The optimism of Wall Street it doesn't infect Milano, grappling with electoral tensions and certainties. While the Dow Jones hit a new intraday high above 14.300 points in the afternoon, Milan wiped out gains and closed down 0,47% while the spread recorded a slight decline to 321 basis points. Contrasted by the other European markets: Paris -0,35%, London -0,07%, Frankfurt +0,62%.
Europe today recorded the second estimate of Eurostat on GDP in line with the preliminary data with growth slowing on a monthly basis by 0,6% in the Eurozone and by 0,5% in the EU as a whole. Now the markets are looking to the ECB board meeting tomorrow and Draghi's words.
La confidence in the American market, in the aftermath of a record closing of the indices, was confirmed on the cia of the ADP data on private sector employment for February which created more jobs than expected and by the data on orders to industry for January which although down (-2%) did better than expected. Traders are now awaiting the Fed's Beige Book, and the results of tomorrow's stress tests on 18 US banks. But the controversy of the big American banks broke out over this communication. According to rumors, reports the Wall Street Journal, the banks have harshly criticized the central bank and the communication methods chosen, namely the publication in two parts: one on how the banks will react in the event of a strong economic slowdown on Thursday after the closing of the Stock Exchange, the other on buybacks and dividends next week, on which the Fed could give the green light for distribution. For bank managers, a two-stage communication risks causing volatility on stocks.
Meanwhile, the recovery of the greenback, with the euro/dollar exchange rate down to 1,2991 (-0,47%). Gold resists and resumes its ascent even if it is now from significantly lower levels than some time ago at 1.578,90 (+0,25%).
“Continue shooting american dollar which is putting pressure on major currencies and on the commodity front, oil – is the comment of Matteo Paganini, Chief Analyst of FXCM Italy – We also saw an attempt to break down on gold, which however quickly turned upwards, confirming the lateral phase and uncertainty. The jitters are starting to feel about tomorrow, where we will see Draghi speaking to the markets, which could lead to sharp increases in market volatility. Note the sharp decline that affected the Canadian dollar, after the decision not to move the reference rates, given the difficulties that Canada is going through, which is highly exposed to the United States. This evening at 20 the so-called Beige Book will be published, the survey drawn up by the 12 districts of the Federal Reserve which, in the event of good news, could lead to a rise in the US dollar and the stock exchanges”.
Il Wti oil it drops to 90,02 dollars per barrel (-0,92%) affected by the uncertainties after Chavez.
At Piazza Affari it goes up Finmeccanica by 2,85% after the 350 million order for AugustaWestland. In light of the Ftse Mib also Enel Green Power +1,15%, Prysmian +0,71%, Intesa +0,56%. Fiat +0,19% after Sergio Marchionne confirmed the 2013 targets at the Geneva Motor Show.
Italcementi +5,15%: Carlo Pesenti anticipated that in 2013 the group could return to profit.
At the bottom of the main basket Ansaldo Sts -2,66% after the accounts, Saipem -2,61% Diasorin -2,48% Ps -2,46% and Pirelli -2,09%.
