After a timid attempt at a rebound, the descent of European stock exchanges, now tuned to the next hike in US rates, resumes.
In Milan, the FtseMib index lost 0,33%. Paris and Frankfurt are down by 0,7%, Madrid -1%. The drop in London -0,3% was more modest despite the crisis in mining stocks.
The mining giant Anglo American it is crumbling after announcing yesterday a very heavy restructuring plan: in the medium term the number of employees will drop to 50.000 from the current 135.000. The title loses 13%, yesterday it closed with a drop of 12%. Anglo American is down 76% year-to-date.
The price of commodities is at levels not seen for decades, the Bloomberg Commodities index is at its lowest since 1999, when it was created. From the highs of 2008 it has lost 66%.
A breath of fresh air for oil (+1,3% for Brent at 40,8 dollars) after the vertical drop following the failure of the OPEC summit. US inventories are lower than estimates. Eni goes up 0,3%, Saipem + 1,6% Tenaris turned negative and lost 0,3%.
In Piazza Affari the fall of Mount Paschi -2,2% to 1,242 euros, on historical lows. In addition to the sales of Btg Pactual, the stock suffers from the postponement of the bad bank: in the first nine months the Sienese bank's gross non-performing loans amounted to 26,3 billion (9,5 billion net of adjustments) out of a total of non-performing loans of 47,5 billion (24,3 billion net of adjustments). In the latest conference call, the bank forecast disposals of impaired loans in the fourth quarter for 1,1 billion.
Down the other bank stocks: Understanding is down 0,9%, Unicredit -0,5%. They do worse Where's Banca-2,1% and Banca Popolare di Milano -2,4%.
Generali drops by -0,7%.
Telecom Italy loses 0,5%. A SEC file shows that Xavier Niel spent 225 million euros at a carrying price of between 1,22 and 1,299 euros to build his long position on the former telecommunications incumbent equal to 15,1% of the capital.
Among industrial companies, StM -0,3% Finmeccanica-0,6% Fiat Chrysler -0,5% Industrial Driver's License -1,8%.
Goes down Yoox -1,7%, downgraded from Deutsche Bank to Hold from Buy.
