AND BAGS TRUST BERNANKE AND CHINA
DRAMATIC CORRIDA FOR BONOS. AND THE LIGRESTS
The negative response of the markets continues. THE Asian lists, which yesterday morning had promoted the favorable outcome of the Greek elections, accused widespread declines, in line with what happened in Europe. TO Tokyo the Nikkei 225 index travels with a decline of 0,30%, theHang Seng of Hong Kong by 0,27%.
Less negative script for Wall Street: Dow Jones -0,20%, S&P 500 +0,14% and Nasdaq +0,78%. By now the attention of the markets is concentrated on the FOMC meeting of today and tomorrow. Traders are betting on a new liquidity injection from the central bank. Another exceptional show scheduled: the hearing of Jamie Dimon of Jp Morgan in the Senate, where he will have to explain the loss of 3 billion dollars in derivatives.
While waiting the dollar weakens, the euro recovers positions, traded at 1,2612.
Meanwhile positive news comes from Los Cabos, Mexico. The increase in resources available to the IMF is a done deal: 456 billion dollars which add up to the 380 already allocated for Christine Lagarde's interventions. The new guarantees were paid by 12 countries including Russia, India and South Africa. But the most relevant contribution comes from China.
Once Dracmageddon has been averted, tensions do not subside in Europe. This time the crater that is widening moves again in the direction of Spain, hit by a shower of sales on government bonds (which brought yields over 7%, considered the "no-return" level, the one beyond the which a country fails to make ends meet between the public deficit and the cost of interest. When Greece, Ireland and Portugal exceeded 7%, they had to ask Europe for help.
In Milan, the FtseMib index fell by 2,8%, a figure that net of the ex-dividend decreases to -1,6%. Madrid lost 2,9%.
The declines in Milan and Madrid are linked to the performance of Italian and Spanish government bonds, which recorded strong yield growth today. The yield on the ten-year BTP rose to 6,05% from 5,90% last Friday and the spread with the Bund widened to 464 (+18 basis points).
Much less agitated the other lists. In London, the Ftse100 index rose by 0,2%, the Cac 40 in Paris fell by 0,6%, the Dax in Frankfurt gained 0,3%.
As usual, tensions translated into suffering for financial sector stocksstarting with the banks. Unicredit fell by 4,2%, Intesa -2,5% (it detached 5 cents of dividend), Banco Popolare -0,9%, Ubi -3%, Bper -4,7%. One week after the presentation of the new industrial plan MontePaschi -3,4% slides back to lows. By June 30, the bank will have to comply with the EBA's requests on the new capital requirements. The appeal is still missing 1 billion out of the 3,3 requested. Only a part will come from the sale of Biverbanca and 200 Antonveneta branches. The remainder from Co.Co.Bonds which will have to be offered at 14-15% to be attractive.
Generali fell by 1,5%, Mediobanca it lost 5,3%. Mediolanum -5,5%.
Today yet another board of fire for Fonsai. On the agenda are the requests of Isvap which has requested, within 15 days, the initiation of liability actions and other initiatives to recover the money gone up in smoke in operations with the "related parties", ie the Ligresti. In the meantime, Palladio Sator's offer has expired, but the dossier will be enriched today with new details.
Good, on the contrary, the resistance of the industrial titles: Pirelli +1%, Prysmian +1,9%, StM +3%, Finmeccanica marks another 2% increase after a flattering report from Ubs.
Sharp drop in utilities: Enel it lost 3,1% and after the ex-dividend it ended up at 2,254 euro, a new absolute low. A2A fell by 5,1%, Iren -2,4%, A2A and Iren also detached the dividend.
Igli, which holds approximately 29,96% of Impregilo's capital, has published the prospectus relating to the activity of soliciting the collection of proxies, in view of the Impregilo shareholders' meeting on 12 July next. Igli intends to solicit proxies with reference to point 1 on the agenda of the meeting, on the revocation of the directors in office: on this point the company Igli asks to vote against the revocation of the directors in office, reads the Note.
