Difficult morning for the European Stock Exchanges: while Piazza Affari starts badly also and above all for the merciless judgments of Société Générale on Italian banks, continental lists also open still lower on fears that the German Constitutional Court may reject the legitimacy of the bond purchase program (OMT) announced last summer by the ECB, to help countries in difficulty.
Today and tomorrow two decisive hearings are held before the Court in Karlsruhe, while the final decision is expected at the end of the summer, probably after the German elections on 22 September. Paris (-0,41%), Frankfurt (-0,65%), Madrid (-0,67%) and Milan (-0,53%) follow the negative trend of the Tokyo Stock Exchange (-1,45% ), in turn penalized by the Boj's decision to leave the measures to support the economy unchanged, while investors were expecting further announcements.
