HOLDING DOWN THE GDP, NEW OIL MINIMUM. MARRIAGE TESTS BETWEEN A2A AND IREN
The economies are holding back, from China to old Europe. Crude still slows down. Brent, Europe's reference crude future, trades at 96,5 dollars (-0,6%), the lowest since June 2012. The stock exchanges open the week in a subdued tone.
The Milan Stock Exchange worsens, the FtseMib index is down by 1% to 20.963. Reductions also widespread in Europe, with London losing 0,32%, Paris -0,4% and Frankfurt -0,05%. Madrid -0,34%. While awaiting the Scottish vote, the rise to 10-12% of the anti-euro party, Alternative fur Deutschland, in Thuringia and Magdeburg should be noted.
The spread restarts from 145, the yield of the ten-year BTP is equal to 2,49%. GDP in ever deeper red for Italy. According to the OECD, the decline in the peninsula's GDP will be 0,4% against the +0,5% indicated in the six-monthly Outlook last May. Also for 2015 the revision is clear: the estimates now point to +0,1% against the +1,1% predicted last spring: Italy is the only country in recession among the big names. But the OECD has almost halved the prospects for the Eurozone: the expected growth this year is reduced to +0,8% (from +1,2%) and to +1,1% (from +1,7% next ).
Sore notes also from the East. Chinese industrial production: in August it recorded the most modest increase since the end of 2008. In Piazza Affari Eni loses 1,5%, it is the seventh consecutive session of decline. Saipem drops by 1,3%. Enel -0,9%. A2A loses 1,6% and Iren rises by 1,5% on the wave of a merger project between the two companies. For Iren, the candidacy of Gabriele Del Torchio is looming, this morning A2A stated that any growth operations will be contained in the industrial plan.
Finmeccanica -0,5%. A decision on the sale of the subsidiary Ansaldo Sts -1% is approaching. Fiat falls by 1%, StM -2,1%. Among the banks, Unicredit -1%, Monte Paschi -2,7%, Ubi Banca -0,5%, Banca Popolare di Milano -1,2% are down. Only Intesa is up by 0,4%. Already also insurance companies and asset management companies. Generali -1%, UnipolSai -1% and Mediolanum -1%, Azimut -1,4%.
