Stock exchanges: New York opens lower, Milan is still the black jersey of Europe

In Europe the losses consolidate after the negative opening of Wall Street: the Ftse Mib drops 1,34%, the Cac 0,54%, and the Dax 0,87% while the Ftse 100 slows down slightly reducing the decline to 0,25%.
The Dow Jones opened down 0,48% to 12.071,47 points, the Nasdaq down 0,61% to 2.727,76 points and the S&P500 down 0,65% to 1.278,57 points. The negative start of the session overseas was widely expected especially after the weak macroeconomic data published in the early afternoon, although already incorporated into expectations after the publication of second quarter GDP last week: in the US personal spending, which is an indicator of private consumption (in turn an important component of GDP), marked the first decline in about two years with a monthly drop of 0,2% in June (+0,1% in May) while analysts had forecast a rise of 0,2 ,XNUMX%.
Put together, the US data of the last few days (yesterday a disappointing ISM manufacturing index also arrived) paint a gloomy picture for the American economy and closely for Europe, which is penalized more on the price lists because it is judged by the markets to be less equipped to react to a recession scenario. US Treasury Secretary Timothy Geithner is trying to allay fears about growth. In an interview with ABC TV, according to reports from Bloomberg, he said he did not see "risk of a relapse into a recession for the United States". The growth of the US economy is slower than expected, he added, and the debt deal will not lead to job losses, while confidence in the US is seriously damaged after "the show we saw in Washington".
Geithner, who has not yet made a decision on the possibility of resigning from office, has not, however, gone too far on the likelihood that the US debt will be downgraded, after the agreement on raising the debt ceiling which does not put the figures into play indicated by the rating agencies (2.400 billion dollars compared to the 4.000 indicated by S&P to maintain the maximum rating). On the macroeconomic front, eyes are now on Friday's US unemployment figure. Meanwhile, as the markets opened, oil reacted to fears about growth with a drop of 0,4% to 94,54 dollars a barrel while the dollar returned to lose ground against the euro with the euro-dollar exchange rate recovering to 1,4222, XNUMX