New year of sales on world stock exchanges. The European squares close the first session of 2014 down but the exploit of Fiat +16,4% saves Piazza Affari which limits the red: -0,2%. The spread falls further and further down to 202 basis points, the lowest since July 2011. The Lingotto is galvanized by the agreement with the Veba fund to go up to 100% of Chrysler. Fiat conquers the US company without a capital increase. Exor also performed well, rising by 4,46%. Also highlighted is Fondiaria Sai awaiting the debut of Unipol Sai on Monday. Still increases for Yoox +3,31%, which recently entered the Ftrse Mib.
More marked drops for the other European markets with the exception of London -0,46%: Paris -1,6%, Frankfurt -1,59%, Madrid -1,58%. Athens +3,64% goes against the trend. European equity markets worsened the slide after the start of Wall Street also hit by the gains. If the afternoon's sentiment were confirmed (the Dow Jones dropped 0,69% and the Nadaq 0,94%), the stock markets would close the first start of the year since 2008 in the red.
Despite overall macroeconomic data higher than expected. US jobless claims fell 2.000 units last week to 339.000, while analysts were betting on 344.000. In December the ISM manufacturing index, which monitors the performance of the manufacturing sector in the United States, dropped to 57 from 57,3 in November but did better than expected with experts expecting 56,8. Finally, construction spending rose 1% in November compared to October while analysts were expecting a 0,6% increase. WTI oil dropped 2% to 96,39, the euro-dollar exchange rate fell by 0,66% to 1,3272.
In the Eurozone, the PMI manufacturing index rose in December and reached a two-and-a-half-year high of 52,7 points. Slight increase in Germany, to 54,3 from 54,2, bad instead in France, which confirms the contraction with a drop in the index to 47 points from 47,1. In Italy, the figure rises beyond expectations and reaches its highest level since April 2011, marking the sixth consecutive increase. The final reading of Markit Economics indicates for Italy an increase to 53,3 from 51,4. The 50-point threshold acts as a watershed between expansion and contraction of the cycle. According to findings, the improvement is also due to the "faster" increase in new orders and the sharp increase in exports.
At the bottom of the main list are the banks: Ubi Banca -1,94%, Banco Popolare -1,79% but also Telecom Italia -1,73%, A”A -1,7% and Tod's -1,65%. Salini Impregilo -1,35%. Title pays possible end to Panama Canal expansion work due to $1,6 billion in excess cost dispute between developers and Panamanian authorities, when total contract value is $3,1 billion .
