The European stock exchanges recovered in the end, driven by Fitch's confirmation on the triple A of the US debt and by better-than-expected American industrial production. But the main lists still closed in the red, only London was positive (+0,13%) while the Ftse Mib (-0,87%) was weighed down by the measures of Friday's recovery maneuver which hit the energy sector. The Dax lost 0,45%, the Cac 40 0,25%, the Ibex 0,51% and Lisbon 1,47%. Growth, growth and more growth. This is the first concern of the markets which have returned to selling (with drops that during the day in Milan reached 3,2% and above 2% for the other Squares) in the wake of the fears of a recession triggered today by the data on German quarterly GDP.
WAITING FOR THE MERKEL-SARKOZY SUMMIT
ARM OF IRON ON THE EUROBONDS
Now the focus is on the ongoing summit between German Chancellor Angela Merkel and French President Nicolas Sarkozy who are working to give answers on the debt crisis in the framework of a strengthening of the stability pact. However, conflicting signals are arriving on the front of the much-desired Eurobonds: if according to Merkel's spokesman who spoke yesterday, Eurobonds will not be on the table for discussion, according to the economic adviser to the German government, Peter Bofinger, Sarkozy and Merkel "cannot conclude the summit without take concrete decisions” and “there are no alternatives” to the introduction of Eurobonds to stop the earthquake that is upsetting the international financial markets. Meanwhile, the German Economy Minister, Philippo Roesler, once again said he was against the introduction of European bonds, as was expressed by the Austrian Finance Minister Maria Fekter. While politics is looking for solutions, the markets have received yet another ominous signal: Germany, the locomotive of Europe, has stalled (+0,1% GDP in the second quarter). And the corridor for growth is getting narrower. The GDP variable is also fundamental for the reduction of debt within more sustainable parameters. At the same time, the attempt to straighten the accounts with shock maneuvers risks in turn putting a brake on the GDP. It's a very difficult balance to find. The appeal launched today in the pages of the Financial Times by the director of the International Monetary Fund Cristine Lagarde goes in this direction: "Let's not let the restrictive measures for the budgets block the global recovery - said Lagarde - The budgetary rebalancing must solve a delicate equation, that is, it must be neither too fast nor too slow”. The EUR/USD exchange rate is in the 1,44 area, decreasing slightly compared to yesterday's session.
WALL MART CELEBRATES WALL STREET
BUT CONSUMPTION IS AT RISK
Despite the good data on industrial production, Wall Street is negative: the Dow Jones loses 0,45%, the Nasdaq 0,66%. Wal-Mart rose 3,96% on second-quarter earnings above expectations (up 5,7% to $3,8 billion) and revised 2011 profit forecasts. Wal Mart Us, Bill Simon, said he was concerned about the economic pressure on customers and the impact it could have on purchases”. However, a Fed survey shows that banks are returning to finance the real economy, households and businesses, even if we are far from pre-crisis levels. Oil at the opening in New York continues its descent to 85,84 dollars a barrel.
ROBIN HOOD TAX EFFECT ON ENERGY
THE 500 DISAPPOINTS FIAT
The protagonists of the declines on the Ftse Mib were the energy stocks affected by the Robin Hood Tax included in the maneuver to balance the deficit presented last Friday (and which arrives tomorrow in the Senate): Enel sold 4,25%, Enel Green power 5,42, 13,64%, Terna 9,90% and Snam Rete Gas 2011%. A storm on the stock that has led Snam to issue a note on open exchanges in which it estimates the impact in terms of higher annual tax charges payable for each of the years 2012, 2013 and 150 at around 4,26 million euro as a precaution. To then confirm the dividend policy. Among the worst, however, there is also Fiat (-2011%) which paid for the declarations of Laura Soave, head of the brand in the USA: the 500 sales target of the 50 in North America (XNUMX units), she said, is unlikely will be achieved. But behind the sales of Fiat there is in any case the reality of a sector, the car, which is destined to suffer more than others in a difficult growth scenario such as the one that the markets have begun to discount in recent weeks in the wake of data disappointing macroeconomics.
BANKS ON THE RISE WITH MPS
UNICREDIT BACKS THE TREND
The banking sector confirmed the increases of the day with Popolare di Milano rising by 3,91%, Intesa by 3,61%, Mps by 4,19, Ubi by 3,09%. On the other hand, Unicredit closed in the negative (-0,66%) whose performance followed the poor performance of European institutions.
