It was an uncertain and painful session for the Milan Stock Exchange. But it was also the case for the rest of the European stock exchanges. Fortunately, the incredible figure of US GDP growth has come to revive the fortunes of the markets, which otherwise would have closed lower. Here are the salient aspects of the day in the analysis of the ProiezionidiBorsa Studies Office.
Piazza Affari avoids the collapse with difficulty
The final figure sees the Milan stock exchange drop by 0.1%. The Ftse Mib (INDEX:FTSEMIB) closed at 17,872 points, even if in the first part of the day, he managed to return above 18 thousand points.
In reality, what we had already anticipated this morning from these columns has happened. The stock market rebounded at the beginning of the session, but then slowly prices started to fall again.
It would have been even worse if the American Stock Exchange had not intervened to revive the fortunes of Piazza Affari and the European Stock Exchanges. The positive opening of Wall Street has revived the Ftse Mib index.
A few minutes after the start of trading on the American Stock Exchange, the Italian index, which was at the lows of the day, reversed the trend. Prices went up until they returned to positive but at the end of the session they fell back.
The incredible record of US GDP does not heat up the Italian Stock Exchange
To favor the positive opening of Wall Street was the figure on US GDP, which grew by an incredible percentage. The Gross Domestic Product in the third quarter of the year rose by 33% against a decline of 31% in the previous quarter.
Yet this figure was not enough to keep Piazza Affari on the rise. The incredible record of US GDP does not heat up the Italian Stock Exchange. And it does not heat up banking stocks, once again among the most penalized.
Today the most penalized among the major credit securities was Banco BPM, which lost a further 2.3%. While, in a curious head-to-tail, which however must make us think, the best blue chip was Fineco, who gained 2.8%.
Deepening
To know the multidays analysis and the point of view of the international markets of the ProiezionidiBorsa Study Office, click who.
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