Thanks to Wall Street, the stock exchanges of the Old Continent make an attempt to rebound by closing in positive territory. Milan closed up 0,09% after an intraday drop of 2%, Paris + 0,23% London + 0,42% Frankfurt +0,15%. The spread Btp closed up at 147 basis points.
Different macro data published in the rest of Europe. Especially in August the industrial production of the Eurozone it fell by 1,8%. On the inflation front, price dynamics slowed down in various countries in September. In Great Britain, inflation was unchanged on a monthly basis and increased by 1,2% on an annual basis, the lowest level in consumer prices since September 2009 to date. In France, consumer prices decreased by 0,4% in September compared to the previous month of August while, on an annual basis, there was an increase of 0,3%. In Italy, the national consumer price index decreased by 0,4% on a monthly basis and by 0,2% on an annual basis (the provisional estimate was -0,1%).
But it is above all from Germany a new frost has arrived fromZew index which measures investor confidence. The index fell to -3,6 points from 6,9 in September, doing worse than market expectations. Also today, the German government has cut sharply growth estimates for the economy, bringing them down this year to 1,2% from 1,8% previously forecast, and 1,3% from 2% previously for 2015. For the Minister of Economy and Energy, Sigmar Gabriel, Germany is in difficulty due to the weakness of the world economy, which sharply limits Berlin's export capacity, and the intensification of international geopolitical crises which have increased uncertainty and prompted entrepreneurs to freeze investment plans . The country needs to "substantially increase investments in its infrastructure" to generate growth".
The German data triggered sales on European lists. From overseas, the quarterly season just started and some macro data then lifted the mood of the price lists. Wall Street started in positive territory and remained higher as Europe closed. At the corporate level, it should be emphasized that JP Morgan it returned to profit in the third quarter from a year earlier but filed below-estimate earnings due to $XNUMX billion in provisions in preparation for a fine for alleged exchange rate manipulation.
The change euro dollar loses 0,74% to 1,2658 and the Petroleum registers further declines, with Iraq offering discounts by aligning itself with Saudi Arabia and Iran in order to maintain market share. WTI oil dropped 1,43% to 84,51 dollars a barrel. In Piazza Affari, the worst stock is Mps, which loses 3,87% after a stop due to excessive downtrend. Siena is hit by the sell-off in the wake of a target price cut by JpMorgan, which cites risks of a stock depreciation linked to deteriorating asset quality and the need to deleverage.
Contrasted by the rest of the banking sector: Unicredit -0,6% Ubi + 0,5% Understanding + 1,35% bpm -1,53% Banco Popolare -0,86%. Today the ABI released the new estimate on bank non-performing loans which rose to 174 billion in August, marking an increase of 1,6 billion compared to July and 32,1 billion from August 2013 (+22,6% year-on-year increase). In relation to loans, non-performing loans amounted to 9,2%, a value which marks the maximum since August 1998, against 7,3% in August 2013.
Even luxury with bad Ferragamo which yields 3,57%, Moncler .193% and Luxottica 2,92%, suspended due to an excess of over 5% on the uncertainties related to governance. The Agordo company is still in the storm after the decision to entrust the proxies to the patron Del Vecchio pending the appointment of the two Co-CEOs after the resignation of the co-CEO Cavatorta. Down too Atlantia (-2,10%). Among the best titles of the Ftse Mib Cnh Industrial (+ 5,28%), Telecom Italy (+ 3,51%), stm (+ 2,55%), Prysmian (+ 1,9%), Rest (+ 1,87%).
