The stock exchanges of today, October 15th. New infections and stalemate on US aid send the price lists to the mat. S&P sees less black on Italy

MILANO – 3:45 pm. The growth of the second wave Covid, with more and more countries forced to reintroduce restrictions on the activities of the population, and the fading of hope that a stimulus plan will arrive from the United States by the next presidential elections put investors in a bad mood. Proof of this are the Asian declines, which in the European squares become a real wave of sales that continue on Wall Street. To seal the difficult negotiations between the White House and the Democrats were the words of the Secretary of the Treasury, Steven Mnuchin, according to which it is difficult for the long-awaited stimulus package to the US economy to be approved before the elections, and this is due to of the lack of agreement with the dem. However, Mnuchin said that President Donald Trump asked him to negotiate again with the Democrats to launch the aid plan for the American economy.

And so the European stock exchanges are in the deep red. In the final phase of the session, London moves back by 2.1%, Frankfurt 2.4%, Milano 2.8% e Paris 2.4%. The stall on trade deals for Brexit also weighs. Sales are transversal between sectors, travel and tourism suffer the most, however. Even Atlantia, in Piazza Affari, turns red after the optimism on the eve of the agreement with CDP to resolve the game on the Motorways.

Wall Street starts down as mentioned: the Dow Jones loses 1.14% to 28,128 points, the S&P 500 of 1.2% to 3,446 points and the Nasdaq of 1.35% to 11,610 points. The impact of the coronovirus on the economy also weighs on the US price lists, which emerges from the data on weekly unemployment benefits, which surprisingly rose to almost 900,000 units against 845.00 units in the previous week and above the expected drop to 825,000 units. After yesterday’s chiaroscuro results, today it was Morgan Stanley to record increasing profits and turnover for the third quarter, beating analysts’ expectations, mainly thanks to the better-than-expected performance of trading activities (the division’s revenues rose from 3.46 to 4.15 billion dollars, against the 3.35 expected by analysts).

The macro agenda is rich: turnover and orders industry in Italy show that there was a rebound in August. A small sign of encouragement for the Italian economy comes from the rating agency S&P which sees the decline in Italian GDP in 2020 limited to -8.9% (even less than the government’s estimates) followed next year by a consistent rebound, equal to + 6.4%. Italy is favored in the recovery – explains the agency – “by its rather strong manufacturing sector and by the Recovery Fund of the European Union”. For 2022, GDP is seen to increase by 2.3% and in 2023 by 1.5% thanks also to the recovery of exports which after the -16.5% estimated for this year in 2021 should recover 13% and then to follow +5 and + 3.3%. After the jump to 10.8% expected for 2021, as an effect of the end of the moratorium on layoffs, the unemployment rate is seen to decline in the following two years to reach 10% in 2023.

Inflation slows in China. In September, producer prices retreated by 2.1% annually, after -2% in August and an expected -1.8%. On a monthly basis it stands at + 0.1%, after + 0.3% in August. Consumer prices slow down at 0.2% monthly, after + 0.4% in August and an expected + 0.3%. On an annual basis, they drop from 2.4% to 1.7%. Data that does not help the Chinese stock exchanges, with Shanghai the decrease of 0.26% at the end of the day. Tokyo reported a loss of 0.51% e Hong Kong 2.06 percent off.

After a tight start, the uncertainties are felt on Petroleum with prices reversing course and losing more than 2%. On the electronic circuit, futures on Light crude Wti fell by 2.5% to 39.94 dollars and those on Brent by 2.5% to 42.25 dollars. The effect of the decline in weekly US oil stocks, which yesterday raised the WTI above 41 dollars, has vanished.

– .