The markets go up and down amid volatility and uncertainty as we await the G20 and this afternoon's summit on the issue of the Greek referendum. After an initial rebound, the mark returned in Europe in mid-morning and now the stock exchanges are once again positive: the Ftse Mib is up by 1,10%, the Dax by 0,84%, the Cac by 0,88, 100% while only the Ftse 0,22 continues to move down by XNUMX%.
On the Greece front, the bomb exploded in the hands of the European Union with the shocking announcement of the Greek prime minister George Papandreou of wanting to submit the rescue of the country to a referendum risks nullifying the work done so far and opens up the default scenario again. “A roll of the dice,” World Bank President Robert Zoellick called the referendum.
A tense climate that does not benefit from the news on the postponement of the EFSF bond: the EFSF state-saving fund has in fact decided to postpone the planned issue of bonds for 3 billion euros due to the market situation. The euro recovered from yesterday's lows of 1,3778 against the dollar.
SPREAD STABLE AT 430 POINTS PMI MANUFACTURING INDEX AT 28-MONTH LOW
The spread between the German Bund and Italian 430-year government bond, the weakest link in the European contagion risk of the debt crisis, today it is stable at around 455 points after yesterday shooting up to 20 basis points, a level never reached before. Prime Minister Silvio Berlusconi has convened an extraordinary council of ministers for today at 28 pm to launch some of the anti-crisis measures contained in the commitments of last week's letter to the EU. Meanwhile, on the growth front, the PMI index on Italian manufacturing collapsed in October to a 43,3-month low, reaching a value of 48,3 from 47,1 in September and well below analysts' expectations of 50. At the root of the decline is the marked decrease in production in a context of weak domestic and foreign demand. We are thus facing the third consecutive month in which manufacturing activity in Italy, according to the PMI Markit/Adaci index, stands below the threshold of XNUMX, the watershed between a situation of growth (above) and recession (below).
MINI REBOUND FOR BANKS
In Piazza Affari, the rebound of the banks continues, which saw yesterday's sales: Unicredit rises by 3,91% as the November appointment with the new business plan approaches, the first signed by Ghizzoni after the departure of Alessandro Profumo . Mps rises by 2,70% and Intesa by 2,39%. Mediolanum stands out with a rebound of 3,71%. On the other hand, Bpm (-3,60% with various suspensions), weighed down by the capital increase in progress (rights are also losing ground, down by 19%). Of course, looking at the recent capital increases of banks (and especially MPS), the script was that of a collapse of rights in the first days of trading and then substantial increases, even up to 40-50%.
STM SAYS THANKS TO NOKIA FINMECCANICA DRUG DOWN BY CEO ORSI'S WORDS
Stm also stands out among the best, benefiting from Nokia's choice to have ST-Ericsson, a joint venture between Stm and Ericsson, as the supplier of its next mobile phones. Also up were Fiat spa (+1%) and Fiat Industrial (1,77%).
Instead, Finmeccanica collapsed (-3,39%) after the words of CEO Giuseppe Orsi who denied the existence of negotiations for the sale of AnsaldoBreDa and Oto Malera intended instead for a partnership in the railway sector. Meanwhile, Finmeccanica's industrial plan should be presented next week. A2A is also bad (-1,59%), after the details on the agreement with Edf on Edison, Snam Rete Gas (-1,23%) and Luxottica (-1,06%) have come out in recent days.
