I European lists they approach announcements from the European Central Bank in the red. The widespread declines, which are affected by the Fed's forecasts of a recession and increases in unemployment, take for granted a slowdown in the economy. More than the discounted rate increase, we are looking at the decisions on the reduction of the balance sheet of the Frankfurt central bank.
The latest news on European Stock Exchanges
In this frame the Eurostoxx index is experiencing one of the most negative days since last September. In red the banking sector -1,2% also due to pressure from a group of Hong Kong investors towards Hsbs -2%, guilty of having renounced the dividend. Retail is also slowing down after the negative accounts of the Swedish company H&M -4,2%.
A Milano the main index falls just under 1% around 24.300 points, 11% below January prices, worse than the other Eurozone markets: -9% Frankfurt, -6% Paris, -4% Madrid.
Spotlight on Telecom Italia
Shines Telecom Italy +1,14% on the day of the first meeting between government officials and Tim's main shareholders -Vivendi and Cdp- to discuss the restructuring plans of the former telephone monopolist.
Avanza Saipem +1% after the announcement of two contracts: the stock still suffers a 55% loss since January but has recovered 65% in the last three months. Well Leonardo +0,72% which has advanced the repayment of a loan of 500 million
In no particular order the banks: salt Unicredit +1,02%, down Intesa Sanpaolo (-1,3%). He misses out stm (-2,6%), in line with the Nasdaq. Chinese troubles weigh on Moncler -2,3%.
The hypothesis of a takeover bid by Exor on Juve takes off
The news of the day, however, concerns the Juventus. The club's stock +5,22% advances for the third day in a row. The hypothesis of a takeover bid by Exor on the free float of the company (more or less a third of the capital) is gaining ground, undoubtedly convenient at current price levels, in any case a necessary step before any future choice.
Spreads and yields on the rise waiting for the ECB
On the bond front, rather than the expected increase in interest rates, one looks at Madame Lagarde's indications on Qt, the cut in emissions that inflate the central bank's balance sheet. The "doves" hope that the Frankfurt institute will be satisfied with the non-renewal of maturing securities and the repayment of Tltro loans.
While waiting the yield of the ten-year BTP trading at 3,88% from 3,855%. The spread on the Bund it is simultaneously worth 195 points, widening by 5 ticks compared to the previous closing.
La Norway raised rates by 0,25% this morning. Today, in addition to the ECB, the decisions of the central bank are awaited Switzerland and Bank of England.
Wall Street and macro data
Wall Street Futures Worse; S&P 500 -1%, Nasdaq -1,3%.
At 14.30 the new ones will come out unemployment claims, the expectation is a confirmation of the previous week's figure, ie 323.000. At the same time it is published the manufacturing index the New York Fed, the Philadelphia Fed index of confidence in the services sector and the data on consumption. At 15.15 there is industrial production.
