The Stock Exchanges are moving weakly and in contrast as we await the decision of the ECB on rates and the US GDP data for the third quarter. The general consensus expects confirmation of the current level of the cost of money and a US GDP growing by 2% from 2,5% in the second quarter.
Milan is the worst market in Europe and loses 0,86%, Paris -0,15%, London -0,22%, Frankfurt travels around parity. Madrid -0,47%. Today Spain placed government bonds on the market maturing in 2018, 2023 and 2026 for a total of 4,034 billion euros, recording a sharp drop in rates. In particular, on the ten-year Bonos, the average yield fell to its lowest level since September 2010, at 4,164% from the previous 4,269%. Meanwhile, the data on industrial production in September returned to growth for the first time since 2011, beating market expectations, recording +1,4% on an annual basis, after -2,1% in August. After the Spanish auction, the spread between Spanish and German securities narrowed to 241 basis points and the Btp-Bund spread also decreased, to 244 basis points with a yield of 4,18%.
In Piazza Affari, the Bpm -4,3% lose ground after Standard & Poor's cut the rating and Mps -2,2%. Telecom Italia also down -2,7% on the day of the board meeting on accounts, Buzzi Unicem -2,31%, Finmeccanica -1,9%. Generali -1,45% despite the results of the first nine months we have highlighted a profit that has jumped by 40%. IVASS has asked the board of directors to reassess any liability actions in relation to investments in private equity and alternative funds made in the past with respect to which irregularities have been highlighted in terms of internal governance, adequately motivating the decision taken. The Greco CEO assured that there will be no accounting impact because in any case "no accounting impact because they have already taken all the necessary measures".
"We are talking about transactions of 2007 and 2008, which were accurately and completely valued in the 2012 financial statements. We have already given written evidence of this in the 2012 financial statements and further evidence in the 2013 half-year report", Greco pointed out, underlining that "we are talking about facts fully concluded, which will have no further accounting or other impact because the people involved are no longer with the company. However, there are regulatory and regulatory aspects that Ivass and Consob are interested in".
Against the trend on the FtseMib, the best are Pirelli +3,7%, which rises again after the accounts and the plan. It has gained more than 11% since Monday. Prysmian +1,69%, Fiat +1%, Tod's +0,9%.
