It is an attack on the Milan Stock Exchange which drops 2,17%, while the other European markets after a positive start contain the declines: the Cac drops 0,19%, the Ftse 1000 travels slightly down around parity and the Dax it is up slightly by 0,20%. After Greece, Portugal and Ireland, speculation has targeted Italy. The spread between the Italian BTP and the Bund continues to rise and this morning it set a new record since the introduction of the single currency. The differential has in fact reached 245,3 basis points on the basis of this morning's macro data: industrial production declining in Italy and exports growing in Germany.
Yesterday the president of the ECB took a stand against the rating agencies and criticized their oligarchic role. The Central Bank also raised rates by 0,25% to 1,5%, the second upward adjustment to the cost of money since the beginning of the year. At the start, the lists benefited from the positive performance of Tokyo and Wall Street, the latter up for the seventh consecutive day. The optimism of the price lists was motivated by the brilliant macroeconomic data published on the world of work: the ADP estimate in the private sector highlighted the creation of 157 new jobs in the private sector, while analysts' estimates stood at 68. The wait is now for data from the US Department of Labor's Bureau of Labor Statistics which will release data on new nonfarm payrolls and the unemployment rate.
SALES ON UNICREDIT AND BANKS
After the start of the session just above parity, in Piazza Affari the banks above all are back in the sights, under fears of contagion from the debt crisis in peripheral countries. Among the stocks that suffer the most is Unicredit which loses 4,26% after a stop due to a collapse of more than 6,5%. Among the worst also Intesa Sanpaolo, which lost 4,27%, and Banco Popolare, which fell by 4%.
Asset management is also bad after it posted a negative balance of 3,1 billion in June, according to Assogestioni's forecasts (half a billion for equity funds alone). Azimuth loses 5%. Mediolanum (-2,11%) and Banca Generali (down 1,73%) were also down, but they are among the five groups that archived positive deposits in June. Sitting on the roller coaster for Fondiaria Sai after the go-ahead from the Antitrust and on the last day of rights negotiations: after reaching a maximum of 2,3140 euros (+3%), the stock collapsed and was suspended downwards of 3,41% theoretical. It then returned to trading and is down 2,5%.
Fiat (-1,13%) suffers from fears about the slowdown of the Brazilian market. A week stops the factory in Argentina. The manager for South America, Cledorvino Belini, revealed that, due to the slowdown in registrations in Brazil, car stocks are increasing alarmingly. Fiat has therefore decided to close the Cordoba plant in Argentina for a week and could also shut down the Betim production site in Brazil
