Piazza Affari closes down by 0,75% and the Btp-bund spread rises to 325 basis points. Uncertainty about the Monti government checks the Milanese stock market, which loses up to 1% during the day, and makes investors' worries return. The other European Stock Exchanges were positive: Madrid +0,35%, Paris +0,31%, Athens +1,59%, London +0,16% and Frankfurt +1,07% on 4-year highs. Industrial orders in Germany rose 3,9% in October seasonally adjusted and 3,4% year-on-year non-seasonally adjusted, more than expected. But it is the Deutsche Bank bomb that haunts Berlin: Three former employees accused the bank of hiding losses of up to 12 billion on securities during the financial crisis in order to avoid bailing out the institution with public funds
Eurostat confirmed the flash estimate of GDP in the third quarter at -0,1% for the Eurozone compared to the second, confirming the technical entry into recession (two consecutive quarters of negative growth). And the Draghi's words have not improved sentiment: the Eurotower has revised downwards its estimates for the European economy for 2012, from -0,4% to -0,6%, it also said that the weakness of the economy will continue also in 2013, with GDP estimated at between -0,9% and +0,3%. The euro slips on the possible rate cut by the ECB and the exchange rate against the dollar goes to 1,2964 (-0,80%).
Gold climbs above $1.700 an ounce as Wall Street opens mixeddespite jobless claims numbers falling more-than-expected. As markets continue to eye the fiscal cliff juncture, where a deal doesn't look close, next week's Fed meeting is expected.
At the close of Europe, the Dow Jones rises by 0,05% and the Nasdaq by 0,76% . Epochal turning point for Apple that will return to produce the Mac in the US. In Piazza Affari, the banks penalized by the rise in the spread fell: Ubi Banca -2,77%, BMps -2,44%, Mediolanum -2,23%. Understanding -1,37%, Unicredit -1,02%. At the bottom of the Ftse Mib confirms the fall Saipem -6,7% after the resignation at the top caused by the investigation into an alleged corruption in Algeria for the construction of a gas pipeline. A2a (3,05%) pays the profit warning of the French Gdf Suez.
Telecom Italia -1,74% on the day of the board which takes stock of the offers for Telecom Italia Media and the spin-off of the networkAnd. Against the trend, Fiat Industrial +2,02%, Stm +1,98% and Mediaset +1,88%. Tenaris +1,60% and Tod's +1,05%. Among the midcaps, Erg leaps +10,7% Erg also does well after the company takes over the Gdf Suez wind farm
