Uncertainty about the Brexit vote, the Yellow Vest effect on France's GDP (down from +0,4% to +0,2% according to the Banque de France) and the trade war between the US and China. There are numerous ingredients of the malaise that reigns today in the stock exchanges of the Old Continent. Business Square it falls by around 0,5% below 18.700 points. Same trend a Paris e Frankfurt (-0,5%). BASF shares fell 4,7% after the German chemical company cut its 2018 earnings forecast on Friday. BASF attributes the decline mainly to the chemical activity, but among the causes there are also the low water levels on the Rhine and the weak demand for the automotive sector, especially in China.
It gets worse London (-0,7%). The pound was at lows, trading at 1,269, after the spread of possible rumors of postponement of the vote. The Court of Justice of the European Union has decided that the British government can unilaterally revoke its decision to leave the European Union, without consulting the other member states. Euro-dollar cross at 1,141 (+0,3%).
It dates back to it spread to 285 basis points (-4,4 basis points). The 3,09-year yield is at XNUMX%
Signs of concern also come from macro indicators. Eurozone investor confidence fell to a four-year low. L'Sentix index it reached -0,3 points, the lowest level since December 2014, from 8,8 in November. The consensus expected a more contained decrease, to 8,1. The OECD leading indicator records signs of a slowdown in growth for the economy of the entire Eurozone, France and Germany, while for Japan the prospects are stable and for the United States the assessment is "the first signs of a weakening of the growth phase" .
The Italian figure highlights the persistence of "signs of a slowdown in the growth phase". Constructed to anticipate economic trends over a six to nine month horizon, the 'composite' index rose to 99,6 from 99,7 in September (revised from 99,8). Prime Minister Giuseppe Conte is expected to meet European Commission President Jean-Claude Juncker on Wednesday, December 12, according to two Italian government sources.
The oil sector loses more than 1%, thus erasing the gains of 2018. Oil was the last sector to hold up in Europe: now all the STOXX 600 indices are in the red (down 26% for cars and banks) or dishes. Eni (-0,3%) made a new discovery in Angola which, according to estimates, contains between 170 and 200 million barrels of light oil. The group also will transfer 45% of the Nour gas field to two parties, located in the waters off the Sinai, after the operation, the Italian oil company will remain 40%. Saipem -2,70%.
In sharp decline Mediaset (-5,7%). JP Morgan cuts rating to Underweight, from Neutral, target price to 2 euro.
Weak industrialists starting from stm (-1,4%) And Fiat Chrysler (-2,4%). Down even the luxury: Moncler -3,2% Ferragamo -2%.
It does better Enel (+1,1%). The CEO Francesco Starace, reduced the expectations of an aggregation between Open Fiber and the company within which the former Telecom Italia transmission network will be conferred.
Takes flight Astaldi (+11%) in view of non-binding proposal by Salini Impregilo (-1,7%).
Among the banks unchanged Bpm bank waiting for board. The Fonspa-Fondo Elliott consortium is ahead in the race to win the portfolio of 7,8 billion Npl put up for sale by the bank, plus another 800 million in leasing.
