At the end of the morning, the European stock exchanges wiped out their losses and moved into slightly positive territory after a start characterized by profit-taking in the wake of Wall Street's negative closure and after Tokyo also closed down 1,19% (in line with expectations, the Bank of Japan today announced another 10.000 trillion yen in its asset purchase plan). In Milan, which scores +0,01%, the spread rises slightly towards 300 to 299 basis points, London +0,08%. Frankfurt +0,01% and Paris +0,10%. Madrid -0,08%. Spain has given the green light to the restructuring plan for 4 other banks (Liberbank, Caja3, BMN and Banco CEISS), which paves the way for their recapitalization via the ESM for a total of 1,865 billion euro.
Hong Kong closed at +0,16% and Shanghai at +0,28%. In China, the super-index of the economy rose by 1,1% in November. According to the Conference Board, the November results confirm the strength of the economy but a deceleration has been noted over the months, linked to the slowdown in real estate, falling consumer confidence and the slowdown in new orders from abroad.
Sentiment on the fiscal cliff has worsened in recent hours after the White House announced it would veto Republican House Speaker John Boehner's proposed fiscal cliff-busting Plan B, a proposal that would trigger expected hikes to lower Bush-era taxes. for all income above $1 million. Market eyes now on the large amount of macro data arriving in the afternoon. In particular, the data on consumer confidence in the euro area for December while the US GDP, new unemployment claims, existing home sales for November, the Philadelphia Fed index for December.
Still on the macro front today in Germany, the German economic research institute, Diw, announced that the German GDP will record a contraction of 0,2% in the last quarter of the year, but the phase of weakness should be short-lived. In Italy, retail sales in the first ten months of 2012 were down by 1,9%, compared with the same period last year. Both the food sector (-0,4%) and the non 'food' (-2,5%) are down. Istat, in its preliminary estimate, indicated that in November exports to countries outside the EU borders grew, with an increase of 1% compared to October and 11,1% on an annual basis. On the contrary, imports show a strong contraction, with a monthly drop of 3,8%, and -9,3% compared to last year.
Saipem retreats in Piazza Affari, -1,96%, and the banks that stood out yesterday with the drop in the spread. Ubi loses 1,53%, Bper -1,42%, Unicredit -0,74% and Intesa -0,08%. Slightly above parity Banco Popolare +0,16%, Mps +0,18% while Bpm moves against the trend among the best of the Ftse Mib and rises by 0,8%.
Today the second Afo report of the ABI for 2012-2014 he stressed that rising credit risk will be a major drag on loan growth. The growth of non-performing loans will be higher than that of loans for the whole period with an incidence increasing from 5,4% in 2011 to 7,3% in 2014, the highest level since 1998.
Stm dropped 1,21% after Ericsson devalued its stake in the fourth quarter by 8 billion Swedish crowns (equal to about 1,2 billion dollars). The decision, according to a note, came after the Swedish group decided not to buy STMicroelectronics' stake in the joint venture, once the Italian-French company exits it. However, the Scandinavian company has made it known that it will continue to examine all the strategic options for the future of ST-Ericsson, without however taking into consideration the possibility of obtaining full control.
Telecom loses 1%. The president of the Cassa Depositi e Prestiti Franco Bassanini said that the networks of Metroweb and some municipal companies should also enter the new company into which the Telecom access network could merge. Bassanini added that Telecom's participation in the newco "could also be of a very large majority". Yesterday Bernabè said that Telecom Italia "has given a mandate to verify" the hypothesis of a spin-off of the network "but only on the basis of possible regulatory incentives". Autogrill +2,87%, Tod's +2,46, 1,86%, Finmeccanica +1,35% awaiting announcements on sales, Mediaset +XNUMX%
