For the Milan Stock Exchange it was an uncertain and painful session. But it was also the case for the rest of the European stock exchanges. Fortunately, the incredible figure of GDP growth in the United States has revived the fortunes of the markets, which otherwise would have closed down. Here are the salient aspects of the day in the analysis of the Office of Studies ProiezionidiBorsa.
Piazza Affari prevents collapse with difficulty
The final figure shows the fall of the Milan stock exchange by 0.1%. Ftse Mib (INDEX: FTSEMIB) closed at 17,872 points, although in the first part of the day it managed to return above 18 thousand points.
In fact, what we had already anticipated this morning based on these columns has happened. The stock market rebounded at the beginning of the session, but prices slowly began 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 European stock exchanges. The positive opening of Wall Street 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 day’s low, reversed the trend. Prices rose until they returned to positives, but at the end of the session they fell.
The incredible record of the GDP of the United States does not heat up the Italian Stock Exchange
Favoring the positive opening of Wall Street was the US GDP figure, which grew by an incredible percentage. The Gross Domestic Product of the third quarter of the year grew 33%, compared to a drop of 31% in the previous quarter.
However, that number 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 bank stocks do not heat up, again among the most penalized.
Today, the most penalized among the main credit securities was Banco BPM, which lost an additional 2.3%. While, in a curious direct confrontation, which should nevertheless make us think, the best blue chip was Fineco, which gained 2.8%.
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