Very uncertain markets on the eve of this morning's ECB directorate and, no less important, the US employment data which could give the definitive indication on the Federal Reserve's guidelines. In Tokyo -0,77% the downward trend prevails this morning, on a par with Hong Kong -1,13% and the rest of Asian lists, at their lowest in the last four months.
The reaction was in line with the performance of Wall Street: the Standard & Poor's index fell by 1,4%, like the Dow Jones which slipped below 15.000 to 14960,6 points. The Nasdaq closes down -1,3%. It should be noted that the US Treasury and unions have announced the sale of 30 million General Motors shares – 0,5%, legacy of the 2009 bailout.
A curiosity: Amazon +1,4%. The anticipation according to which the US giant of online sales aims to expand its AmazonFresh division, the online store of fresh food, recalls the purchases on the title. Down day for stock exchanges throughout Europe. The steepest drop was in London (-1,9%), Paris lost 1,7%,
Milan closed the session with the Ftse Mib down by 0,96%. On the government bond market, the 10-year BTP closed at a yield of 4,13%, the spread rose to 261 (+6 basis points).
FALSE DATA ON CHINESE EXPORTS, LATE MEA CULPA FROM THE IMF
The boost from liquidity now seems to have exhausted its effects. This is the feeling that dominates the markets that try to adapt to the new situation, looking in the statistics for the clues to intuit the developments of an uncertain and fallacious economic situation.
About:
1) the skepticism towards the “third arrow” of Abenomics weighs heavily, ie the plan of structural reforms of the economy (liberalisation, tax incentives, labor mobility and so on) announced by Prime Minister Shinzo Abe.
2) The Beige Book Usa, released yesterday evening, reports that the American economy continues to grow at a "moderate to modest" pace, supported above all by the good performance of the residential real estate sector and the manufacturing sector. The American job market, however, is showing signs of torpor: the number of employed people grew in April by 135 employed persons, less than the 165 expected; factory goods orders in April rose by 1% (against expectations of +1,5%) .
3) Concern about China's actual state of health is growing. The official data on Chinese imports/exports are blatantly false. The verification of actual maritime traffic, writes Bloomberg, reveals that outgoing traffic has risen by 7,1% against the 14,7% of the provisional estimates of the authorities. Similar result for incoming ships: +6,9% against the presumed +16,3%.
In this context, the reading of the confidential IMF document published yesterday by The Wall Street Journal is impressive: the bailout of Greece was badly managed. The two years that passed from the first, modest intervention in 2012 to the debt restructuring in 2012, have increased the cost of the operation and reduced its benefits, to the detriment of European and Greek taxpayers. A mea culpa seasoned with harsh criticism of Brussels' action "more interested in compliance with EU rules than in growth". An indictment that falls on the eve of a new confrontation between hawks and doves in the EU.
This morning, in fact, the directorate of the ECB is meeting in Frankfurt. The measures to counter the rampant recession are being examined by Mario Draghi. But also the question of single banking supervision and, no less important, the measures to get liquidity to medium and small businesses.
MPS ON THE SHIELD, PIRELLI DOWN AFTER THE PEACE
Pirelli, after a session of ups and downs, left 1,2% on the floor on the day of the officialization of the agreement between Marco Tronchetti Provera and the Malacalza family. Agreement which provides for the launch of the takeover bid on the reference shareholder Camfin (-7,3%) at 0,8 euro. Consob has launched comprehensive investigations to verify the existence of any irregularities in the Camfin restructuring operation, announced yesterday to the market. This is what is learned from Commission sources, without specifying which aspects are being investigated.
The protagonist of the session is Monte Paschi +3,9%: the market is betting on changing the Foundation's statute (ie the abolition of the 4% ceiling) which could facilitate the entry of new shareholders into the Sienese bank's shareholding structure. The "revolution" will be on the agenda of the board of directors next 11 June. Among the other banks, Unicredit rose by 0,5%. Negative closures for Intesa -1,6% and Banca Popolare Milano -2,6%.
Among the insurance companies, Generali dropped by 0,9%, Fondiaria -1,5%. Unipol gained 1,5% Against the trend both Fiat (+1,7%), still driven by speculation about the integration with Chrysler, and Fiat Industrial (+0,3%), on the day in which The extraordinary shareholders' meeting has been convened to approve the integration with CNH.
A2A rose by 1%: general manager Renato Ravanelli confirms that the utility's new environmental pole will start on July 0,2st. Telecom Italy -3%. The dossier on the possible integration with 1 Italia has been postponed to a meeting, which will probably be held in the first ten days of July or in any case before the August 1,8 board meeting which will examine the six-monthly report. Yesterday's board meeting was dedicated to the presentation by the managers of the activities in Brazil and Argentina and to a brief report on the progress of the business. Enel lost 2,3%. Spanish subsidiary Endesa fell 1,8% after German brokerage Berenberg cut its rating to "hold" from "buy". Eni lost XNUMX%,
