Oil plummeting and stock exchanges in no particular order: this is the current snapshot of the markets, with European stock prices closing down and Wall Street moving higher, while the Fed begins its awaited meeting which will end tomorrow. Piazza Affari stemmed the losses and closed down by 0,26%, 18.644 points. Among the blue chips Azimut collapses, -6,23% after surprise resignation of the CEO Sergio Albarelli.
Frankfurt -0,29%, Paris -0,95%, Madrid -1,27% are down; London -1,11%. The fear of a slowdown in the global economy looms over all, put into focus today from Prometeia and estimated in the order of +2,9% in 2019 from +4,1% this year, mainly due to trade tensions between the US and China. For Italy, the estimates are discouraging: +0,5% next year, far from the government's forecasts, due to the absence of any "carry-over effect" inherited from 2018 and in the expectation that the confrontation with Brussels will end with a reduction in the net expansionary scope of the maneuver from 0,5 to 0,1 percentage points of GDP, consistent with a 2% deficit. Meanwhile, the negotiations continue and tomorrow the Commission could decide on the next steps. Bonds remain unchanged pending the outcome of this comparison: the 2,95-year yield is 269.90% and the spread with the Bund closes at XNUMX basis points.
New York, on the other hand, is trying to put a stop to the Christmas sales and sees the main price lists rebounding driven by technology, waiting for the words of Jerome Powell, at the end of the Federal Reserve meeting tomorrow. Paradoxically, President Donald Trump's attacks on the central bank's monetary policy could have a boomerang effect, forcing Powell not to correct direction, thus proceeding with the fourth annual rate hike. A retouch now taken almost for granted by the operators. Attention is therefore above all on the forecasts for 2019, also in the light of the many signs of a global economic slowdown, the numerous appeals and an inflation without momentum.
The dollar falls against the major currencies. The exchange rate with the euro is around 1,136. Gold remains well tuned, above 1248 dollars an ounce, while among raw materials, oil undergoes a new earthquake: Brent -3,91%, 57,28 dollars a barrel. The WTI in the Big Apple drops 5,08% and falls to 47,65 dollars a barrel.
In Piazza Affari, oil stocks are mixed: Saipem rises timidly +0,27%; Tenaris -2,27% and Eni -1,05% closed with a decrease. Back Telecom -1,72%. Reuters writes that the telecommunications company will hold two councils on December 21 and January 14 to decide on the convening of the meeting requested by Vivendi to vote for the removal of five directors and the appointment of another 5 chosen by the French group. Banca Generali -1,9%, follows Azimut. Bad Campari -1,72%. Contrasted banks: Mediobanca did well +0,88% and Intesa +0,61%. Scraps the Carige fund -13,33%. Outside the main list, Fincantieri -0,43% and Salini Impregilo -1,57% were also weak, having been awarded the contract for the reconstruction of the Genoa bridge. The work, says a joint note, will be carried out by the newly established company 'Pergenova'.
Moncler is instead the best big cap, remains a "buy" for HSBC and recovers 2,15%. Well Prysmian +1,66%. Leonardo +1,52%, celebrates the order for maintenance and baggage handling at Rome airports. Banca Mediolanum +1,28% and Recordati +1,05% up.
