Volatility and widespread sales on European lists that suffer the new Asian collapse. Shanghai fell by 6,15% e Hong Kongby 1,43%. Investors are worried by the stagnating economy and a reduction in support measures by the authorities. For the rating agency Moody's China will grow by 6,8% this year and 6,5% next year to reach a rate of around 6% by the end of the decade.
“The recovery in the US and, to a lesser extent, in the Eurozone and Japan – observes Moody's – will be offset by the continuing slowdown in China, low or negative growth in Latin America and the only partial recovery of Russia after the recession of this year".
In addition to the risks deriving from Beijing, the risks on US interest rates and Greece also weigh on the expected global growth already sluggish over the next two years. The rating agency maintains its forecast of 2,7% growth for the G20 countries this year and 3% next year after the 2,4% recorded in 2014. The average growth rate before the crisis according to Moody's will not be recovered over the next five years.
In Europe the Ftse Eb, fluctuating during the morning, lost 0,05%, Paris 0,38%, Frankfurt 0,05% and London 0,64%. TheBTP/Bund spread it's at 114 basis points. The continuous drop in oil also weighs on the price lists. WTI is $41,6 a barrel.
He suffers the Thai bag after yesterday's attack in Bangkok which hit the tourism sector, vital for the country's economy and the local currency, the bath, has slipped to a six-year low.
In Britain inflation has done better than expected. It fell 0,2% month-on-month in July amid expectations for a 0,3% decline. Consumer prices rose on an annual basis by 0,1% against expectations of unchanged growth. Now the markets are looking at the afternoon macroeconomic data arriving from the USA: the new building permits for July and the new construction sites for July.
Tomorrow is on the agenda publication of Fed minutes and cousin the vote in the Bundestag on the third bailout package for Greece. In an interview with the Rheinische Post newspaper, Marcel Fratzscher, president of Diw, the German economic research institute, called for a plan to reduce the Greek public debt to bring the country back into growth.
“The idea would be – he added – that if the Greek economy does not grow, the country is exempt from paying debt repayments and interest. When it returns to growth, interest payments and debt installments rise proportionally”.
Meanwhile Athens is making cash with the first privatization of the Tsipras government: the State sold 14 regional airports to the German airport manager Fraport for 1,23 billion euros, a sale which had in any case already been approved by the previous government which was then frozen with the elections in January of the radical left premier Alexis Tsipras.
In Piazza Affari purchases on Mediaset (+0,72%) from which the first responses are expected today on the Premium pay-TV subscription campaign launched at the beginning of July. Highlights too Telecom Italy (+ 0,68%), stm (+ 0,67%), Moncler (+ 0,64%) and A2A (+ 0,51%).
Out of the Ftse Mib leaps Prelios (+16,4%) driven by press rumors of interest from abroad in the new company focused on real estate services which will be born with the spin-off of the investment part. Prelios' sprint revives the entire real estate sector:Cleansing + 5,46% Gabetti, + 2,98%, Aedes + 2,37%.
Sales on Cnh Industrial (-2,02%) and on oil stocks: Tenaris -1,6% and Saipem -1,1%. At the bottom of the Ftse Mib too Tod’s(-1,38%) And Azimuth (-1,34%).
