Mercoledì, 17 Ottobre 2018

German weakness, new EC growth estimates drag markets lower


Milan, November 7 - Italy's stock market on
Wednesday followed its European peers and Wall Street into
negative territory as worries about a slowing Germany economy
coupled with new, lower, European Commission growth forecasts
for 2013 outweighed an initial rally following the re-election
of US President Barack Obama.
Overall, European markets ended the day some 100 billion
euros in the red.
Milan's FTSE-MIB Index ended 2.5% lower, at 15,291 points,
while the FTSE All Sahre ended 2.34% lower, at 16,206.
Weighing on the Italian market were industrials like Fiat,
which closed down 6.65% at 3.5 euros, and financials, like
Uniecredit (-4.33%), BPM (-4.38%), UBI (-3.5%), Banco Popolare
(-3.46%) and Intesa Sanpaolo (-3.35%).
Luxury goods shares also had a negative day, with Ferragamo
and Tod's closing 0.56% and 0.59% lower, respectively.
The spread between Italy's 10-year benchmark bond and its
German counterpart closed at 352 basis points, slightly higher
with respect to Tuesday's closing at 345 basis points.
The yield on 10-year Italian paper, at 4.90%, remained
essentially unvaried with respect to Tuesday's 4.89%.
Earlier Wednesday, the European Commission lowered its
eurozone growth forecasts for 2013 to 0.1% from a previous May
estimate of 1.0%.
Other European markets performed equally poorly. Spain's
IBEX 35 ended the day 2.26% lower, Paris' CAC 40 closed down
1.99%, Frankfurt's DAX gave up 2% and London's FTSE 100 was off
1.58% on Tuesday's close.

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