Bad news never travels alone. Greece's bailout plan slides further, while the feeling is growing that some countries, Germany in the lead, are far from persuaded to give the aid plan the go-ahead. The president of the Bundesbank, Jens Weidman, in particular, strongly opposes a cut in interest rates securities held by the ECB. Greek Finance Minister Evangelis Venizelos, the centre-left's next candidate in the April elections, launched an SOS to the country: "Let's be clear - he said - there are many who do not want us".
Almost simultaneously the news broke that Iran, with the intention of preventing Tehran's European embargo on crude oil, is about to decide to block exports. Brent crude prices shot up to 120 dollars a barrel, well above the 101 dollars of the American WTI. Moreover, Europe is much more exposed than the USA to the risk of an "oil shock", which is insidious even in times of recession. By now, in fact. Italy is in recession from a technical point of view: in the last quarter of 2011, GDP slowed down by 0,7%, after a contraction of 0,2% in the previous three months.
In the evening Tehran denied the news from Press TV, the official channel of the Islamic republic. Given the authoritativeness of the source, observers are under no illusions: the halt in sales of crude oil to Holland, France, Spain and Portugal is a matter of time. But the most exposed country is Italy.
In this context, the markets have set aside i positive signals coming from China, which yesterday declared itself available to intervene in favor of Europe. On Wall Street closed lower with the Dow Jones down 0,3%, S&P500 up 0,2%, Nasdaq up 0,3%. Clouds are weighing on the Greek horizon, but so is the warning issued by John Deere, which predicts a drop in demand from US farmers. But above all, the sharp turnaround by Apple causes a sensation, starting off with a strong increase +3,3%, to then fall back to -1,5% after having ordered Amazon and other sites to stop the online sale of iPads on Chinese territory for a matter of rights.
Kellogg's Big Shot + 4,2%: with a check for 2,695 billion dollars he bought Pringles from Procter & Gamble.
However, the tensions on the global economic front have not prevented Europe from experiencing a positive day. L'FtseMib index rose by 0,4%, Paris +0,4%, Frankfurt +0,4%. Only London canceled gains and finished down 0,1%. The ten-year BTP has not suffered much from Greek tensions: the yield is up slightly to 5,6% (+12 basis points). Spread with the Bund increasing to 380 points. But the variation of the Ftse Mib does not properly illustrate the roaring atmosphere of Piazza Affari, where the battle on the hot fronts does not subside. On the contrary.
IThe main title belongs to MontePaschi +10,5%. The news has been confirmed that the Equinox fund, led by Salvatore Mancuso, will probably buy a large part of the Mps share package (15% of the capital) that the Foundation yesterday decided to sell. In the portfolio of private equity fund participated by Banca Intesa, protagonist of the bank's “mission impossible” (see Risanamento or Tassara herself), at least 12% of the institution will finish. Mancuso, an old-fashioned banker, is wise enough to avoid taking positions that could annoy the Sienese, already "orphans" of the umbilical cord with Rocca Salimbeni. Therefore, he already sends peace signals around: Equinox intends to be a shareholder, not to interfere with management choices or, much less, with the assignment of offices. But it is certain that there is bad blood between Mancuso and Alessandro Profumo, the possible successor of Giuseppe Mussari. On the contrary, the axis between Mancuso, Gaetano Micciché and the minister Corrado Passera is more solid than ever.
Much more heated is the challenge in Fondiaria-Sai +5% after the announcement of the consultation pact between Palladio Finanziaria and Sator (Matteo Arpe's company) which control 8% of the Florentine company. Yesterday, while Roberto Meneguzzo of Palladio answered the Commission's 007 questions in Consob, the battle moved to Milano Assicurazioni, the subsidiary of Fondiaria, up by 6,9%. Investors are wondering whether Consob will grant Unipol exemption from the cascade takeover bid obligation.
Throughout Europe, the banks supported the march of the price lists: the Stoxx index for the sector rose by 1,6%, driven by BnpParibas which in Paris rose by 4% after announcing better than expected results. In London Barclays salt by 2,5%.
In Milan the banks slowed down in the afternoon: Intesa +0,5%, Unicredit +1,1%, Pop.Milano +2,5%, Ubi +1,1%. It doesn't turn off in the meantime desire for Opa around Impregilo +1,4%: if Salini wants to counter the rise of Gavio, it is the reasoning of the market, it has no alternative to launching a public offer. Fiat -1,2% and Finmeccanica -0,7% weak in the final, Fiat Industrial +0,9% holding firm. Among the industrials, the strongest increase was recorded by Prysmian +3,4%, followed by StM + 2,3%. Luxury titles paraded on the catwalk: Ferragamo rose by 6,5% after Cheuvreux raised its target price to 16 euros. Tod's surplus of 2,7%.
