European stocks close another session down after yesterday's losses. Piazza Affari, -1,03%, drops to 20.484 points, with banks still in the red. A short distance from Frankfurt -0,51%, Paris -0,7%, Madrid -1,29%, London -0,75%, while Wall Street moved negatively in the first hours of trading. At the root of the sell-off is a bitter cocktail of macroeconomic news. After the downward estimates released yesterday by the ECB, today China shows a loss of 20,7% on exports in February (with a consequent plunge in Asian price lists). German industrial orders mark -2,6%, while in January industrial production rebounds Italian (+1,7%) after 4 months. This does not mean that the last three months are the worst for six years.
In the USA let down February's new hires in the job report: 20 thousand against the expected 180 thousand. Average hourly wages grow by 0,4% on a monthly basis (+0,3% expected), the unemployment rate drops to 3,8% (3,9% consensus). Thus, the probability of an upcoming rate cut by the Fed rises to 20% from 14%.
Donald Trump promises wonders for the stock markets as soon as the trade agreement with China is signed: "The stock market will take off," he says. However, the agreement still walks a tightrope: "If there isn't a grand agreement, I won't sign an agreement".
The dollar weakens and the euro, after yesterday's crash, takes advantage of it to raise its head and bring the exchange rate back to the 1,124 area. Fears of a global slowdown weigh on oil. Brent crude dropped 2,79% and dropped to 64,45 dollars a barrel. On the other hand, gold revived, launched again towards 1300 dollars, currently at 1298,8 (+1,01%).
In Piazza Affari the banks remain weak, in particular Banco Bpm -2,81%, Unicredit -2,53%; Ubi -2,46%. Substantial losses for Fiat, -2,63%, after recent gains. The auto sector is in the red across Europe following China sales data, -18,5% in February.
Oil stocks are down, Eni -2,04%, Saipem -1,99%, Tenaris -1,51%, Saras -0,56%, forced to deal with the weakness of the black gold but also with the decision of Norway to no longer reinvest its crude oil profits in the energy industry. This may result in the liquidation of a portfolio of publicly traded equity interests in excess of $37 billion. As Il Sole 24 Ore writes, the Norwegian sovereign fund is the third foreign investor in Piazza Affari after Blackrock and Vanguard and has a 1,59% stake in Eni, which is worth 810 million euros; by 1,38% in Saipem (46 million euros); by 3,6% in Saras (58 million euros).
The best big cap is Azimut, +3,21%, after the accounts and after the purchase recommendations of various financial analysts; followed by Banca Generali +1,1%. Campari +1,07% and Amplifon +0,68% rose. Bonds are stable: the Italian 2,51-year yield is 242.80%, the spread stops at 0,21 basis points (-XNUMX%).
