The European stock exchanges open lower today: Milan -0,23%, London -0,15%, Paris -0,10% and Frankfurt +0,13%. Spread down 139 basis points.
Yesterday, however, the price lists had risen in anticipation of the ECB. Meanwhile, the protests in Hong Kong continue, but the Chinese markets will remain closed until Monday for the celebration of the People's Republic. The Beijing PMI index is stable compared to a month ago.
Tokyo advances (+0,3%) thanks to the positive figure of the Tankan which signals greater confidence in the manufacturing industry. Conversely, the US stock markets closed in negative territory, on the wave of disappointing macro data, starting with the lower-than-expected growth in the prices of new homes: Dow Jones -0,17%, S&P and Nasdaq -0,28%. Shine on Wall Street eBay (+7,8%) after the decision to proceed with the listing of Pay Pal as requested by raider shareholder Carl Icahn.
The Paris Stock Exchange rose by 1,3%, Madrid +1,3%. Frankfurt (+0,5%) is less brilliant, where the decline of all automotive industry stocks was felt. Piazza Affari rose together with the other European stock exchanges, driven by expectations of possible new initiatives from the ECB to support growth in Europe and ward off the risk of deflation. In Milan, the FtseMib index gained 1,7%.
The dollar race continues: the dollar index, which indicates the value of the US currency against the six main currencies, is at its highest level since 2010. The euro slips below 1,26. In the last three months, the green currency has appreciated by about 9%.
ECB, NICE ABS ALSO PURCHASES ON CYPRUS AND GREECE
This is good news for Mario Draghi, on the eve of the ECB meeting in Naples in which information will be offered on the characteristics of the ABS purchases, fiercely opposed by the German flaks ("Draghi is reducing the ECB to a Bad Bank" wrote the president of the Ifo Hans Werner Sinn). According to the Financial Times tomorrow Draghi will propose to include loans from Cypriot and Greek banks in the list of securities to be purchased.
In the meantime, the data on inflation in Europe photographs a euro zone in which the economy is running at an increasingly slow pace. In September, consumer prices in the 18 countries with the single currency rose by only 0,3% over the same month in 2013. Things are no better in terms of unemployment, which does not drop (stable at 11,5%).
Meanwhile, Italy has revised downwards the objectives of the Def. This year, growth will not exceed 0,3%. Italy will increase its net debt by 0,7 points of GDP in 2015, obtaining a margin of around 11 billion for measures to support an economy still in recession.
On the markets, these reasonings translated into purchases of government bonds in the periphery. The spread dropped to 141 points in anticipation of this morning's German XNUMX-year auction.
FORD NAILS, FIAT SBANDS
Bad day for the Auto sector, down 0,4% in Europe after Ford's profit warning. Detroit's home falls 2,2% after Monday's crash (-8%). At Investor Day, the group announced that it had revised its 2014 accounts downwards. Russia, the slowdown in South America and the costs for cars collected due to defects in the USA weigh heavily.
Fiat left 3,4% on the ground. The EU dispute over the alleged violation of internal market rules thanks to the agreement between Fiat Finance and the Luxembourg tax authorities contributed to the negative performance. Renault -3%, Peugeot -1,1%,Volkswagen -0,8%.
Pirelli has eliminated the losses and marks a rise of 0,8% in closing after the president Marco Tronchetti Provera confirmed the 2014 targets.
BANKS, ENGINE OF THE RALLY
Good day for utilities and banks. In the credit sector, the performance of MontePaschi stands out (+3,7%). Unicredit +2,7%, Intesa +1%, Mediobanca +3,2%. The appreciation continues for cooperative banks, possible protagonists of a season of consolidation after the stress tests: Pop.Milano +2,5%, Ubi +4,4%, Banco Popolare +3,5%. Also in evidence is Carige (+2,3%): the conclusion of the negotiations with Apollo for the sale of the group's insurance companies has been postponed to 15 October. Among the insurances, Generali rose (+2,3%), UnipolSai decreased (-0,8%).
WAITING FOR HERA'S BUSINESS PLANS
Among the utilities, Hera's leap (+3,5%) stands out, in view of today's presentation of the three-year plan. Enel +1,8%, A2A +2%, Atlantia +1,6%. Oil stocks are up: Eni +2,1%, Saipem +2,7%. Good Saras +1,26%: the drop in crude oil is a panacea for refining margins.
FINMECCANICA TOP TITLE OF THE QUARTER
Among the industrials, the rise of Finmeccanica stands out (+2,2%) on the wave of the offers made by the Chinese Cnr-Insigma and the Japanese Hitachi to acquire the two companies of the railway hub, Ansaldo Breda and AnsaldoSts (up by 1,1. 12%). Finmeccanica is the best stock in the FtseMib index in the July-September quarter, with an increase of 3,9%. Strong increases also for Buzzi (+2,2%) and Prysmian (+XNUMX%).
TIM BRASIL AWARDS 4 G. WITH A DISCOUNT
Telecom Italia (-0,2%) has almost completely eliminated the losses of the morning. Tim Brasil yesterday won the auction for 4G frequencies in Brazil for an amount of approximately 670 million euros, 1% more than the auction base.
