The expectation for tomorrow's ECB meeting and the good intonation of Wall Street push the European stock exchanges and reduce the spreads on the debt of the Eurozone. The Ftse Mib closed up by 1% driven by cooperative banks and by the fall in the spread which broke the historical 2% yield barrier in the morning with the spread falling to 123 points, the lowest since 2011. The 126-year bond then closed with spread at 2 basis points and yield around 51,1%. In the morning, the drop to 52,1 in November from 51,4 in October of the Markit PMI composite index of production in the Eurozone (with the decrease of the indices also for France and Germany) and weakened compared to the previous flash estimate (XNUMX ) boosted expectations for a Mario Draghi Qe.
The euro-dollar exchange closed at 1,2310 (-0,59%) and the ruble continues its decline on the markets in the wake of the collapse in oil prices: in the morning it rose to 67,64 against the euro and 54,7 on the dollar. Since the beginning of the year, the devaluation has been respectively 40% and 60%. WTI oil rose by 1,06% although still well below the 70 dollar threshold, at 67,59 dollars a barrel.
Madrid +1,18%. The other European Stock Exchanges were more cautious: Paris +0,08%, Frankfurt +0,38% while London lost 0,38%. Prime Minister Osborne has announced a new tax for multinational groups looking for a way to evade tax: a 25% tax on the profits generated by multinationals with activities generated in the UK and which they "lead the country" with tricks. Also today, Great Britain updated upwards its GDP estimates which forecast growth of 2014% for 3 and 2,4% in 2015 with the expected unemployment rate falling to 5,4% in 2015.
Wall Street was also positive (Dow Jones +0,06%, Nasdaq +0,21% and S&P500 +0,64%) in a day full of macro data: the Ism Servizi index for November beat expectations at 59,3 from 57,1; productivity in the third quarter rose by 2,3% instead of 2%; however, the ADP data on private sector employment disappoints expectations, stopping at 208 new jobs against the 223 estimated and also the Markit PMI services index which fell to 56,2 points from 57,1.
In Piazza Affari, the popular banks are highlighted on the Ftse Mib: Bpm +2,69%, Banco Popolare +2,61%, Bper +2,59%. However, the best title is FCA which rises by 4,19% to an all-time high following the release of data on Chrysler registrations in America. Telecom Italia down 3,03%. The analysis work on the Oi dossier accelerates: in the new entity Telecom aims to have at least 51%. President Giuseppe Recchi said that there won't be a board meeting on Brazil before Christmas. At the bottom of the Ftse Mib is instead Mps which loses 1,73%, Enel Green Power -1,44%, Buzzi Unicem -1,28%, Moncler -0,52%
