(Il Sole 24 Ore Radiocor Plus) – The dreaded ghost of the lockdown returns to materialize on the European markets, sending the lists in “red” on the news that Austria is moving towards a three-week stop, to try to curb the fourth wave of Covid, with the fear that it could soon touch Germany (where in Bavaria the situation is already at the limit). Anti-Covid closures that could undermine the already fragile European recovery, cooling global energy demand, as evidenced by the thud of crude oil. In a session also marked by the technical maturities of the options, sales particularly hit banking stocks, which are among the most sensitive to the economic “barometer” trend, with oil, airlines and the auto sector in sharp decline. Countered Wall Street, with the Nasqad having once again updated its all-time high. At the end of a nervous day, the worst is the Austrian Stock Exchange (-3.1%) followed by the markets where the weight of credit institutions is greater, namely Madrid (-1.7%) and Milan (-1.2 %). Meanwhile, Paris fell by 0.42%, Frankfurt by 0.38% and London by 0.45%.
Wall Street moves mixed, new record for the Nasdaq
Travel contrasted Wall Street, where the indices appear to be recovering after the difficult start of the session. The S&P 500 turned positive as the Nasdaq Composite, up from early trading, has already updated its high. The Dow Jones, while remaining below par, moved away from intraday lows. A negative impact is the new wave of Covid-19 cases in Europe, where there are new restrictions and partial lockdowns, and fears for inflation. On the political front, the vote in the House on Build Back Better has been postponed until today, the plan worth about 1,700 billion dollars strongly supported by President Joe Biden, which provides for interventions for health care, education, climate, immigration and taxes. Yesterday, the Congressional Budget Office – the federal agency that provides economic data to the US Congress – announced that it expects the law to drive up the federal deficit by $ 367 billion over the next decade. According to the government, however, the plan will not add another deficit: on the contrary, it will decrease it by 112.5 billion. In the meantime, we are talking about the federal debt limit, given the approaching deadline (mid-December) by which the United States will have to suspend or increase it to avoid default: the leader of the majority in the Senate, the Democrat Chuck Schumer, and the minority leader, Republican Mitch McConnell, met yesterday to discuss it.
Strong sales on banks in Milan
The collapse of UniCredit (-4.1%) was recorded on the Ftse Mib, which was particularly affected by the news arriving from Vienna, given that Bank Austria is one of its most important European subsidiaries. Leonardo fell (-3.5%) with the uncertainties linked to the sale of Oto Melara. Pharmaceuticals such as Recordati (+ 2.7%) and DiaSorin (+ 2.4%) are saved, while Tim rebounds (+ 3.7%). Out of the main price list, Autogrill slips (-6.3%) on the prospect of new restrictions throughout the Old Continent.
Ryanair in the spotlight in London
In London the Irish low cost airline Ryanair stated that it had communicated to the UK Financial Conduct Authority (FCA) the delisting of its shares from the London Stock Exchange. The last trading day is December 17th. Following the delisting in London, the company will continue to be listed on the Euronext Dublin regulated market which offers shareholders the highest degree of protection, including compliance with the UK corporate governance code. The Irish company also recalls that its shares are traded on the Nasdaq through the Adr, the American depositary certificates, reserved for securities issued on financial markets outside the US. The intention to leave the London Stock Exchange was announced by the company a few weeks ago.
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