while consumer prices fell by 0,3%, below estimates. Next week in the US will be a week full of data. “The first surveys in December should signal stagnation in manufacturing activity – reads Intesa Sanpaolo's Weekly economic monitor – For November, the data should be modestly positive: construction sites, licenses, existing home sales and retail sales should be rise; durable goods orders should correct instead. The third estimate of GDP for the 3rd quarter should be revised upwards again following the revision of international trade data”. But the focus of the markets will be "on the evolution of the negotiations on the fiscal cliff: during the week there could be the announcement of an agreement to allow Congress to approve the legislation necessary to avoid the fiscal cliff".
In Europe, on the other hand, after the difficult agreement on the banking union, the work of integrating the Economic Union suffered a setback: the leaders of the 27 member countries of the Union postponed to June the other issues to be addressed in order to tighten the integration between countries. Meanwhile, according to Eurostat, the employment rate in the Eurozone and in the EU-2012 returned to a negative sign in the third quarter of 27: both fell to -0,2% while in the second half of this year the number of employed persons had remained stable in the euro area and had increased by 0,1% in the EU-27. Also in Italy the employment rate returned to a negative sign to -0,1% against +0,6% in the second quarter of 2012 and -0,7% in the first. In the Eurozone, annual inflation is confirmed to be down in November at 2,2% based on the consolidated data published today by Eurostata. Italy at 2,6%. Bank of Italy has announced that the public debt has broken through the ceiling of 2.000 billion dollars to the highest level ever.
At Piazza Affari Fiat reduced losses to -1,94% after the group's denial of a possible capital increase. But the scenario of European difficulties continues to weigh on the car. The Csp data of the car market in the Eurozone indicate "a new slump", with registrations falling by 14,1% in November to 684.631 units, marking "a worsening compared to the average of the first 11 months of the year, in where the drop was 10,6%”. And the head-to-head battle between Fiat and BMW continues in the Top Ten. The Lingotto has again dropped to seventh position, overtaken by the German group. First in the standings is the Volkswagen group, which today announced a new sales record: in the period January-November 2012 it recorded record sales of 8,29 million units, registering an increase of 10,4% and exceeding for the first time the threshold of 8 million vehicles sold in this period. In November alone, sales rose 11,7% to 794.500 units.
Mediaset -1,07%, Telecom Italia -1,05%, Tenaris -0,93% also lost ground on the Ftse Mib. Generali rises by 0,23% after the approval by the board of directors of the new plan in Italy with a focus on three brands and operational streamlining. Instead, the board of directors for the approval of the new plan and the capital increase has moved to via Solferino. The approval of the RCS plan "in its entirety, including the information relating to the financial structure necessary to support the Plan itself, and the presentation to the financial community will be carried out concurrently with the approval by the Board of Directors of the 2012 results", reports a note from the group. On December 19, the date previously set for the approval of the board of directors, the plan "will be presented to the board for approval as regards the business economic objectives".
Up on the Ftse Mib Diasorin +2,31%, Bpm +1,92%, Pirelli +1,25%, Atlantia +1,23% and Saipem +1,22%. The banks are also closing positively.
