The European stock exchanges closed heavily: the Ftse Mib lost 1,43% to 15.198,31 points, the Dax lost 1,06%, the Cac 1,60%, the Ibex 0,4% and the Ftse 100 is 1,49%.
The pressure on the listings of a volatile day already in the morning had eased slightly in the early afternoon. In Italy the speech by Mario Monti in the Senate he helped the Ftse Mib to reduce losses while positive macroeconomic data arrived from the USA on unemployment benefits and on the construction of houses and building permits.
Not enough, however, to reverse the mood of investors who look worried at the increase in spreads throughout the Euro area. Especially after the collapse of the Philadelphia Fed index which measures the forecast on business in the United States. In November the index settled at 3,6 points, much lower than October (8,7) and expectations (8,0) mainly due to the new orders component.
Wall Street which opened weak, is still traveling in the red with the Dow Jones down 0,25% and the Nasdaq down 1,35%. Yesterday the US lists were hit by the warning of Fitch: US banks' outlook could worsen if the eurozone crisis is not resolved in a timely manner. And today the rating agency issued its first judgment on the new Monti government: the Monti government will demonstrate its credibility in carrying out economic, fiscal and structural reforms and has the potential to stay in office until the 2013 elections. But he also pointed out that it is possible that Italy has already slipped into a recession.
LIVE SPREAD IN FRANCE AND SPAIN
HELP FROM THE ECB “THROUGH” THE IMF
While the spread between the Btp and bunds falls below the threshold of 500 points to 494 (yield at 6,83%), the scapegoat Italy is placed among the special supervised in Spain and France.
In fact, today the record was set for the spread among the ten-year bonds of France and Germany which broke through the threshold of 200 points, a level never reached since the birth of the euro (to then return to 180 points). In the meantime, Spain is also reaching the Cesarini zone, i.e. bailout, with the spread at 499 points (later reduced to 480) and an interest rate of 7% with three days to go before Sunday's political elections.
New purchases of Italian government bonds by the ECB emerge from operators today as well, while opposition from Germany continues: German Economy Minister Philipp Roesler criticized this morning the continued purchase of bonds from weak eurozone countries, such as the Italy, by the European Central Bank. And even Merkel has once again reiterated the German no to making the ECB the lender of last resort. However, Merkel wants to introduce the theme of a "limited change of the European treaties" to the agenda for December.
But according to press rumours, the IMF has discussed with some EU officials the idea that the ECB could also provide an indirect bailout to large countries by providing financing to the IMF itself and thus bypassing the restrictive obstacles that prevent it from directly financing the States. Despite the tensions theeuro recovers in area 1,352 against the dollar. The Wti oil retrace 100,5 dollars a barrel.
WEAK BANKS
FONDIARIA AND FINMECCANICA COLLAPSE
In Piazza Affari, the banks are in the red, after a day of declines for the entire sector in Europe. In France BNP Paribas drops by 4,62%, the group announced 1.700 layoffs. In fact, a wave of cuts is sweeping the sector: at the beginning of the week Unicredit announced in three-year plan 5.200 redundancies. Cordusio Square closed with a slight decrease of 0,67%. Intesa Sanpaolo, where the succession to the CEO Corrado Passera was opened, called by Monti to the Ministry of Development and Infrastructure, closed with a decrease of 2,94%. Ubi of 0,34%, bpm -0,03%. Fondiaria Sai (6,48%) is still affected by the S&P downgrade.
On the corporate front it falls Finmeccanica -4,12%: according to rumors, the managing director, Giuseppe Orsi, would have blocked the real estate spin-off by renouncing a collection of around 300 million euros. Bad too Buzzi Unicem -5,89% and A2A (-3,41%) which was affected by the cut of Exane to underperform and the target price of 0,85 euro. According to sources, the municipal company has convened the Management and Supervisory Board together for November 29 to examine the situation of the Edison negotiations.
Among the best titles rise Luxottica (+1,11%) after signing a letter of intent with the Armani group. Instead, it closes lower sapphire (-2,23%) despite benefiting from Citigroup's upgrade to buy from neutral in the session. Highlights too Ansaldo Sts (+0,63%) which yesterday announced that it had started the treasury share buyback programme, ed Enel Green Power (+ 0,79%) and Impregile it (+ 0,38%).
