MILAN -2,4% DOWN. IMF REVIEWS THE GDP DOWNWARDS
INDUSTRY UNDER FIRE, FROM FIAT TO FINMECCANICA
The negative response of the Fondo Monteario on the economy of the Bel Paese rains on Piazza Affari: GDP, according to Washington experts, falls by 1,9%, much more than government estimates. Consequently, the goal of a balanced budget is moving away: -1,5% according to the IMF, against the 0,5% indicated by the Def.
Other negative notes come, as usual, from Madrid: bad debts are booming. It is not surprising, given the macro data, the braking of Milan Stock Exchange: Ftse/Mib index -2,42% to 14.580. Also declining the other European Stock Exchanges driven by Madrid –3,79%, Paris down 1,59%, Frankfurt -0,38% London -0,4%.
In terms of government bonds the cold shower has arrived from Jens Weidmann, president of the Bundesbank: it is not the task of the European Central Bank, he said, to help Madrid by buying its bonds. A nice injection of distrust on the eve of tomorrow's auction of medium/long-term Bonos.
Il yield of the Italian BTP rises by 3 basis points to 5,48%, the Spanish one is down by 1,4 bp to 5,8%, the Bund-Btp spread is at 376 basis points, 6 points above Tuesday evening's level.
The decline affected all sectors to a certain extent. Fiat loses 3,5%, Finmeccanica -3,9%. Among the transport titles, on the eve of the landing of Volkswagen in Ducati, slow down Piaggio -1,7%. It also misses out Landi renzo -2,4%.
among the financial, some retracements stand out after yesterday's vigorous jumps. For example, Popolare dell'Emilia rose 10% yesterday, marking a drop of 3,9%. Unicredit drops by 3% and Intesa loses 3,9%. Mediobanca drops by 3%.
Race against time for creditors and representatives of Sinergia and Imco, the two Ligresti companies for which the Milan Public Prosecutor's Office has filed for bankruptcy. The hearing has been set for May 2 by the president of the bankruptcy section of the Court of Milan, Filippo Lamanna.
Meanwhile, Premafin +1,8% is on the stock exchange, Fondiaria-Sai -6% and Unipol -1,5% are slowing down. Down Eni -1%, while Tenaris +0,2% returns to positive ground in the afternoon. Bad shock for electricians: Enel – 2,6%, A2A -3%. The fall of Enel Green Power -3,8% was robust.
Also declining wall street, plagued by disappointing accounts from Intel, one of the most faithful thermometers of the state of health of technology. On the other hand, the 19 quarterly data released today tend to be positive, but not enough to offset fears about Europe. The S&P500 slips 0,3%, Nasdaq and Dow Jones are down 0,4%.
Il XNUMX-year Treasury bond American is little moved, the spread with the Bund rises slightly to 26 basis points. The yield is at 1,98%.
