Sergio Marchionne, as president of Acea, once again relaunching the appeal on the European auto sector: the industry "doesn't ask for money, we are able to finance the adjustment, but we ask the EU for decisions that primarily concern trade policies"; action at EU level is needed to restructure the sector”. Otherwise "let's fight in the market". In Europe, 2007 million cars were lost from 2012 to 3, "the situation cannot go on like this, he says, there is a need for an adjustment". If perhaps we have hit rock bottom, Marchionne however reiterates that he "does not see a recovery from current levels in 2013-2014". If the bad Europe has accustomed us to peak numbers, the data that has upset the car sector comes today from China. New car registrations fell 1,8% in September to 1,62 million units as social and diplomatic tensions with Japan over sovereignty over the Dioyu Islands (Senkaku in Japanese) caused production to plummet and sales of Japanese goods in China (-40,8% year-on-year). In particular, Toyota, Nissan and Honda, have suffered a decline of 49%, 35% and 41% due to the boycott of products from Japan to China. Bad news following the IMF's global growth review. A decline in sales that could lead to continuous production declines and workforce cuts at the Chinese plants of Japanese manufacturers, at a time when the Beijing government is under pressure to stimulate growth in the domestic economy. Fiat stock recovered at the end of the day (+0,05%).
On the US front, the quarterly season, which has just opened with the lights and shadows of Alcoa, is of concern: profit is higher than estimates but the aluminum consumption forecast has been revised downwards. Wall Street, waiting for the Beige Book, opened slightly lower and then worsened dragging along the European markets that closed negatively. The Dow Jones fell 0,65% and the Nasdaq 0,32%.
Milan closes down by 0,41%, Frankfurt -0,40%, Paris -0,50%, London -0,58%. Athens closed sharply down -3,64%. This morning the Tokyo Stock Exchange had closed sharply lower at the lowest level in the last two months (August 3rd).
The euro-dollar and dollar-yen exchange rates changed little at 1,2891 (+0,05%) and 78,28 (+0,04%), respectively. WTI oil up to 93,22 dollars a barrel (+0,90%). The Btp-bund spread also showed little movement, closing at 361 points close to the opening levels and the Bono bund differential, which closed at 431 points. The Italian treasury managed to place the entire supply today, but yields increased for the first time since August.
While the European institutions try to find the right balance in moving up the slope towards wider integration, starting with the banking union, the European governments are crashing the negotiations for the merger between EADS and BAE. The negotiation went up in smoke due to the lack of agreement between the governments of France, Germany and Great Britain: the division of the global group that would have been born from the merger was too problematic, but sources inside the negotiation revealed that "the German government did not support the project of merger between EADS and BAE Systems, unlike the French and British ones”. No reasons for the no from Berlin.
Impregilo runs at Piazza Affari +3,63% after Primav's relaunch on the offer for Ecorodovias. The stock gains 3,75% to 3,32 euros. Pietro Salini, CEO of Salini and also of Impregilo after a heated confrontation with Gavio, is being investigated together with two other executives by the Milan prosecutor's office with the hypothesis of a crime for deliberate operations in a possible conflict of interest. The other suspects - an act due to searches carried out after a complaint about participation in a tender in Romania made by the Gavio group, Salini's rival in Impregilo - are Massimo Ferrari, director of Impregilo and Salini's general affairs manager, and Claudio Lautizzi, general manager abroad.
Highlights on the Ftse Mib also Ferragamo +2,42%, Eni +1,85% on the recovery of oil, Ansaldo Sts +0,91% and Lottomatica +0,40%. At the bottom of the basket are Mps -3,83% the day after the meeting which conferred the proxy for the one billion capital increase, Mediaset -3,29%, Bpm -1,99% after La Stampa writes that Consob reopens the Banca Popolare di Milano dossier on the alleged hidden pact that would have allowed Andrea Bonomi, the director of Investindustrial, and the Amici di Bpm to take over the bank. Buzzi unicem -1,97% and Unicredit -1,92%.
Fiat moved back into positive territory at the close (+0,05%) after losing ground on Moody's cut its rating to BA3 from BA2
