Volatile day for the Ftse Mib with few passes in positive territory. In the middle of the session, Milan dropped 0,5%, the spread is up to 227 basis points. Europe is also in red: London -0,93%, Frankfurt -0,69%, Paris -0,22%.
According to the OECD, growth in the G20 countries improved in the third quarter to +0,9% against 0,8% in the previous three months. On an annual basis, "among the G20 countries, China recorded the strongest growth rate (7,8%), Italy the greatest contraction (-1,8%)". On the Eurozone front, the ECB notes in its monthly bulletin that growth after +0,1% in the third quarter should continue given that "the trend of confidence climate indicators based on economic surveys up to November is consistent with a of positive growth also in the fourth quarter of the year”.
As far as Italy is concerned, Italy's deficit/GDP ratio, expected at 3% in 2013 against the target of 2,9% and at 2,5% in 2014 against the 1,8% of the stability program, it is due for the ECB "mainly to a worsening of economic conditions" noting that the structural adjustment is less than the effort required. Today Istat announced the data on inflation in November decreased by 0,3% on month and increased by 0,7% over the year. In Europe, Mario Draghi, president of the ECB, reassured us about the risks associated with price trends in his final speech to the plenary assembly of the European Parliament. "Inflation - he said - will remain low for an extended period of time, we are aware of the downside risks and for this we are ready to act and we are able to act, we are full of tools that we can modulate to deal with the situation" .
Meanwhile, the European Parliament and the EU Council have reached a political agreement on the directive for the resolution and restructuring of banks at national level. For Draghi, the banking union is not enough. On the stress test front, the ECB president says that BTPs will be stressed like any other asset category, while the FT writes that the ECB is evaluating the possibility of requesting Eurozone banks to establish a sort of fund in which to set aside capital for face the exposure in government bonds, explaining that the decision is part of the "attempt to ensure that the weakest banks do not use the liquidity to purchase debt of the countries most affected by the crisis".
La Swiss National Bank left interest rates unchanged at 0%-0,25% and lowered its inflation estimate for 2014 and 2015 and now sees price increases between 0,2% and 0,6% (versus the range of 0,3%-0,7% previous). He then announced that he will continue to defend the exchange rate of the Swiss franc against the euro and stands ready to buy unlimited quantities of currency if necessary.
In Piazza Affari at the bottom of the Ftse Mib Autogrill loses 2,89%, Bper -2,78%, Diasorin -2,47%, Saipem -2,18%, Wdf -2,12%. Going against the trend Ansaldo Sts +2,25%, A2A +1,54%, Pirelli +1,10%, Luxottica +1%, mps +0,82% on the day of the Board of Directors convened for the Foundation's request to proceed with the increase in the second quarter of 2014.
