THE SHADOW OF THE REFERENCE SCARES THE BAGS. MILAN – 1,12%
US CONSUMER CONFIDENCE AT LOWEST SINCE APRIL 2009
Stock exchanges are getting worse, on the wave of negative news coming from European capitals: the uncertainty of Berlin, the nervousness of Paris, the feeling of helplessness of Rome. The result? European stock exchanges widen losses further. In Milan, the Ftse Mib index fell by 1,06% to 16.060, London -0,9%, Paris -1,54%, Madrid -1,3%. Not even Frankfurt holds the rise, the Dax index slips into negative territory at -0,5%. Wall Street also extends the declines: parties below parity, the indices now mark declines of more than 1%. The bear's prevalence is favored by the news that American consumer confidence in October, expected to grow to 46 points from the previous 45,4, has instead turned out to be sharply down to 39,8. The figure plummeted to its lowest since April 2009.
GERMANY THREATENS TO STOP BTP PURCHASES
THE SPREAD GOES BACK TO 388 BP. UNICREDIT -3,4%
On the eve of the decisive summit for the "global and ambitious" plan promised by Angela Merkel and Nicolas Sarkozy, uncertainty is increasing. In particular, the Financial Times refers to a European Union document destined for the Bundestag (which today will have to give the green light to Angela Merkel) in which it points out that it would take weeks, in addition to the assent of the main investors and rating, to develop a bailout fund for states capable of supporting the public debt of Italy and Spain. Otherwise, the EFSF will have to settle for the 250 billion available (out of the 440 of the initial endowment), without giving support to the purchases of securities by the ECB. In Europe, the German proposal to allow for the strengthening of the state-saving fund provides for the ECB to put an end to the purchases of government bonds on the secondary market and this would risk reducing the support for peripheral bonds. In a few minutes the spread went from 378 to 388 basis points.
Negative banks: Unicredit loses 3,4%, Intesa drops by 1.43%, Pop Milano -1,18. Fondiaria-Sai's rise again +1,3%, Generali -0,48% in negative territory. Even the oil companies, protagonists of a positive start, are now weak: Eni -1,18%, Saipem +0,1%, Tenaris +0,3%. Stm fell 7,42% after disappointing results announcement. Fiat is up slightly +0,37% Fiat Industrial +2,2%, Pirelli loses 1,61%. Lottomatica +2,8% is still in positive territory, Credit Suisse has raised the target price to 17,4 euros and Kepler has raised the judgment to Buy from Hold with a target price of 15,7 euros from 13,5. Among medium-sized companies, Maire Tecnimont is up again +1,7% after an important order, it reduces the initial gain which exceeded 6%. The decisive meeting to close Edison's game will be held on Thursday in Paris.
UPS AND 3M ACCOUNTS DISAPPOINT
THE YIELD ON TREASURIES UP
Wall Street opens lower: Dow Jones -0,15%, S&P500 -0,3%, Nasdaq -0,5%. In addition to the decline in consumer confidence, the disappointing quarterly results of UPS and 3M also weighed, while the data on the real estate market did not shake investor mood that much: the S&P/Case-Shiller index for August on 20 areas metropolitan railways is flat (-0,05%) on the previous month, against market expectations of a mini rise of 0,1%. The euro-dollar cross is little moved at 1,3908. Treasuries turn positive, the 2,2-year yield falls by 2 basis point to 3,2%, and the XNUMX-year yield falls by XNUMX basis points to XNUMX%.
