The month of March opens with the same script seen in recent days: Business Square it is weaker than the other markets of the Old Continent and pays increasingly heavily for the uncertainty of the political situation. The trend is accentuated in the early afternoon: the European Stock Exchanges retreat, the Italian Stock Exchange slips to lows. Frankfurt drops by 1,11%, Paris loses 1,49%%, London falls by 0,72%. Milan is the worst: -2,09%, Ftse/Mib index at 58815.
Macro data doesn't help. There unemployment in the Eurozone it rose in January to 11,9% from 11,7%, while expectations were for 11,8%. Bad the PMI manufacturing index, which remains below the 50-point expansion threshold, at 47,9 points, from the previous 47,8.
Lo BTP/Bund spread it is stable (+2,5 points) at around 329 basis points, but the one with Spain worsens still, falling to 33 basis points, the lowest levels since June. In one month, Italy lost about 70 basis points of advantage against the Iberian Bonos.
In Piazza Affari only the luxury: among the blue chips Luxottica slows down but remains up, +1,7%, after the good results announced yesterday. Tod's -1,2%, Ferragamo +1%, Brunello Cucinelli +1,1%.
Sales surge on banks: Banco Popolare -4,41%, Ubi -1,11%, Unicredit -3,31%, Intesa -2,98%. Mediobanca's landslide continues, -4,42%. Monte Paschi -2,27% on the day in which the Board launches the liability action against the former top management.
Mediaset, -6,6%, and Pirelli, -4,22%, were down sharply. Backtracking by Fiat, which loses 2,43%. Finmeccanica -4,09%, StM-1,15%, Enel-2% and Eni-1,1%. Parmalat (+1,09%) is bucking the trend together with Telecom Italia Media (+4,1%) on the hypothesis of a new incoming offer.
