CLEAR ON THE FISCAL CLIFF, THE BAGS RECOVER
BLACK SEAT FOR MPS AND POPULAR BENCH
The shareholder of Wall Street recovers the decreases accumulated in the first part of the session after the declarations of the Congress spokesman, John Boehner, according to which the Republicans could reach an agreement with the White House in order to avoid the austerity measures linked to the fiscal cliff.
La Milan Stock Exchange recovers from the lows of the session but closes down for the third consecutive day: Ftse Mib index -0,17% at 15.453. European stock markets recover later the news on the American “fiscal cliff”.: London -0,06%, Paris +0,37% and Frankfurt +0,15%. Zurich lives in another dimension and rises by 0,3%.
Fears of a fall of the United States in a recession caused by the concomitant increase in taxes and a contraction in public spending, pushes WTI-type oil to its lows in the last 12 days at 85,6 dollars a barrel (-1,7%).
New homes listed for sale fell to 368.000 in October from 390.000 in September, economists had expected 389.000. The Dow Jones rises by 0,12%, in balance S&P - 0,09 and Nasdaq -0,06%.
The euro depreciates against the dollar to 1,291 from 1,294 at last night's close. The prices of government bonds rose unanimously, without distinction between the center and the periphery. The yield on the ten-year BTP fell by 11 basis points to 4,61%, a new low since June 2011, and the yield on the German Bund fell by 6 basis points to 1,36%.
In Europe some details emerge from theagreement with Athens: Greece would like the debt buyback to be voluntary. The operation is entrusted to Deutsche Bank and Morgan Stanley, the opening of the offer could take place as early as Monday.
In Europe, the worst sector is that of banks, down 2%. According to Joaquin Almunia, vice president of the European Commission, the restructuring of Spanish banks will cost 37 billion euros.
At sectoral level, banks (EuroStoxx index -1,3%) and mining companies (Stoxx index -1,3%) fell in Europe. Worst stock in the Stoxx 50 index is Deutsche Bank -3%
Between the Milanese blue chips the most marked drop is that of Banco Popolare which lost 4,06% after the warning of Moody's which put the rating under observation for a possible downgrade to junk level.
MontePaschi drops by 2,18%, Intesa – 0,87%, %. Unicredit -1,77%. Insurance companies are also weak: Unipol drops by 0,9%, Generali +0,02%. Fondiaria Sai +2% moves against the trend.
In managed savings, it falls Azimuth, down 1,7%. In October, asset management in Italy recorded outflows of 1,9 billion euro.
Among industrial stocks StM, which fell sharply in early trading, recovered, reducing the loss to -0,73%. Finmeccanica drops by 0,97%.
Fiat -0,23%%: the Turin-based company is preparing to present the new electric 500 at the Los Angeles Motor Show, a technology in which Marchionne clearly does not believe, but which the Fiat-Chrysler group must develop in accordance with the agreements with the White House . For every electric 500 sold, Fiat expects to lose 14 dollars.
Fiat Industrial drops by 2%, Pirelli + 2,2%. Telecom Italy salt by 1,41%. Go back down Mediaset, down 1%.
