Sandwiched between China and Argentina, European stock exchanges leave heavy losses on the field. Driving the declines is Madrid (-3,64%), due to exposure to the Argentine economy. But heavy they are too Frankfurt (-2,48%), Paris (-2,79%) And London (-1,62%). As well as Milan, which closed down 2,3%, while lo spread rises to 225 basis points. The trend was also influenced by the fall of the Bund to its lowest level in five months, at 1,65%. Investors are looking for safe-haven assets after the collapse of the currencies of some emerging countries.
In Europe, the Stoxx 600 index dropped 2,40%, 220 billion euros burned in one session. The change euro-dollar the dollar-yen slipped slightly by 0,14% to 1,3678, the dollar-yen by 0,90% to 0,93. The Petroleum Wti loses 0,62% to 96,72 dollars a barrel while the the mini recovery continues, rising by 0,36% to 1.266,80 dollars an ounce.
Concerns over the Chinese slowdown (triggered by yesterday's disappointing manufacturing data) and the Fed's next moves, which could tighten stimulus further on Wednesday, knocked out emerging market currencies, while emerging markets fell lowest since July 2013.
The Central Bank of Argentina changed its strategy on the currency markets, leaving the weight, the national currency, to market forces, which immediately decreed a strong devaluation, with a drop of up to 15%. Also affected was the ruble, which today reached its new all-time negative record against the European currency: 47,36 rubles for one euro. The South African rand also falls to historic lows.
Wall Street it was affected by the closure of Europe: the Dow Jones dropped 1,21%, the S&P 1,46%, the Nasdaq 1,78%.
In Piazza Affari, at the bottom of the Ftse Mib there is Telecom Italy (-4,7%), with 233 million shares changed hands on profit-taking and speculation that the crisis that hit the currency market in Argentina could be transferred to Brazil.
Azimut -4,5%, Tenaris -4,2%, Mediolanum -3,7% and Fiat -3,4%. Just against the trend bpm, +0,84%. Gtech -0,22% and Bper -0,33% limit the declines.
From Davos the minister of the economy Saccomanni announces that the agreement with Switzerland on the taxation of capital is near.
Meanwhile, the data on trade for the first 11 months prepare for another year in the red with a drop in sales between January and November of 2,1%, 2012 had closed with a -1,7%. Groceries are also down, only the discount stores are doing well. In the month of November alone, however, the decline in sales slowed down, marking a zero change compared to the previous month.
