The anti-austerity protests in the streets cross Europe which is officially back in recession. For the second time in three years. Eurozone GDP in the third quarter, reports Eurostat, it was negative at -0,1%, after -0,2% of the second and zero growth of the first. Italy is also in recession with -0,2%, while Germany is holding back more than expected, with GDP growth of 0,2%, like France. In addition, there is the fear of the fiscal cliff in the USA, the escalation of violence in the Middle East and the timer on Athens.
The European stock exchanges all closed slackly in negative territory: Milan -0,59% Frankfurt closed at -0,82%, Paris -0,52%, London -0,77%. The euro dollar is recovering at 1,2781%. WTI oil is down to 85,79 dollars a barrel (-0,61%).
He is in no different mood also Wall Street weighed down by the disappointment for Walmart's quarterly and by some macro data that the Sandy effect: The data signaled a sharp increase in jobless claims and a surprise fall in November to -10,7 the Philadelphia Fed. The Dow Jones fell 0,52% and the Nasdaq 0,53%.
By Tuesday 20, when the Eurogroup reconvenes, it is necessary to find a solution to Greece's financial gap, which has been given two more years to recover. "we want a real solution" to the problem, "not a short-term solution", said the IMF spokesman today, reiterating that Greece's debt must fall to 120% of GDP in 2020, a point on which it has been consummated in recent days an open disagreement between the IMF and the EU. Surprise yesterday the general manager of the International Financial Institute (Ifi) Charles Dallara surprisingly, he issued a warning against austerity programs and asked for more creative solutions to revive the economy. In Greece the German consul in Greece, Wolfgang Hoelscher-Obermaier was greeted by a well-stocked throw of water, coffee and eggs and reports the Athenian newspaper Kathimerini, about half of Greek companies have resorted to pay cuts and reductions this year of the staff.
Today Greece sold one and three-month government bonds worth €937,5 million, bringing the total raised on the market this week to around €5 billion after Tuesday's €4 billion auction. Bonds for about 5 billion euros will mature tomorrow and Athens had decided to return to the market after the Eurogroup postponed the disbursement of the tranche of aid.
In Italy, the Treasury has placed 658 million euro of BTPs with specialist operators: assigned 455 million of the three-year BTp expiring 15/07/2015, 122,412 million of the 15-year off-the-run BTp expiring 01/08/2023 and 80,562 million of the 30-year off-the-run BTp expiring 01/11/ 2029. Btp bund spread is down to 355 basis points since opening 362 points. For Mario Draghi, president of the ECB, who spoke today at the inauguration of the Bocconi academic year, the recipe for consolidation is a reduction in current expenses and not an increase in taxes.
France continues to benefit from the favor of the markets. Today, the French Treasury raised 7,487 billion euros on the market through medium-term bond auctions, with interest rates at historic lows for 2- and 5-year bonds.
Impregilo +1,71% and Fiat +1,14% shine in Piazza Affari. CEO Sergio Marchionne said that Fiat Chrysler integration is inevitable. Marchionne estimates that the group will sell more than 2013 million cars in 4,3 next year, including a minimum of 2,6 million from Chrysler. Mps +0,80% tries to recover after yesterday's disappointment for the accounts (-5% yesterday on the Stock Exchange). UniCredit +0,70%. Luxottica +0,30% which should increase its weight in the European Msci Global index At the bottom of the Ftse Mib A2A -4,47%. Today the management board approved the issue of bonds "up to a maximum of one billion euros which will be placed with qualified investors and whose admission to listing on the Luxembourg Stock Exchange will be requested". Campari -4,28% and Autogrill -3,29%. The former will not enter the MSCI Global European index while the latter, like Mediaset (-2,75%), will be excluded. Saipem -4,02%
