European stock selling showing prudence ahead of tonight's Fed minutes. On the one hand, the market is looking to the indications that will arrive from the American Central Bank on the state of health of the US economy to get information on future interest rate policy from Janet Yellen (and fear a tightening more severe than expected). On the other hand, European stock markets are weighed down by fears about the growth of the Old Continent after the IMF yesterday cut its estimates and today new data were released on the slowdown also in Germany. Milan loses 0,6%, Paris -0,97%, Frankfurt -0,95%. Closes above parity London +0,03%
The Btp Bund spread closed down at 143 basis points. In particular, the super-index of the economy for the OECD area remained stable in August at 100,4, at the same level as in July, but Germany experienced a marked drop from 99,7 to 100,1. Italy stops at 101,3.
Tomorrow's edition of the Handelsbatt newspaper anticipated that Germany's four major economic research institutes, Munich's Ifo, Berlin's DIW, Essen's Rwi and Halle's Iwh, have cut their estimates of German growth in 2014 and in 2015. Institutions expect growth of 2014% in 1,3 compared to previous expectations of 1,9% (April). Even more evident is the revision on 2015 which drops to 1,2% from 2%.
Cuts also in Portugal: the country's central bank has revised its 2014 Lisbon GDP estimates to 0,9% from the previous 1,1% due to a less sustained increase in exports than expected. The Portuguese government, on the other hand, expects a +1%. In Spain industrial production rose, according to provisional data, by 0,2% on a month-on-month basis and by a 0,6% trend in August, slowing down compared to the previous months.
Against this backdrop of fears about growth, oil slows down: Brent has touched new lows since July at 87,8 dollars a barrel, WTI oil drops 1,72% to 87,14 dollars a barrel. The euro-dollar exchange rate is substantially stable at 1,2678 while gold drops by 0,12% to 1.210,90 dollars an ounce.
Wall Street at the end of Europe proceeds in negative territory: the Dow Jones is unchanged, the Nasdaq loses 0,39% and the S&P500 0,32%. In addition to the Fed, the market is looking at the start of the quarterly season with Alcoa's accounts this evening, with the markets closed. Analysts' expectations for corporate America are overall positive and they expect a good growth in earnings.
A Piazza Affari the best stocks of the Ftse Mib are banks and financial companies: Azimut +1,03%, Mps +1%, Bpm +0,94%, Banco Popolare +0,27%. However, the sector is mixed overall: Ubi -0,71%, Intesa -0,35%. Unicredit -1,41% after the news of the two offers for Uccmb, the subsidiary operating in the management of non-performing loans.
Enel also slips negative -0,66% after the purchases in the wake of the ok to the maxi coupon by the subsidiary Endesa. Fiat unchanged, cancels the earnings due to the announcement by Sergio Marchionne who in an interview with Businessweek assured him he will remain at the helm of the FCA group until 2018. Another thump for Wdf -4,68% after the alarm raised on the price increase Spanish rentals. Followed by Autogrill -3,39%. Tenaris -3,36%. A2A -2,81%. Enel Green Power -2,3%.
Telecom -1,16%. Today the CEO of Mediobanca, Alberto Nagel said that he is excluding contacts with other Telecom Italia shareholders, such as Vivendi or others, to create a mini-patto or a new agreement between the shareholders. Mediobanca remains the seller of Telecom.
The Btp Bund spread closed down at 143 basis points
In particular, the super-index of the economy for the OECD area remained stable in August at 100,4, at the same level as in July, but Germany experienced a marked drop from 99,7 to 100,1. Italy stops at 101,3.
Tomorrow's edition of the Handelsbatt newspaper anticipated that Germany's four major economic research institutes, Munich's Ifo, Berlin's DIW, Essen's Rwi and Halle's Iwh, have cut their estimates of German growth in 2014 and in 2015. Institutions expect growth of 2014% in 1,3 compared to previous expectations of 1,9% (April). Even more evident is the revision on 2015 which drops to 1,2% from 2%.
Cuts also in Portugal: the country's central bank has revised its 2014 Lisbon GDP estimates to 0,9% from the previous 1,1% due to a less sustained increase in exports than expected. The Portuguese government, on the other hand, expects a +1%. In Spain industrial production rose, according to provisional data, by 0,2% on a month-on-month basis and by 0,6% on a trend basis in August, slowing down compared to the previous months.
Against this backdrop of fears about growth, oil slows down: Brent has touched new lows since July at 87,8 dollars a barrel, WTI oil drops 1,72% to 87,14 dollars a barrel. The euro-dollar exchange rate is substantially stable at 1,2678 while gold drops by 0,12% to 1.210,90 dollars an ounce.
Wall Street at the end of Europe proceeds in negative territory: the Dow Jones is unchanged, the Nasdaq loses 0,39% and the S&P500 0,32%. In addition to the Fed, the market is looking at the start of the quarterly season with Alcoa's accounts this evening, with the markets closed. Analysts' expectations for corporate America are overall positive and they expect a good growth in earnings.
In Piazza Affari the best stocks of the Ftse Mib are banks and financial companies: Azimut +1,03%, Mps +1%, Bpm +0,94%, Banco Popolare +0,27%.
However, the sector is mixed overall: Ubi -0,71%, Intesa -0,35%.
Unicredit -1,41% after the news of the two offers for Uccmb, the subsidiary operating in the management of non-performing loans.
Enel also slips negative -0,66% after the purchases in the wake of the ok to the maxi coupon by the subsidiary Endesa.
Fiat unchanged, cancels the earnings due to the announcement of Sergio Marchionne who in an interview with Businessweek assured he will remain at the helm of the FCA group until 2018.
Another crash for Wdf -4,68% after the alarm raised on the increase in Spanish rents. Followed by Autogrill -3,39%. Tenaris -3,36%. A2A -2,81%. Enel Green Power -2,3%.
Telecom -1,16%. Today the CEO of Mediobanca, Alberto Nagel said that he excluded contacts with other Telecom Italia shareholders, such as Vivendi or others, to create a mini-patto or a new agreement between the shareholders. Mediobanca remains the seller of Telecom
