The further slowdown of the German economy, the risk of a hard Brexit and the uncertainties in the commercial negotiation between the USA and China awaken the bear on the markets, even if Wall Street, after a negative opening, goes green, opening a glimmer of hope. In the US, PMI data is better than expected. Not the same in the EU, with Mario Draghi warning: there are no signs of a rebound in economic activity and the balance between risks and prospects remains downward-oriented, which is why the ECB's monetary policy must remain highly accommodating for a prolonged period. In this context: Frankfurt, -0,97%; suffer most of all the German manufacture and, in September, the index fell to a 10-year low (41,4 points from 43,5 in the previous month).
Male Paris -1,05% and Madrid -0,88%. London limits the damage to -0,24%, but the historic Thomas Cook travel agency, the oldest and largest in the world, went bankrupt with a bang (600 million pounds), which today left 160 British tourists stranded in four continents.
Business Square it loses 1,01% and drops to 21,899 points. The biggest sales hit banks and cars, but also Eni -2,83%, which pays the down payment (0,43 euro) on the 2019 dividend. The worst blue chip is Juventus -4,75%, following the announcement of the capital increase up to 300 million in which the majority shareholder Exor (-3,33%) will intervene pro rata with a commitment of around 190 million. The recapitalization was announced by the club on Friday after markets closed with the results of the 2017/2018 budget. The financial year, which saw the onerous arrival of Cristiano Ronaldo among the Bianconeri, ended with a loss of 39,9 million against a loss of 2 million the previous year.
back in voguegold, which flies to 1530,15 dollars an ounce.Plate the Petroleum, like Brent, at 64,28 dollars a barrel. The dollar overtook the euro, reflecting the economic data and the exchange rate moved below 1,1. It remains to be understood what lies behind the Federal Reserve's decision to continue to inject liquidity into the financial market. After last week's operations, the New York bank will launch various repos (the equivalent of repurchase agreements) from this morning until 10 October to deal with the sudden lack of liquidity in coincidence with the most demanding fiscal deadlines.
The purchases reward government bonds, with the yield on the 10-year BTP falling to +0,83% on the secondary and the spread with the Bund falling back to 142 basis points (-0,95%). At the domestic level, attention is mainly paid to the update note to the Def with which the government will define the level of deficit that it will choose to "use" for the next maneuver. Meanwhile, Bankitalia is revising the public debt upwards by 58,3 billion to 134,8 per cent of GDP from the 132,2% previously estimated, with the revisions of the public accounts initiated by Istat. The revision reflects the effect of the different valuation criterion of postal savings bonds, the interest of which is now included in the public debt.
The modest decline in spreads is not enough to support Milan's banking stocks. Sales are especially striking Unicredit -3,44% Bpm bank -3,15%; Ubi -2,49%; Finecobank -2,78%. Bad car, overwhelmed by sales throughout Europe. Pay the highest price Pirelli, -3,92%. In luxury continues the reverse of Ferragamo, -3,15%, on which Equita Sim cuts its results estimates due to the slowdown in Asian demand. Among the oil stocks it falls badly too Tenaris -2,78%.
Utilities bucking the trend: Italgas +1,62%; Enel +1,44%; Terna +0,25%. Also shop on Campari +0,49% and Amplifon +0,72%. Closes the short list of big caps with a positive sign Generali +0,36%, after the Delfin blitz in Mediobanca (-0,76%), because according to some observers Del Vecchio's real objective would be the Trieste lion
