Obama's victory reassures the European Stock Exchanges that they are all above parity. But Milan soon deflates and at the end of the morning Piazza Affari wavers uncertainly around parity and ends up down 0,17%. The other European markets also slow down: Paris +0,55%, London +0,32%, Frankfurt +0,40%.
The Btp-bund spread is slightly up to 347 points while the euro is down to 1,2812 dollars. The dollar, immediately after the confirmation of Obama's re-election, instead reacted with a drop to 1,286 on the expectation of the continuation of Bernanke's expansive policies. Expectations that also pushed gold higher to 1,724 (+0,55%).
Markets' attention is now on the Eurozone crisis. On the one hand today is the day of the vote in Greece on the austerity measures package requested by the troika (IMF, EU and ECB) to unblock aid and on the data, on the other hand the macroeconomic data coming from Germany and Spain are disappointing.
Germany industrial production fell by 1,8% more than expected and the 5 Wise Men, the high-profile economists who advise the government, forecast a GDP increase of only 0,8% next year, as in 2012, due to the repercussions of the eurozone debt crisis. It is the first prediction of the 5 essays on 2013 and is by far the most pessimistic among those made so far by bodies or institutions.
In Spain, industrial production is declining for the 7th consecutive month in Spain and was down 2,5% from a year earlier, after a revised -3,5% in August. It is the largest contraction since April and a double drop compared to forecasts of -XNUMX% expected by analysts.
Meanwhile in Athens the ongoing debate in Parliament on the package of austerity measures requested by the troika (IMF, EU and ECB) was interrupted at the request of Syriza, the radical left-wing party (in opposition) and that of the Independent Greeks (right-wing) who argue that the bill is unconstitutional. Parliament will have to carry out a nominal vote on whether or not the package is unconstitutional before resuming the debate. Before the interruption, the vote on the package was expected for this evening at eight. Yesterday the EU Commissioner for Economic Affairs, Olli Rehn, said he was confident that Greece will do what is needed, also opening up the hypothesis of a buy-back plan for Greek debt valued today at less than a third of the nominal value.
In the afternoon, attention was paid to US data on applications for new mortgages while another historic day opens tomorrow in Beijing with the congress of the Chinese Communist Party which will have to invest the command team of the Dragon for the next ten years.
In Piazza Affari the increases on the Ftse Mib are led by Enel Green Power +2,33%, Autogrill +1,26% Bmps +1%, Ansaldo Sts +0,93%. The biggest decreases are from Fiat -2,34% after Deutsche Bank cut its rating to sell, Stm -1,40%, Atlantia -1,30% on fears of a maxi outlay for the purchase of Serravalle. D'Amico leap of 6,7%% after the ok of the board of directors for the capital increase of 65,1 million euros
