China is recovering, US data are better than expected and the IMF reassures Monti about the recipe. The European markets thus close in positive territory despite the thud of Athens by 5% on the uncertainty for the new aid package with Berlin which at the moment seems willing to grant only about 13 billion for the hole in November, when Greece will find it completely out of resources. Frankfurt +1,03% %, Paris +1,35%, London +1,37%. Madrid +0,55%.
Milan is the best and records a +1,72%, supported by luxury and banks while the Btp bund spread drops to 347 points after a low of the day at 342. The euro is slightly down against the dollar at 1,2940 ( -0,15%). WTI oil climbs 87,07% to 0,96 dollars a barrel.
"The measures launched by the Italian government are important steps in the right direction to stimulate growth, lower unemployment and boost confidence and their continued implementation is now crucial," said IMF external relations director Gerry Rice.
In terms of macro data in China, the PMI manufacturing index rose above 50 points, the threshold that indicates an expansive phase, for the first time in three months. The index rose to 50,2 from 49,8 in September. The Asian Stock Exchanges react positively. Numerous macroeconomic data from the United States: data on the labor market are good with new jobs at 158 exceeding the estimates of 131, requests for unemployment benefits were below estimates, the Ism manufacturing index for October is growing beating expectations at 51,7, construction spending in September rose by 0,6% better than estimates and productivity in the third quarter increased by 1,9%.
Finally, the consumer confidence index rose to 72,2 points, the highest since 2008, giving a further boost to the price lists. Despite Sandy's aftermath, Wall Street opens slightly higher and then accelerates: at the close of Europe, the Dow Jones rose by 1,04% and the Nasdaq by 1,47%. The quarterly season continues with Pfizer closing the third quarter of 2012 with profits down 14% to 3,2 billion, lowering its guidance for 2012 and launching a 10 billion buyback plan. Exxon Mobil closes with declining earnings but increases its dividend by 21%.
In Piazza Affari, also favored by the drop in the spread, the banks led by the Bper run +5,37%. Unicredit +3,17%, Intesa +2,74%, Banco +2,36%, Bpm +1,95% and Ubi Banca +1,32%. The exception is Mps which closes below parity -0,09%.
Luxury shines with Ferragamo +4,47% and Tod's +3,21%. Highlights then Diasorin +4,79%, Tenaris +4,08% and Prysmian +3,98% which collects the improvement in the judgment by Ubs. The Swiss broker raised the recommendation to buy from neutral and the target price to 18 from 14 euros. The market is now eyeing the quarterly accounts release on Nov. 9.
After yesterday's crash, Fiat -0,48% is unable to close in positive territory and confirm the rebound at the start of the day despite the increase in market share in Brazil to 23,1% which allows it to maintain its first position on the Brazilian market and the record sales of Crysler in October. Fiat Industrial +0,24%.
Camfin +2,19%. Yesterday Malacalza, contesting the non-compliance with the shareholders' agreement and demanding the demerger of Gpi, asked for a patrimonial compendium proportional to his share and a shareholding of approximately 13% of Camfin.
