The pressure on the European stock exchanges is not easing, plunged by increasingly concrete fears of a new recession. The Ftse Mib sinks by 4,32% and continues to lead the declines of the main European stock exchanges. The Dax drops by 3,51%, the Ftse 100 by 2,52%, the Cac 40 by 2,84% and the Ibex by 3,52%.
US futures are also down: contracts on the Dow Jones drop by 1,7% and those on the S&P by 2,4%. From the US macroeconomic data there are no hints of optimism: unemployment benefits have grown by 9 thousand units to 408 thousand, a figure higher than the expectations of analysts who expected an increase of 5 thousand; Inflation also rears its head more than expected, rising in July by 0,5% on a monthly basis compared to expectations of +0,2% while in June prices had fallen by 0,2%. On the other hand, the core index rose in line with forecasts (+0,2%), ie net of the food and energy components.
The risk aversion returns to translate into new increases for gold which resumes its run flying to 1.816 dollars an ounce in London while the yields of Tresures fall to the lowest level of the week. The fly to quality also leads to purchases on German bunds and the spread with the ten-year BTP widens again to 280 basis points, despite market rumors indicating that the ECB has returned to buying BTPs and that some sovereign funds would also buy. In Piazza Affari still in free fall Fiat industrial (-9%), Fiat (-8,55%), Exor (-7,30%), Finmeccanica (-6,63%) and Impregilo (-5,87%) .
