Under the winds of the Spanish anti-austerity party crashes the Madrid Stock Exchange, which also drags other peripheral countries along with it, such as Italy, and to a lesser extent Paris. In fact, the Spanish stock market dropped by more than 1,8%, the Ftse Mib by 0,53% weighed down by the banks and Paris moved slightly above parity (+0,09%). On the rise instead Frankfurt e London, with progress of 0,26% and 0,47% respectively.
In Spain, what worries investors is the great consensus that the party is obtaining We can, which supports positions similar to Syriza, including the renegotiation of the Spanish debt. Last Saturday, tens of thousands of people took part in the Spanish capital in what was so far the largest demonstration in support of Podemos.
Born in January 2014 on the initiative of some leaders of the Indignados movement, Podemos quickly gained consensus by rejecting the austerity policies adopted by the Rajoy government and denouncing the system of corruption that weighs down the country (over 2 defendants in 150 investigations open to all levels of public administration). Last May, Pablo Iglesias's party thus obtained one million two hundred thousand votes in the European elections, winning five seats. In Madid, especially credit institutions such as Bankia, Bankinter, Santander and Bilbao are losing ground.
Macro data then arrived from Asia which did not ease the mood of the markets. There China recorded a new contraction in manufacturing activity with the PMI index falling below 50 for the first time since 2012. Tokyo closed down by 0,66%, Shanghai fell by 2,56% and Hong Kong slipped by 0,09%.
In Europe manufacturing data released today for January came in at 51, unchanged from the flash estimate and slightly above December's value of 50,6. Production increases in Germany, Italy, Spain, the Netherlands and Ireland. In detail, in Italy the index rose to 49,9. Now the markets are looking at the macro data on the overseas agenda: US December incomes, December consumption, again the final January PoMI manufacturing index, the January ISM manufacturing index and December construction spending.
In Piazza Affari, as mentioned, the banks are suffering, conditioned by the sales of Spanish bank purchases: Understanding -2,77% bpm -2,11% Mediobanca -1,43%. The Ftse Mib is backed by Yoox (+3,75%) which benefits together with Ferragamo (+2,35%) of the buys of Goldman Sachs, while Tod's is instead among the worst of the Ftse Mib.
Oil-related stocks also did well: Saipem + 3,42% Tenaris +2,72% ed Eni +2,35%. The spread Btp-Bund is stable at 127 basis points.
