European stock markets down, Fitch alarm on Italy: "Government at risk" –


MILAN – European Stock Exchanges finish falling exchanges. Milan stops at -0.28%, London sells 0.7% and Frankfurt 0.65%. Only Paris, which closes with a fractional gain of 0.03%, is "saved". In Piazza Affari, great protagonist Moncler, in the wake of the rumors spread by Bloomberg of a possible interest by Kering. On the other hand, FCA is down, on the Inland Revenue survey on the possible undervaluation of Chrysler in 2014, which could lead it to pay taxes up to 1.5 billion euros.After a positive start, he reverses the Wall Street route: with the three main indexes in fractional decline.Good weather instead on the Asian side where Tokyo concluded trade up by 0.71%, also thanks to a maxi government tax incentive plan to support the Japanese economy.On the domestic front, instead, Fitch intervenes, perceiving risks for the maintenance of the government after the frequent tensions between Pd and 5-Star Movement. "The discussions on the budget law for 2020 have highlighted the tensions between the 5 Star Movement and the Democratic Party. The complex relationship between the two parties represents a risk for the duration of the government until the end of the legislature," reads in the chapter dedicated to Italy within the Global Economic Outlook. The rating agency has also raised the outlook of Italian banks to stable from negative, bringing it back to where it was until 2017, after a positive judgment on institutions arrived from Moody's yesterday.
Closure on the upside for the spread, with the Btp / Bund differential stopping at 166 basis points and the yield on the 10-year bond at 1.36%. The euro also strengthens: the European currency is traded for 1.1097 dollars and 120.64 yen.Among the macroeconomic data, a new setback for German industry, with orders that registered a 0.4% drop in October after the 1.5% rebound in September. This was reported by the Federal Statistical Office, Destatis. A figure, this, worse than the analysts' estimates that predicted a drop in orders of only 0.3%. Furthermore, excluding large contracts, such as aircraft, the decline is even more pronounced (-1.4%).

Listing of the Petroleum slightly up while the OPEC summit is still underway, from which a new prolongation of production cuts is expected. The January future on the WTI rises by 0.8% to $ 58.9 a barrel, while the February delivery on Brent grows by 1.2% to 63.7 dollars.

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