And now it's Draghi's turn again. The press conference of the ECB president Mario Draghi scheduled for Thursday after the meeting on rates is now eagerly awaited. The market awaits further details on the Abs purchase plan (however opposed by the frond of German hawks). This explains the positive reaction of the European market to a day marked by worrying data on the inflation and unemployment front. In Milan, the Ftse Mib closed up by 1,78%, Paris by 1,33%, Frankfurt by 0%. The exception is London which marks a drop of 0,55%.
The economy of the Old Continent turns to slower and slower pace. In September, consumer prices in the 18 countries with the common currency rose by only 0,3% over the same month in 2013, in line with economists' expectations, but slowing down from the +0,4% in August. The ECB's target of 2% inflation is getting further and further away. In Italy, Istat sees it possible "Italian inflation to remain at levels close to zero in the coming months" while youth unemployment rises to a new record of 44,2% in August. If the overall unemployment rate calculated by Istat fell slightly to 12,3%, down by 0,3 percentage points in economic terms and by 0,1 points over twelve months, the broader unemployment calculated by Cnel (widening the field also to available inactive and partially unemployed) rose above 30% in 2013 "without however showing signs of slowing down in the first part of 2014". But even Germany sees its indicators worsening: in September unemployment rose by surprise for the second consecutive month, although the unemployment rate remained unchanged at 6,7%. The federal employment agency reports +12.000 unemployed, for a total of 2,918 million units (net of seasonality). Economists were aiming for a drop of 2.000. The unemployment rate remained unchanged at 6,7%.
The euro fell below $1,26 today after inflation in the euro area fell to its lowest since 2012. Wall Street is proceeding in positive territory despite disappointing macroeconomic data. US consumer confidence fell to 86 points in September from 93,4 in August, the lowest since May. Chicago's PMI fell to 60,4 points in September from 64,3 in August, below analysts' expectations. eBay celebrates on the price lists after the unbundling of PayPal and Apple wins back the 100 dollars after China's go-ahead for iPhone6 sales.
The banks are racing in Piazza Affari waiting for the ECB with the spread closing down to 141 basis points: Bper +4,56%, Ubi +4,47%, Mps +3,78%, Banco Popolare +3,56% . Also highlighted is Buzzi unicem +3,94%. Worst Fiat stock -3,41% on a negative day for the auto sector in Europe after Ford's profit warning. But the possible troubles also concern Fiat In a preliminary opinion published on the website, the EU Commission explained that it had doubts about the compatibility with the EU rules of Luxembourg's preferential tax treatment for Fiat Finance.
At the bottom of the Ftse Mib also Unipolsai -0,88%, Autogrill -0,4%, Telecom Italia -0,22%. Tod's -0,06% after a day in which luxury remains under special surveillance following the tensions in Hong Kong, an important market for luxury brands.
