If stock lists are thermometers for measuring political choices, patients are feverish these days. From East to West today the bag does not express anything good and goes deep in the red. In Europe, Milan loses 2,5%, Madrid 1,8%, Paris 1,2%, Frankfurt 1,47%, London 1%.
Asian markets closed heavily lower this morning and in the afternoon Wall Street opened in negative territory for the fourth straight session, piling up economic news likely to increase volatility, such as US oil inventories surging and nonfarm private sector employment decelerating. In addition, the outcome of the Federal Reserve meeting is expected tonight, at 19 pm Italian time.
The destabilizing political element for world markets is, according to what the experts write, presidential candidate Donald Trump. The Italian destabilizing element, on the other hand, is a possible victory of the "No" vote in the constitutional referendum of 4 December, on the date of which Prime Minister Matteo Renzi returns today, to say that he will not move.
These aspects probably affect the markets, but they are certainly not the only ones. Monetary policy weighs even more and on this front there is a position taken by the council of economic consultants of the German government which, in its annual report, criticizes the ECB, saying his policy hides continuing structural problems within Euroland and increasingly threatens financial stability. “The size of the monetary easing – write the Sages – is no longer adequate considering the economic recovery in the region”. In essence, "the ECB should slow down bond purchases and finish them sooner".
Meanwhile, Istat reveals that labor productivity in Italy increased at an average annual rate of 0,3% between 1995 and 2015, against the 1,6% recorded by the EU.
Moral: the Ftse Mib sinks and the banks, already rather tried, suffer a heavy jolt. The most affected are the popular ones, Banco Popolare (-7,05%) and Bpm (-7,69%), also due to the lowering of estimates by Kepler with the reduction of Banco Popolare's target price from 2,7, 2,45 euros to 5,62 euros. Bper loses 4,95%, Unicredit rolls by 3,45%, Intesa by XNUMX%.
Monte dei Paschi drops by 4,25% on the day of an awaited board meeting from which nothing comes out. At the end, the outgoing chairman Massimo Tononi released laconic statements only on the fact that the position to be taken towards the withdrawal of Corrado Passera was taken yesterday "unanimously", perhaps to extinguish the rumors of an alleged division within the board itself, which, on the other hand, do not subside. The roadshow of CEO Marco Morelli, to present the industrial plan and the capital increase to investors – writes Radiocor – is going 'very well'. However, it is too early to understand whether this interest can be translated into the signing of anchor investor contracts or into concrete commitments in view of the recapitalization: the situation will be made approximately in two weeks.
Heavy closure for Fiat Chrysler Automobiles (-6,21%). The group led by Sergio Marchionne estimates a limited growth of the Italian market in 2017, between 3 and 5%, due to the slowdown in sales to private individuals. Ferrari also falls about 1%%. At the end of the day, none of the major stocks have a plus sign in front. Bad Unipol -4,03%, Exor -4,16%. Recordati +1,98% and Buzzi Unicem +1,61% are up.
Outside the Ftse Mib it is necessary to report the heavy slide of Stefanel, which closes the session with a red of 39,66% on the day in which the company active in the fashion sector decided to ask for an arrangement to restructure its debt to the banks.
Brent dive: -3,07%; Gold up 1,31%. The euro appreciates against the dollar to 1,1116 (+0,55%).
