The Eurogroup meeting ended with nothing and the decision postponed to 13 November. The negotiations with Greece and the work of the Troika of foreign creditors for the payment of a new tranche of 31,5 billion aid by mid-November "are proceeding well, but are by no means closed", said the German Finance Minister, Wolfgang Schaeuble. The European stock exchanges pull the brakes and close in negative territory, with the exception of Milan. Piazza Affari rises by 0,12% after accelerating more than 1% during the day. Frankfurt lost 0,33%, Paris 0,87% and London 1,15%. The euro-dollar exchange rate was stable at 1,2965 (+0,05%).
The European anti-speculation regulation on short selling and credit default swaps comes into force tomorrow. Among the measures introduced, the ban on buying a CDS on sovereign debt without having the availability of the underlying securities (basically uncovered CDS) and the obligation to notify the competent authorities when the net short positions on listed shares and government bonds when they exceed a certain threshold.
The Btp-Bund spread closes at around 349, practically unchanged compared to the 351 points at the opening. The yield is at 4,95%. The Bonos-bund spread is at 415 united from 419 in the opening. Capital flight continues in Spain from June 2011 to last August 343,021 billion euros were taken away from the country while unemployment rises to over 25%, as in Greece. New peaks in unemployment also for the Eurozone which reached 11,6% in September and 23,3% for young people.
Wall Street resumed trading today following a halt due to Hurricane Sandy. The Dow Jones dropped 0,37% and the Nasdaq 0,86% weighed down by Apple which lost 1,6% after the news of the renewal of the first line of managers initiated by CEO Tim Cook. Facebook – 4% after the lock up on employee shares has expired.
With the macro data released today that didn't excite.
The Chicago PMI rose to 49,9 points in October from 49,7 in September, remaining below the 50 threshold and doing worse than expected, which expected a rise to 51 points, ie already in economic expansion territory. The labor cost index in the United States showed a 0,4% increase in the third quarter compared to the previous three months, while economists had expected a 0,5% increase. On an annual basis, the growth was 2%. This is what was communicated by the Department of Labor.
In Piazza Affari if Fiat Industrial +3,02% is the best stock of the Ftse Mib after the quarterly accounts and the confirmation of the achievement of the objectives for 2012, Fiat sinks to -4,33% after cutting the 2013 and 2014 targets.
Today GM released first quarter accounts with profits down but above expectations, Europe continues to suffer where cuts of 2.600 units are expected, operating break-even is expected by 2015.
Finmeccanica +2,80%, Prysmian +2,13% after the new 400 million order for the Italy-Montenegro interconnection. Telecom Italia +1,65%. Telecom Argentina, the South American subsidiary of Telecom Italia, closed the third quarter with a profit growing to 629 million pesos (101,6 million euros), against 616 a year ago. Double-digit growth for turnover, which grew by 18% to 5,64 billion pesos. On Ti Media the press talks about head to head between Clessidra and H3G. Mps, -2,43%, was also in the red on the Ftse mib, -2%, on a day of decline for the banking sector. A2,19A-2,16%, Stm-1,57%, Ansaldo -XNUMX%.
