THE GHOST OF ATHENS WALK AROUND THE BAGS
MILAN SUFFERS LESS THAN PARIS AND FRANKFURT
A shot in the arm from the US, thanks to better-than-expected macro data, has allowed European stock exchanges to reduce downward pressure. In Milan, the FtseMib index closed with a fall of 1,3% at 14.636. The losses on other markets are more marked. The black shirt goes to Frankfurt -2,14% and Paris -1,73% dragged down for most of the session by bank stocks. London loses 1,53%. The American ISM manufacturing index in September rose to 51,6, much better than the 50,3 expected and above the 50,6 of August.
Quota 50 represents the dividing line between growth and contraction. In addition, construction spending grew by 1,4% in August, decidedly better than expectations which indicated -0,2%, and up from -1,2% the previous month. On the government bond market, the price of the 5,47-year BTP is almost unchanged with the yield at 1% (+366 basis point). The spread with the Bund is stable at 78,2 basis points. But these notes, while positive with respect to the fear of a new slowdown in the global economy (as witnessed by the drop in the prices of WTI crude traded at 1,2 dollars a barrel, down XNUMX%), are not enough to counter the Greece syndrome.
DOWN 4,5% AXA AND ALLIANZ. GENERALI HOLDS IN THE Swoop
BPM, ABNORMAL RISE OF FONSAI
The securities of the major European banks are under pressure, starting with the French institutions, the most exposed to Athens: Bnp Paribas -5,6%, SocGen-4,8%, worse than the insurance giant Axa -4,5%. Swiss and English institutions are also bad: Ubs, which yesterday announced that it had enlisted Fabio Innocenti, former Banco Popolare and Biis at the helm of the Italian bank, loses 0,3%, Credit Suisse -1%, Barclays -4,5% . But German finance is above all in the crosshairs: Deutsche Bank loses 3%, Commerzbank sinks down by 6,7%, the giant Allianz is down by 4,7%.
Things are better in the Bel Paese: Generali falls by only 0,6%, while Unipol loses 4,6%. The leap in the final lines of Fonsai is anomalous, rocketing to 1,740 euros (+10,2%) at 17 and 7 minutes. Among the banks, Intesa drops by 0,42%, Unicredit -2,55%. Bpm, after the race in the morning, reversed course: -4,92%. Fiat loses – 3,37% on the day of the dispute with Confindustria. On the altars Ansaldo which gains 2,4% on the hypothesis of a possible sale of the company. But Finmeccanica did not recover (-1,5%). Azimut +1,7% is also on positive ground.
US DATA SUPPORTS WALL STREET
GOLD RISES AGAIN, CRUDE OIL DOWN
Wall Street's recovery after the macro data was short-lived. The Dow Jones fell by 0,19%, the Nasdaq by 0,17%. The dollar gains ground against the euro and reaches 1,329, the highest since mid-January. Uncertainty and the euro crisis bring "money" back to precious metals: gold rises by 1,5% to 1.648 dollars an ounce, from 1.663 dollars. The twelfth consecutive positive quarter ended in September with an overall gain of 8%. Silver rose by 2% to 30,5 dollars, down slightly from the 31,4 dollars at the start of the session. The tensions push volatility (Vix index 42%) to values not seen since mid-August, when the sovereign debt crisis exploded.
