Contrasted day for the European Stock Exchanges. While London (-0,10%) and Madrid (-0,13%) proceed weakly, the other European markets consolidated the plus sign in the morning even if they pulled the brakes at the end of the morning. Milan, which managed to mark an increase of almost one percentage point, at 13 theaters by 0,48%, Paris +0,20%, Frankfurt +0,36%. The spread is down to 150 basis points.
The markets await tonight's minutes from the Fed and are also supported by the increasingly concrete expectation of a purchase of government bonds by the ECB.
Meanwhile, today the Bank of England published the minutes of the meeting held on 5-6 November in which the Monetary Policy Committee maintained the reference rate at 0,50%, an exceptionally low level since March 2009, justifying the decision with an outlook weaker overall. However, two of the nine constituents again voted in favor of a hike of 25 basis points.
In Japan, after the shock on GDP in the third quarter, the governor of the central bank, Haruhiko Kuroda, confirmed the ultra-expansionary line of monetary policy, emphasizing that the Japanese economy continues to recover despite the weakness in consumption and production and that aggressive monetary easing has pushed prices higher in order to beat deflation. “The positive impact on internal demand – he said today at a press conference – is emerging in clear terms”. The 2% inflation target will be reached “in or around the first half of 2015”.
Also on the agenda in the afternoon are data on US construction. In particular, the data on building permits for October and on new residential construction sites is awaited. Eurostat today published data for the euro area which showed a 2014% drop between August and September 1,8 for the seasonally adjusted figure for the construction sector in the euro area. Black jersey for Italy, with a drop of 10,6%, even worse than Spain, down with -9,1%.
In Piazza Affari the banks are highlighted on the Ftse Mib: Banco Popolare +2,7%, Bpm +2%. Unipolsai also did well +1,8%. Among the best blue chips also Tod's +1,9% and Atlantia +1,88%. In the spotlight Generali which is holding its investor day in London today: the insurance group announced the achievement of its objectives a year in advance and a higher coupon already since 2015. Telecom Italia +1,5% awaiting the extraordinary Board meeting on Friday to decide the moves in Brazil. Moreover, yesterday the expression of interest for the 54% of Metroweb held by F2i was formalised.
FCA dropped 2,32% to 9,91 euros after reaching the 10 euro threshold which it had not seen, in reference to Fiat's historic performance, since July 2007.
Rai Way, the company of the Rai transmission towers, did well, rising by 4,7% at its debut.
