Under the cold shower from the OECD, which revised its estimates for the Eurozone downwards, European markets are pulling the brakes. But after some uncertainty they close in positive territory with the exception of Milan. Frankfurt rose by 0,55%, Paris by 0,03% and London by 0,22%. Madrid -0,14%. Milan falls by 0,26%.
Piazza Affari is weighed down by fears of a new economic maneuver which, according to the OECD, would be necessary in 2014 "to stay on the planned path of debt reduction" if the new downward forecasts on the economy are confirmed. For Italy, the OECD expects a contraction of 2,2% in 2012 and 1% in 2013, against the previous -1,7% and -0,4%. No risk of a new maneuver instead for the Economy Minister Vittorio Grilli who confirmed the balanced budget in 2014 and the recovery in 2013.
Globally the OECD does not exclude the risk of a new significant contraction in the world economy, referring to a significant drop in confidence, a context of deleveraging, simultaneous budget consolidation in many countries and still rising unemployment in some countries which further depresses confidence and consumer spending. The organization has cut the estimates for the Eurozone to -0,4% in 2012 and -0,1% in 2013, with a positive return only in 2014 (+1,3%). Against -0,1% in 2012 and +0,9% in 2013.
The slowdown in the world economy dampens the optimism for the agreement on Greece found by the Eurogroup overnight, even if the European Commission did not want today provide details on how the buy-back operation by Greece of a part of the outstanding bonds will be financed and which will be disclosed by the Greek authorities.
After exceeding 1,30 against the dollar, the euro returned to decline and traded at 1,2930. The Btp-bund spread is at 329 basis points.
Wall Street also opened lower, still weighed down by fears over the fiscal cliff despite a series of positive economic data: Durable goods orders better than estimates, house prices up for sixth consecutive month according to the Case-Shille index; consumer confidence as measured by the Conference Board rose to 73,7 points from 73,1 points in October, above expectations and to its highest value since February 2008; the Richmond Fed manufacturing index rose to 9 points in November from -7 in October.
At the close of Europe, the US indices moved back towards parity (Dow Jones -0,09% and Nasdaq +0,02%). ConAgra Foods has closed a deal to acquire Ralcorp for $4,95 billion creating one of the largest food packaging companies in the US. Amazon has reported that during the Black Friday weekend it doubled Kindle sales compared to the same period last year.
Stm rises in Piazza Affari +2,14%. The group has announced that it has been chosen together with the American Pni Sensor Corporation for the new Wii U from Nintendo. Finmeccanica +1,78%. According to press rumors reported by Il Messaggero, the summit with Siemens for the sale of Ansaldo Energia would have resulted in a stalemate due to the extension of the negotiations and the entry into the field of the Italian strategic fund. Also highlighted were A2A +1,60%, Lottomatica +1,42% and Campari +0,79%.
At the bottom of the Ftse Mib Telecom Italia -3,23%, after the declarations of the Egyptian entrepreneur Naguib Sawiris who says he is willing to subscribe to a share of a capital increase of 3 billion, provided that the new shares are issued at the market price. In an interview with Reuters he proposes for Telecom a capital increase of 3 billion euros open to all shareholders at a price of 0,70 euros per share. Furthermore, Sawiris says he is absolutely against the unbundling of the network. "It would be a catastrophe," Sawiris said. "If Telecom does so, it will lose the only element of differentiation it has left in the telecommunications market in Italy".
Exor -1,66% and Mediaset -1,47% also fell. Il Biscione closed in negative territory after the rise in the morning following the promotion of Mediobanca to "neutral" from "underperform". Among the biggest declines in the main basket, Prysmian dropped 1,38% and Autogrill -1,22%.
RCS rises by 2,36% after the rally of the last two sessions. Tomorrow the council should meet again for continue examining the group's strategic plan and above all to arrive at defining the entity of the financial requirement to implement it. Starting from a base of 400 million which serves to cover losses for 380 million in the nine months, the fresh resources to be injected could rise up to 700-800 million, also through sales, synergies and capital increases.
