“Traders left work tonight with a severe headache.” The comment of a Milanese operator applies to all operating rooms in the world. In fact, yesterday's session was characterized almost everywhere by sudden leaps, aimed at taking advantage of the prices that emerged from Black Wednesday, and sudden falls. The shadow of the fiscal cliff, the first trial by fire of the Obama bis.
Wall Street has failed to correct the results of Black Wednesday, the worst session in the last four months. Starting with a slow rise thanks to the positive data on the labor market, three main indices close like this: Dow Jones -0,94%, S&P500 -1,22%, Nasdaq -1,42%.
Piazza Affari closed with the Ftse Mib index down by 0,6%. The recovery attempt, after Wednesday's collapse, ended almost immediately for no obvious reason. Since then, the often incomprehensible fluctuations of banks and oil stocks have led the way, Eni ahead.
The script was repeated, albeit in less exaggerated forms in the other European Stock Exchanges: London e Frankfurt they closed down by 0,2% and 0,3% respectively. positive Paris +0,1%. The situation in Asia does not improve: Tokyo -0,82%, Hong Kong -0,56%. The euro continued to weaken and fell to 1,274 against the dollar, from 1,277 at the previous close.
ASIA
The fall of the dollar against the yen is not good for Japanese exports. The nervousness of the Stock Exchange can thus be explained by the pessimistic forecasts on the state of health of the industry: the majority of analysts are very pessimistic on the GDP data which will be announced next week. Thus the expectation is growing for a new injection of liquidity from the central bank.
Two good news, however, for the Chinese economy. In October, inflation fell to 1,7%, to a 33-month low, thanks to less pressure on food. Production industrialInstead, recorded a growth of 9,6% under strong acceleration.
Double the per capita income of cities and countryside and the GDP by 2020. According to outgoing secretary Hu Jintao, this is the mission of the new Communist Party leader who will emerge from the Congress which opened yesterday in the presence of 2.268 delegates. Deep reforms and new openings to the market economy will be inevitable. But the single party cannot be touched.
AMERICA
US markets down despite favorable macro news. A glimmer of optimism for Wall Street had opened with the new weekly requests for unemployment benefits which fell to 355, against expectations of growth to 365 units, from 363 the previous week.
In addition, the Commerce Department said the trade deficit narrowed to $41,5 billion in September from a revised $43,8 billion in August. Estimates were for a deficit of 45 billion.
Apple Lossless Audio CODEC (ALAC), -1,5% to $549, falling to its lowest since mid-May and moving away from the all-time high of September just above $700. The Chinese manufacturer Hon Hai Precision Industry (controlling shareholder of Foxconn) has announced that there are problems with quality standards in the production of some components for the iPhone 5.
EUROPA
ECB and Bank of England leave rates unchanged. Mario Draghi, however, underlined after the ECB directorship, that the bank "always carefully considers the tools at its disposal" and that the levels for 2013 have not yet been decided. Half of the analysts think that the Frankfurt bank will lower rates by a quarter of a point in the meeting on 6 December.
In the morning the optimists had focused on the positive news coming from Athens, where yesterday evening Parliament had approved the new austerity package agreed with the EU, the ECB and the IMF, essential to obtain the next tranche of aid without which Greece would be bankrupt in a week. But La Athens Stock Exchange he “celebrated”, in the end, with a sound reduction of 5%.
Great success, however, ofauction of Spanish government bonds: Madrid has placed bonds with different maturities for an amount of 4,76 billion, higher than the 4,5 billion set as the maximum target by the issuer. The results were all down: the 3-year bond was placed at 3,66%, which compares with the 3,96% of the last issue. The new 5-year bond was placed at 4,68%. The 20-year bond was placed at 6,328%, the last comparison dates back to October 2010 (before the outbreak of the sovereign debt crisis) and it was at 4,78%.
ITALY
Lo BTP/Bund spread it started to rise again (today +11 basis points to 363) for a yield on the 10-year BTP of 4,99%. Among the Italian blue chips, the rise of A2A, up 5,3% after the presentation of better-than-expected third-quarter results and a new industrial plan which aims to drastically reduce debt by 2015.
Leap forward even by Lottomatica + 3,5%. Fall with yellow for Pirelli – 2,7%: some analysts predict that the company will announce a revision of the targets next Monday. Also declining Prysmian-2,1%, which in the quarterly released today announced an increase in debt above analysts' estimates. Strong losses related to the quarterly also forRest -3,9%.
Other industrial stocks contrasted by Fiat+0,6% a Fiat Industrial +0,2%. Looking forward to the results announced in the evening,Finmeccanica it fell 2,6% ahead of the results of the board which did not take decisions on appointments. Giuseppe Orsi remains president and director.
The holding company confirmed its guidance for the full year with an ebitda of 1,1 billion euros and positive free operating cash flow. In the quarter in question, the aerospace group achieved a net profit of 75 million euros compared to the loss of 780 million in the same period of 2011. Revenues rose by 8% to over 4,12 billion while the operating result improved to 247 million compared to the negative 923 million of the same period in 2011.
Saipem falls by 3,2%. Opposed the bankers: Unicredit rose by 0,3%, Banco Popular it lost 1,9%, it fell MontePaschi -2,52%. Positive Understanding +0,5% and Mediobanca +0,7%. Spotlight this morning on Generali, which will announce the results of the third quarter: on the eve of the stock gained 0,4%. Heavy falls, finally, for Saras-5,9% and Italcementi-5,5%.
