Business Square accelerates in the final and closes up 0,89% on the highs of the session the day after the political turning point of the Democratic Party with the election as secretary of Matteo Renzi. The Btp bund spread it returned to 230 basis points. Plus sign also for the other European markets: London +0,11%, Paris +0,11%, Frankfurt +0,25%, Madrid +0,9% and yield at 4,14%. Spain still below Italy with a differential between Bonos and the Bund at 227 basis points.
In October, the OECD super-index it stood at 100,7, against 100,6 in September. The indicator shows signs of improvement among the main OECD members and a good performance for Italy, which from 100,9 in September passes to 101,1. The Euro area scores 100,9 points from 100,7 in September; France rises from 100 to 100,2 and Germany rises to 100,7 points from 100,5 the previous month. In Berlin, again in October, industrial production fell by 1,2% quarterly, according to the seasonally adjusted index. Given that it is below expectations they expected an upside. Portugal confirmed, albeit at a slower pace, the return to growth in the third quarter (+0,2% on a quarterly basis) after the exploit of the GDP in the second quarter (+1,1%) which had marked the exiting the recession after two and a half years of negative signs. In Greece, GDP contracted by 3% trend in the third quarter of the year, in line with estimates. After six years of recession, Greece is expected to grow by 2014% in 0,6, the first positive sign since 2007
The Eurogroup met today in Brussels in view of tomorrow's Ecofin at ten in the morning: the banking union and the resolution mechanism for credit institutions are on the table. Signs of openness have arrived from today's meeting: Berlin accepts that under certain conditions it is the EU Commission that triggers the resolution decision and the hypothesis of a compromise on public financial lifebuoys is making way. However, some fundamental issues remain to be resolved: the number of banks covered by the regulations, the conditions of temporary nationalizations, the weight of the minimum charges to be charged to private individuals.
Moody's financial fundamentals of European banks will remain under pressure in 2014 despite recent positive developments: “economic conditions vary in Europe and negative pressures on crucial aspects of banks' creditworthiness, asset quality, profitability and capital, will continue to be felt on the prospects of many banks".
Wall Street opened slightly above parity in the absence of significant macro data. In any case, the latest rounds of data have led operators to expect the start of the tapering at the beginning of 2014 even if the markets seem more confident about the health of the US economy. All eyes are on the speeches of three Fed members from 18.30 in anticipation of the FOMC meeting on December 17-18. Oil stable at 97,76 dollars a barrel (+0,1%). The euro is trading against the dollar at 1,3720.
Mps rebounds in Piazza Affari +4,9% after the sales on the uncertainty for the moves of the Sienese Foundation in view of the recapitalization. Fonsai +4%, Saipem (+3,5%) , Finmeccanica +3,35%, Ubi Banca +2,43% also performed well. At the bottom of the Ftse Mib Parmalat -1,12%, Stm - 1%, Cnh -0,52%, Fiat -0,37% and Diasorin -0,15%.
