The stock market rebound, fueled this morning by the decisions of the Japanese central bank, was short-lived. Milan, the worst place, around 13 pm dropped by 3,57%, around 21.200 points. The other markets, after a robust start, dropped by around 1%.
The signals arriving from international institutions contributed to accompanying the slowdown. “The global economy is at risk”, è the alarm raised by the OECD who opens his studio with the rather eloquent image of an empty airport. The organization now expects a +2,4%, 0,5 points less than previous estimates. The 2021 figure was instead raised by 0,3 points at most 3,3%. For Italy, in particular, zero growth is forecast for 2020 (-0,4% compared to previous estimates).
The International Monetary Fund also cut its 2010 world GDP growth estimates to +2,4%, from the previous +2,9%, but in an extreme case it could drop to +1,5%.
Manufacturing activity in Italy contracted for the 17th month in a row in February, at a slightly faster pace than the previous month.
The sector's PMI index, compiled by IHS Markit, fell to 48,7 last month from 48,9 in January, slipping even further below the threshold of 50 that separates growth from contraction. But the investigation ended on the morning of February 21, just before the coronavirus epidemic broke out in Italy.
Lo BTP/Bund spread it rises to 184,5 points for a 1,176-year yield of 2007%. Markets take for granted a forthcoming rate cut. Reuters cited guidance from Bill Nelson, chief economist at the Bank Policy Institute, who contributed to the Fed's 2008-XNUMX crisis response.
In his blog, the expert announced coordinated action by the world's main central banks, a bit like what happened in October 2008, when the Fed and five other central banks in the world lowered the cost of money.
The ECB remains skeptical. "If more were needed and we were convinced that (ECB support) could be effective, then we could do more, but it's not yet the time," said Francois Villeroy de Galhau, governor of the Banque de France. Meanwhile the euro it continues to appreciate against the dollar and returns to the highs for a month. It is currently trading at $1,10937 (+0,69%).
THEgold it rebounds (+1,5%) to 1.605 dollars an ounce, after Friday's slide. Also dates the oilsor, Brent +2% at $50,6, fell to a three-year low on Friday. The market expects OPEC to cut production. There is talk of the possibility of reducing one million barrels a day less, to cope with the drop in demand for crude oil. Eni -2,1% Tenaris -3,28%. Saipem -4%.
The prospect of a drop in interest rates weighs on the banking sector. Even more feared is the resumption of credit tensions and the risk of an increase in non-performing loans, underlined by Ubs.
Bpm bank loses 8,8%. Meanwhile Intesa Sanpaolo -5.3%, completed the choice of consultants for the Ops up Where's Banca -7,4%, indicating JP Morgan, Morgan Stanley, Ubs and Equita which will join Mediobanca. Ubi Banca responds with the appointment of Goldman Sachs, in addition to Credit Suisse. Unicredit yields 6,9%. Monte dei Paschi -5,2%.
Also down were anti-cyclical stocks such as Snam -1% and Terna -1%. Diasorin -1,5%, has agreed to be able to access the American TTP platform with its molecular diagnostic kits.
He suffers Cnh Industrial -4,17%. It extended the 2025 billion revolving credit line by one year, in March 4.
