RECESSION EFFECT: BERLIN HOLDS OFF, BEIJING NAILS
THE CONTROVERSY GIVE THE SPRINT TO FIAT. DOWN MEDIASET
Solid color week opening: all European stock exchanges close in the red while signs of recession multiply. On Wall Street the poor performance of technologies weighs heavily.
A Business Square the FtseMib index, despite recovering in the final, fell by 0,78%. The London Stock Exchange falls by 0,2%, Paris -0,8%, Frankfurt -0,5%. The Madrid Stock Exchange loses 1%.
Il Dow Jones falls by 0,21%, the Nasdaq falls by 0,71% and the S&P 500 is down 0,27%.
On the bond market the yield of the ten-year BTP it is flat at 5,03% with the spread at 347, +4 basis points on Friday's close.
Euro down slightly to 1,2906 from 1,2980 by Friday's close.
In Europe heavy declines among commodity stocks (-1,9% the sector index), followed by cement manufacturers (-1,7%) and the car industry (-1,2%).
The Bundesbank said that the signs of a slowdown in Germany's economic dynamics "are significant" and that the future scenario for the German economy "is characterized by great uncertainty". The German Ifo index released this morning in September stood at 101,4 points, below economists' expectations of 102,5.
The difficulties of a political agreement persist: the German Chancellor Angela Merkel he responded spadely to the request of the French president François Hollande to activate the banking union "as soon as possible", thus giving the impression of a slowdown in the implementation of the European agreements.
La European debt crisis it doesn't help. According to an article in the German weekly Der Spiegel, Athens could end the year with a 20 billion hole, double the 10 billion expected.
A study conducted by the New York research firm CBB International indicates that Chinese companies in the manufacturing and retail sectors are less optimistic about sales and are cutting labor costs. It is the umpteenth negative indication coming from Beijing after the disappointing data on the industry published last week. 2012 could close with the lowest growth rate in the last 22 years.
Among the blue chips of Piazza Affari, the most significant loss is by Mediaset which drops by 5,1%. The European broker Kepler intervened on the stock today, lowering the recommendation to returning from hold on the basis of the indications coming from the advertising market.
Rcs drops by 2,8%. Telecom Italia Mobile instead it rises by 1,5%. The parent company, Telecom Italia, however, lost 2%: the second shareholder, the Fossati family (5% of the capital) pressed for the network to be spun off.
On the contrary, it goes up Fiat +2,5% after Segio Marchionne's confirmation of the 2012 targets.
Sharp decline of Finmeccanica which drops by 2,7%. The subsidiary Ansaldo increases by 0,7%: after the choice of advisors for its sale.
Black day for StM which loses 3,4%, in line with the decline in American tech stocks.
Among the banks, UBI drops by 2,3%: Credit Suisse has initiated hedging with a negative underperform recommendation and a target price of €2,5. MontePaschi also fell -1,8%. Unicredit -0,7% and Intesa -0,5% recover in the final. Mediobanca moves up +1,8%.
