Cautious stock exchanges, but recovering, pending developments on the central bank front and following the intervention of Mario Draghi at the European banking congress in Frankfurt. The Ftse Mib dropped by 0,59%, Paris by 0,22%, while London rose by and Frankfurt were slightly above parity, respectively up by 0,05% thanks to the chemical sector and by 0,14%. Sales affect various sectors, even if it is the whole of Europe that suffers the most banking sector that pays the prospects of low interest rates in the long run: with Draghi's ultra-accommodating policy, banks will find it increasingly difficult to recover interest margins.
The ECB president reaffirmed that the Eurotower is ready to intervene decisively to bring inflation back to adequate levels, both by strengthening the purchase plan and also by acting on rates. The next meeting of the ECB Board is scheduled for December 3rd. After Draghi's intervention lo BTP-Bund spread dropped to 100 points with a yield of 1,48% e the euro returned below 1,07 on the dollar. Critical, as usual, Jens Weidmann, president of the Bundesbank and adviser to the ECB who, speaking at the same meeting, recalled how "the monetary policy measures already undertaken need time to fully make themselves felt on the economy". For Weidmann, "the ultra-accommodating policy" implemented by the ECB "will become less and less effective, the longer it remains in force". On the other hand, with such a generous policy "risks increase". Two-year German government bond yields have updated to historic lows.
The market then also looks to the interventions of American central bankers expected in the afternoon: the president of the St. Louis Fed, James Bullard and the president of the New York Fed, William Dudley. The next Fed meeting is scheduled for December 15th and 16th.
On the macroeconomic front in Germany data on producer prices was released, which decreased by 0,4% in October to 2,3% on an annual basis. The data on the Eurozone consumer confidence indicator for November is expected at 16pm. In the meantime, Asia closed positive: Shanghai +0,37% and Shenzen +1,27%. Tokyo also closed positively at +0,10% at 19.879,18 points, the highest in the last three months, despite the yen's comeback. The Tokyo Stock Exchange will be closed until next Monday, a public holiday in Japan.
In Piazza Affari, sales hit Unicredit -2,53%, worst stock of the Ftse Mib, also penalized by the judgment of Barclays analysts who cut the recommendation to "underweight". However, Intesa Sanpaolo -1,9%, Bpm -1,63%, Ubi Banca -1,62% are also bad. Among the heaviest blue chips too A2A -1,68%.
The best stock of the Ftse Mib is Telecom Italia +1,55% waiting for the board meeting in the afternoon to deliberate on Vivendi's request, which has risen to 20% of the capital, to expand the board from 13 to 17 members to make room for four of its representatives. However, the waters are troubled. Yesterday Assogestioni, on behalf of the committee of managers and foreign investors, sent a peremptory letter to the top management of the company which, among other things, states that "Vivendi's request to nominate four candidates (three of whom with executive positions in the within their group) indicated as future directors, raises some critical issues with reference to the new governance arrangements".
Purchases also on Salvatore Ferragamo +1,32%, FCA +1,02%, Terna +0,86%, Finmeccanica +0,86%.
