A day in deep red for the world stock exchanges, bent by the 10% slowdown in exports of the world's second largest economy in September. The China syndrome affects everyone from Milan to London and the price is almost always above one percent: Milan's Ftse Mib closes at -1,22%. At 16 pm, Frankfurt's Dax 30 dropped -1,45%, Paris' Cac 40 -1,71%, London's FTSE 100 -1,2%. The Dow Jones (-0,96%9) and Nasdaq (-1,13%) also fell sharply, proving that Wall Street is worried about China's health, but also about the prospect of an upside rates in the short term. The minutes of the last meeting of the Federal Reserve can lend themselves to two readings: on the one hand, the need to proceed relatively quickly with a rate hike is reaffirmed, and on the other, it does not seem that this tightening will continue in the short term.
The fear of a slowdown in the global economy is added, however, in the United States, to the concern for the disappointing start of the quarterly results with Alcoa's accounts. Today was the turn of Delta Air Lines, which leads to declining profits, but less than analysts expected: net income of $1,26 billion, $1,69 per share, down 4% from $1,32 billion, $1,65 per share, for the same period in 'Last year. The blackout that grounded thousands of planes in August alone cost 100 million dollars. As if that weren't enough oil fell in New York, -1,4% to 49,59 dollars a barrel, after the data on weekly US crude inventories, The figure rose by 4,9 million barrels against expectations for an increase of 900.000 barrels. The contract in November at the Nymex marks a -1,4% to 49,59 dollars a barrel.
In Milan, especially the bankers, who had held up the levee well in recent days, are losing ground. One hour after closing, Popolare dell'Emilia-Romagna lost 4,36%, Banca Mediolanum -4%, Banca Popolare di Milano -4,61%, Banco Popolare lost 4,69%. After the optimism of recent days on the aggregation of the two popular companies today the Pact for the Bpm breaks the delay and, as Lisippo had done, openly takes sides against the merger. In a leaflet entitled "Vote freely NO", the association invites members to express themselves against the merger, emphasizing that "the merger takes the form of an acquisition of Bpm by Banco with the cancellation of value and identity" . According to Moody's instead not going down the road of the merger "would be a lost opportunity".
Single title against the trend Finecobank +5,58%. The market welcomes the placement of another 20% by Unicredit to institutional investors, due to the positive effects it will have on the bank's fundamentals. However, the same confidence does not drag Unicredit, which today loses 3,64%. Perhaps the sudden decision to sell another tranche of Fineco, while maintaining control with 35%, leads to suspicions of capital urgency.
On the credit front, news to report is that government, banks and trade unions would be close to reaching an agreement on a new, specific cushion for bank redundancies, as pressure mounts on the industry to increase profitability by closing branches and cutting staff. A government source explains that credit institutions will be able to use between 50 and 100 million a year for three years. Moving on to other sectors: on parity Atlantia (+0,05%), which received the go-ahead from the European Commission for the acquisition of the French company Aeroports de la Cote d'Azur (Nice), together with Electricité de France.
Furthermore, according to press reports, in recent weeks the company's board of directors also approved a program of medium- and long-term non-convertible bond issues up to a maximum of three billion euros, to be accompanied by a restructuring of the debt of Autostrade per l'Italia , to which 5,5 billion euro of bond issues placed between 2004 and 2014 will be transferred.
On the energy front, Enel is doing well, +0,59%, while the challenge to secure the wind market in Italy is igniting. There are two offers on Alerion Cleanpower: one, totalitarian, at a price of 2,46 euros per share, launched today by Edison, a Milanese company controlled by the French giant Edf, the other by the South Tyrolean utility Fri-El, formulated in recent weeks at a price of 1,9 euros and up to 29,9% of the capital. At the last meeting, Amber held 15,26% of Alerion while the first shareholder was F2i with 16,03%. However, Consob shines a light on this battle and on Amber's purchase of 2,67% of the company which took place yesterday at 1,95 euros per share, a few hours before the Edison-F2i counter-offer was made official.
On the monetary front: at first the euro drops below 1,10 dollars for the first time since July, but recovers losses quickly and returns to $1,103. The dollar also trimmed gains against other major currencies following the release of positive US jobless claims data. The relationship with the pound is virtually unchanged. On the political front, it should be notedannouncement of a new referendum on Scottish independence by Prime Minister Nicola Sturgeon.
Finally, the super rich of the world cry: according to the Billionaires Report of Ubs and Pwc, in fact, their total wealth has dropped by 300 billion dollars, stopping at 5.100 billion. The average per billion would thus have dropped from 4 billion to 3,7 billion dollars. There are many reasons: from the transfer of assets within the household to the appreciation of the US dollar. In any case, over the next 20 years some 460 nabobs will leave 2.100 billion in inheritances to their nabobs, a wealth equivalent to India's GDP.
