Waiting for theagreement on Greece, new signs of suffering of the German economy are arriving. The Zew index surprisingly dropped again in November to -15,7 points against expectations of -8 points. In October it stood at -11,5 points. The European Stock Exchanges move in negative territory: in Frankfurt E.on loses 8% after a downward revision of the targets for 2013, Paris -0,48% and London -0,63%. In Great Britain, inflation rose in October with a decisive acceleration of 2,7%, above the consensus forecasts of analysts at 2,4%. Investors on Wall Street remain concerned about the approaching fiscal cliff.
Piazza Affari returns to negative territory -0,6%, after the sprint above parity at the end of the morning on the accounts of the big Intesa and Unicredit which did better than expected.
Intesa (+ 1% after a leap of more than 2%) closed a profit for the quarter of 414 million, down 11,9% compared to 470 million in the previous quarter due to the higher tax burden. But the result is better than analysts' expectations. In the first nine months, the net result amounted to 1,68 billion, down by 12,5 percent. Revenues increased by 6,9% in the first nine months to 13,38 billion euro, while in the quarter alone the improvement was 7,6% to 4,44 billion. The bank expects "stable operating profitability" by the end of the year. Unicredit rises by 0,5% after a sprint and drops by 3% immediately after the publication of the accounts. Piazza Cordusio filed profits for the quarter above expectations at 335 million.
Today the Treasury has managed to place all of the 6,5 billion euro a year on offer with an average rate down to 1,762% from 1,941%. The Btp bund spread travels at 370 after a peak in the morning at 375 points. In the morning the Bank of Italy released the public debt figures for September which added a new record of 1.995,1 billion euros, 19,5 more than in August. In the first nine months of 2012 tax revenues were equal to 280 billion, an increase of 2,6% compared to the same period of 2011.
Athens managed to place four billion short-term government bonds, approaching the five billion bonds that mature on November 16th. In detail, it placed 1,3 billion 13-week bonds at the auction at a rate of 4,2%, and 2,763 billion one-month bonds at a rate of 3,95%. Now awaiting Thursday's auction with which it could cover all the necessary amount.
"Greece will not default," he assured the president of the Eurogroup Jean-Claude Juncker, stating that "November 16 will be no problem". The rollover of short-term bonds will allow the country to refinance itself pending the arrival of the 31,2 billion tranche of aid. In particular, it is hoped that on 20 November, the date of the new Eurogroup, there will also be all the necessary elements to give the green light to the next tranche of 31,2 billion euros so that this can be disbursed by the end of the month. Yesterday evening the Eurogroup made progress towards an agreement on new loans to Greece but there are still issues to be resolved. In particular, how to finance the extra time that is to be granted to Athens, for an estimated cost of over 30 billion, and find an agreement with the IMF on debt sustainability. Christine Lagarde, director of the IMF, admitted the existence of differing points of view on the date by which the debt/GDP ratio should be reduced to 120%: for the IMF, 120% will remain by 2020, while the Eurogroup would prefer postpone the target to 2022.
The OECD has announced that unemployment in industrialized countries remained at 7,9% in September, the same rate recorded since January 2011, but worsened again in the Eurozone where it increased for the 16th consecutive month. rising to 11,6% (+0,1). In Italy, based on the Organization's harmonized data, unemployment rose to 10,8% from 10,6% in August.
Lottomatica +1,25%, Luxottica +0,82% and Péarmalat +0,9% rise on the Ftse Mib. Down Enel Green power -4,12%, Mediaset -3,39% awaiting the accounts expected in closed markets. In the meantime, as reported by La Repubblica, the European Commission would have sent a letter to the group in which it would impose a further anti-trust ceiling on the Alfa group. Pirelli -2,94% following the accounts and the cut in revenue estimates for the whole of 2012. Enel -2,39% and A2A -1,78% in the wake of the decline in utilities and E.On. Telecom Italy drops 1,1% after yesterday's leap in the wake of the offer from the tycoon Sawiris. RCS drops more than 3,4% in Piazza Affari, after yesterday publishing the quarterly accounts, while the industrial plan it is working on the new CEO Pietro Scott Jovane will be presented in December.
