EXCHANGES ACCELERATE AT EU LEVEL
FOR THE BANKS, THE IMF COULD BUY BTPs
Positive day for the European stock exchanges, which accelerated upwards in the afternoon. The Ftse Mib closed with a leap of 3,94%, the Dax of 4,91%, the Ftse 100 of 3,195 and the Cac of 4,33%. Weaker at the start, Wall Street also regained momentum with the Dow Jones traveling at +0,49% and the Nasdaq at 1,47%. In the morning, the European stock exchanges held up to the downgrade of Italy's rating by Moody's yesterday evening (from Aa2 to A2) thanks to the prospect of a plan to recapitalize banks at European level which envisages coordinated action by the governments of the Union. In an interview with today's Financial Times, the EU commissioner for economic and monetary affairs, Olli Rehn, stated that "there is convergence in Europe on the need to strengthen bank capital". According to the International Monetary Fund, European banks may need 100-200 billion to be recapitalised. The statements of the director of the IMF's Europe department, Anhtony Borges, also supported the lists: "The IMF - he said - could invest together with the European Financial Stability Facility (EFSF) on the primary or secondary market through the creation of a special investment vehicle.
The European Central Bank has announced that it has lent 500 million dollars to a European bank as part of the seven-day financing operations and, according to market sources, it would continue to buy government bonds of Italy and Spain. Despite the downgrade by Moody's, the spread between the BTP and the Bund remained stable at around 380 points during the day from 375 yesterday to narrow in the afternoon to 370,7 basis points.
After fears of insolvency for French banks including Socgen and Bnp Paribas (which are up today), the emergency has reopened in recent days with the crisis of the Franco-Belgian Dexia. The institute today benefited from the reassurances of the Belgian minister Yves Leterme who proposed the creation of a bad bank in which to place the institute's toxic assets. In Germany, where banks have balance sheets "rich" in Greek and Italian government bonds, the Soffin bank-saving fund, created in 2008 with the crisis triggered by subprime mortgages, could be reactivated. German Finance Minister Wolfgang Schaeuble said this in an interview with the Financial Times Deutschland and reported by Bloomberg. Chancellor Angel Merkel said the German government is ready to recapitalize banks if necessary.
Tomorrow the decision on the ECB's rates is expected, in the last council of the president Jean-Claude Trichet. For analysts, a rate cut is difficult. The euro shares 1,3337 against the dollar
GREECE, PRIVATE INVOLVEMENT TO REVIEW
THE IMF DOES NOT RULE OUT THE GLOBAL RECESSION
For Angela Merkel "Greece must remain in the euro area" but "private participation needs to be reviewed" in the Greece-saving plan: private individuals must increase their involvement and be ready to bear heavier losses than the 21% envisaged in the 21st plan July. While the eyes of the markets are monitoring the developments of the Greek and debt crisis, the alarm of recession continues. In its economic report, the IMF does not rule out the possibility of a global recession in 2012, although the fund expects modest growth in 2012.
As far as Italy is concerned, “the situation is critical in Italy but it is no worse than a year ago. However, the high interest rates on the debt, the financial maneuvers and the growing tensions on the banks are weighing down an already low growth situation”. "Italy's problem - said Borges - is the total absence of growth and the government must now face it with the same determination with which it cleans up the accounts". The EU also intervenes on Italy in the aftermath of the downgrade of Moody's: "Italy has made serious commitments to fiscal consolidation which go in the right direction, and which allow it to reach a balanced budget in 2013", said Amadeu Altafaj , spokesman for the European Commissioner for Economic Affairs, Olli Rehn.
In terms of macroeconomic data, data on retail trade was released in the EU17, down by 0,3% compared to the previous month. On the other hand, positive data on new jobs in private sector estimates arrived from the US, which increased more than expected. The official figure is expected on Friday. The non-manufacturing ISM falls less than expected. Oil opens up 1,9% in New York to $77,10 a barrel.
AT PIAZZA AFFARI, MOODY'S DOESN'T BEND BANKS
EYES ON BPM
In Piazza Affari, bank stocks rebound despite Moody's lunge thanks to the prospect of coordinated interventions by Europe to recapitalize banks. Unicredit closes up 7,07% and Intesa Sanpaolo up 5,69%, Ubi up 6,25% Bpm closes up 0,60% following the decision to offer 100 million euros to Crédit Mutuel for the share of the 6,49% held by the French in Banca di Legnano.
Bpm explains that the Legnano operation was decided to speed up the merger between it and CR Alessandria, and that the impact on Core Tier 1 is modest, at 5 basis points. The bank then denied the rumors according to which an inspection of Bankitalia would be underway, just as the bank's board of directors denied the existence of the document on career criteria interim with the baca. Eyes also focused on the changes in the shareholding structure, after the entry of Andrea Bonomi's Investindustrial which aims to enter the management and is considering rising to 9,9%
FIAT LEAVES BY 10,09%
ENI EXPANDS THE OFFER OF THE BOND
Highlights on the main basket are Fiat with a leap of 10,09% and Fiat Industrial (+7,41%). In recent days, CEO Sergio Marchionne has announced the group's exit from Confindustria in January. Lancia sales in Germany are up 99%. Pirelli also did well, rising by 7,19%. With oil recovering, Eni also rebounds (+5,79%). The group increased the maximum amount of its bond offer to retail customers to 1,35 billion from 1. Other energy companies performed well with the exception of Terna (-2,51%). In the red Campari (-1,76%) and Finmeccanica (-0%).
The Roman company Salini, the third largest in the construction sector after Impregilo and Astaldi, bought 5% of Impregilo's capital (+1,79%) on Monday and a further 3% yesterday, rising to 8,1% for around 65 million. becoming the second largest shareholder after Igli at 29,9%. Rcs is also highlighted, benefiting from the rumors relating to a possible share reorganization: the share gains 16,9%. Autogrill (+0,93%) extended the concession contract in Las Vegas international airport in advance. It was due in 2018, but has been extended to 2028 and is expected to have $16 billion in revenue over the next 2,5 years ($150 million annually).
