The ECB is not moving, Saudi Arabia is. European QE will have to wait at least until January 22, the date of the next meeting in Frankfurt.
Meanwhile, Riyadh has put further pressure on crude oil prices (66,81 dollars a barrel the WTI) by announcing large discounts to US and Asian customers, with the aim of displacing the competition from shale oil.
As a result, Asian stock markets closed the week up: Hong Kong +0,73%, Tokyo +0,16% (+2% during the week).
The Shanghai Stock Exchange is uncontrollable: first up by 3%, then a plunge to -2,7%. A gain of 9,7% remains as of Monday.
Wall Street stable, indifferent to the ECB's deadlock: the Dow Jones index lost 0,07%, the S&P500 about 0,2% and the Nasdaq 0,11%.
Stocks of oil companies are weak: Exxon -1% Chevron -1,5% ConocoPhillips -2,2%
Spotlights turned on today on the data on the labor market.
PIAZZA AFFAIRI SUFFERS THE BLOW, THE BTP ARE NOT
In Europe, on the other hand, the cold shower rained down by the ECB took its toll: Mario Draghi not only did not initiate the government bond purchase plan but did not even provide precise indications on the expected start.
The Milan Stock Exchange closed sharply lower, with the Ftse Mib index down by 2,77% to 19.424 points.
Losses between 1,5% and 2,5% are also recorded on the other European lists: Frankfurt lost 1,21%, London 0,55%, Paris 1,55% and Madrid 2,35 .XNUMX%.
The euro strengthened in the afternoon to 1,243 against the dollar from 1,2295 in the morning: a strong rebound after two consecutive sessions of strong depreciation.
The reaction of the bond markets was less vibrant, where the BTP essentially held its positions, the yield rose by only 3 basis points to 2,01%. The spread widened to 125 basis points from 122.
SOS GROWTH, THE EUROZONE SINKS
To what extent will ad policy still pay off without following the facts? He wonders about it in the New York Times, commenting that “Draghi still enjoys a lot of credibility, but he is losing just as much”.
In reality, the ECB president has slowed down, given the opposition of the hawks, but laid the foundations for a "strong" intervention, given the dramatic situation in the eurozone.
The central bank has in fact revised downwards the estimates on growth in the eurozone: in 2015 the EU will grow by only 1% against the 1,6% forecast at the beginning of June. Meanwhile, inflation slips to +0,7% with the prospect of rising to 2016% in 1,4, well below the ECB's target, which has not been achieved for two years. Furthermore, these forecasts can be revised downwards given the drop in the price of oil, a positive phenomenon (savings of 10 billion euros in 2014) but which can lead to a further drop in prices (0,4%).
For these reasons, the majority of analysts bet that European QE is only a matter of time: time X could come on January 22, the date of the next directorate meeting.
BANKS AND POLICIES DOWN, FINECO BACKS THE TREND
The Eurostoxx Banks index dropped 2,5% and none of the 32 components showed a positive sign.
Investors triggered the sell-off when they sensed that Mario Draghi would not jumpstart Quantitative Easing anytime soon.
In Piazza Affari, the decline is also linked to Fitch's confirmation of the "negative" outlook on Italian banks (it has been for four years), explaining the choice with the deterioration in asset quality, a fragile economy and structurally weak.
However, the agency recognizes that the concrete downside risks in 2015 have reduced and expects the scenario to be favorable to a consolidation process
MontePaschi -4,5%.
Unicredit -4,1%. Jefferies announced that it has resumed hedging on the stock with a Hold opinion and a target price of 5,5 euros.
Down too Understanding -3,5% Where's Banca -3,6%Banco Popolare -3,6%.
Among the insurance companies, Generali -2,2% ed UnipolSai -2,9%.
Bucking FinecoBank +1,4% to 4,604 euros. Today, the stock reached the new all-time high of 4,6180 euros. Including today's session, this is the fourth consecutive week of gains. Since the landing on Piazza Affari, which took place last July 2 after an IPO at 3,70 euros per share, the stock has made progress by 25%.
JUNCKER HEARTS SAIPEM. THUD OF ENEL
The new decline in oil is also being felt in Europe.
Eni it left 3,3% on the ground, slipping to the new lows of the year.
Saipem loses 0,7%. Today the president of the EU commission, Jean Claude Juncker, declared that the South Stream project is still valid, the pipeline can be built and the impediments are not insurmountable.
Meanwhile, the company has received a notification of suspension on the "marine spread activities" from the customer in relation to the South Stream gas pipeline project which should bring Russian gas to Europe via the Balkans, bypassing Ukraine.
In the utility segment, Snam -2,2% Enel Green Power -2,2%.
It gets worse Enel -2,3%. The chairman, Patrizia Grieco, assured that the process of divestments envisaged by the group in Romania and Slovakia is proceeding along the lines outlined in the past
FCA REVERSES, THUD OF CNH.
Fiat-Chrysler reversed trend after posting its highest price since June 2001 at €11,18 in the afternoon and closed 2,9% lower at €10,62 on profit-taking.
The stock was up 13% in November and is up 54% year-to-date.
In the next few days, Sergio Marchionne's road show will get underway with the financial community on Wall Street in view of the placement of 100 million FCA shares and the convertible bond for 2 billion dollars.
Requests from institutional investors would already cover the offer, according to rumors. Exor-3,14% has already expressed its intention to subscribe its share in order not to dilute itself.
Industrial companies, in particular, are down Industrial Driver's License -4,98%.
Heavy too Finmeccanica -3,1%.
ONLY TELECOM ITALIA SHINES AMONG THE BLUE CHIPS
Telecom Italia was today's best blue chip, reaching the highs of the session at 0,9325 euros in the end, a price it hadn't seen since the end of September.
Year-to-date performance expands to +28%.
The deputy secretary general of Palazzo Chigi, Raffaele Tiscar, speaking of Metroweb, for which Telecom Italia and Vodafone are interested, said that a network managed by several operators would be better.
The motion of the 5-star Movement which asked for the spin-off of the network did not pass the Chamber, where it had also found the adhesion of a part of Forza Italia and the Pd
Instead, a Pd motion was approved, which commits the Government to implementing the national digital agenda.
