Weak closing of the week for the European stock markets, which moved little while waiting for the evolutions on the geopolitical front after the publication today of the EU sanctions against Russia and the vote on the independence of Scotland on 18 September.
Milan closes down by 0,10%, also penalized by Italian industrial production, which has started to fall again: the July figure is down 1,0% on June, when it had risen, and 1,8% on an annual basis (calendar corrected). It is the most marked annual decline since September 2013, or for 10 months. The seasonally adjusted index rolls back more than five years to its lowest level since April 2009.
In the eurozone instead industrial production grew on average by one percent compared to the previous month and by 2,2% on July 2013. In the EU as a whole, the increases were equal to 0,7% and 2% respectively. However, the EU country with the worst results is Denmark: -4,7 on month and -6,4% on year.
“We will not see significant growth without structural measures,” he said today Mario Draghi, president of the ECB, speaking at the Eurogroup taking place in Milan. Draghi also explained that the Abs purchase program will also start without guarantees from the states because it will be aimed at the purchase of high-quality senior bonds. Only if the program is extended to mezzanine debt can guarantees be requested, which in any case many European institutions are already taking steps to issue". Draghi explained that the buying program will be "considerable" but did not provide a precise estimate.
Lo Btp bund spread it closed down at 142 basis points. Today Auctions for specialists of btp at 3, 7 and 15 they went deserted. There were 375 million three-year bonds up for grabs, as many seven-year bonds and 300 million 15-year bonds, but no requests were sent to the Bank of Italy.
Meanwhile, clouds are also gathering over Venezuela after Argentina: in mid-October 6 billion dollars of government bonds expire and the market is beginning to fear that the government will not be able to pay them.
The other European price lists are also slightly moved: London + 0,11% Madrid + 0,02% Frankfurt -0,41% and Paris + 0,2%.
Wall Street also offers no support and proceeds in negative territory: Doew Jones -0,32%, S&P500 -0,4% and Nasdaq -0,36%. However, Ebay flies (+4%) in the wake of speculation on the possibility that Google can buy a share of the company. On the contrary, the tension between Russia and Ukraine with the relative sanctions penalizes the energy giant Exxon. What weighs heavily is the risk that sanctions will block the 3,2 billion dollar agreement with Rosneft in the Arctic Sea. Meanwhile, WTI oil rose by 0,33% to 93,14 dollars a barrel. The euro/dollar exchange rate also rose to 1,2954 (+0,22%). Gold is down 0,5% to $1.233 an ounce.
On the macroeconomic front, the US recorded some positive data: the Michigan index, which measures household sentiment, rose to 84,6 points in September, exceeding analysts' expectations. In August, retail sales in the United States grew by 0,6%, substantially in line with experts' expectations. In line with estimates, companies' inventories also grew by 0,4% compared to June, when they had increased by the same amount.
In Piazza Affari it stands out wdf (+3,04%) thanks to data on airport traffic in Spain and the UK, while Autogrill dropped 0,99%. Mps also performed well (+2,87%) following the resignation of two members of the Mps Foundation which allows the entry of representatives of the new foreign shareholders. The rest of the banking sector moves down with Unicredit (-0,32%), Understanding (-0,98%), Bpm (-0,7%), Ubi Banca (-1,16%).
Highlight then stm (+ 2,17%), Buzzi Unicem (+ 2,08%) and Tod’s (+1,56%). At the bottom of the Ftse Mib Pirelli shed 1,43% dragged down by the decline accused by Michelin with the fall in the tire market in August, Cnh -1,27% A2A -1,25% Fiat -1,19%.
