The spread between Btp and bund continues to fall to 356 points. And the stock exchanges, albeit still in negative territory, have recovered from the lows of the morning. While S&P's announcement on the possible downgrade of 15 eurozone countries, extremely out of time and questionable, dampened yesterday's rebound, however the markets keep waiting for the European summit on Thursday and Friday and the ECB meeting on Thursday , from which a further rate cut of 0,25 basis points is expected. And also waiting to know the details of the agreement found yesterday between Sarkozy and Merkel which will be explained tomorrow in a letter addressed to the president of the EU in Brussels Herman Van Rompuy. “Germany and France will continue on the path of reforms outlined”, reassured Angela Merkel today in relation to the move by S&P.
BTP-BUND SPREAD DOWN TO 359 POINTS
SPRINT OF INDUSTRIAL ORDERS IN GERMANY
But warns the director general of the International Monetary Fund (IMF), Christine Lagarde, the agreement "is not enough and it will take more for confidence to return to the markets, among investors, consumers and those who have to develop their strategy for the next two, three or four years and who want to know where to open new factories and where to invest”. In the morning, again on fears triggered by S&P, Asia also fell: Tokyo closed down by 1,39%, Hong Kong by 1,24% and Shanghai by -0,31%.
In Europe at the end of the morning, the indices attempted to recover, returning close to parity, only to then slightly lose share again: the Ftse Mib dropped by 0,39%, the Dax by 0,76%, the Cac by 0,31% while the Ftse 100 moved to parity (+0,06%).
The spread between 380-year BTPs and bunds, which rose to around 356 points after the S&P, has begun to cool again and is now traveling at 5,87 points and a yield of 104% in the wake of yesterday's positive reaction to Monti's manoeuvre. President Napolitano signed the save Italy decree at the end of the morning. After S&P's move, the differential on the French 5,2-year bond also rises to 1 points and for the first time even Germany's triple A is called into question. From here comes, however, a surprise hit by the economy: in October industrial orders in Germany surprisingly marked a monthly leap of 19% (+0,2% on expectations), marking the strongest rise in 1,4 months . A leap that comes after three months of consecutive declines. The data on the GDP of the Eurozone released today instead confirmed the expectations of +2012% on a quarterly basis and +0,3% on an annual basis. But in Italy Confcommercio is sounding the alarm: "We are already in a recession" which forecasts for 0,6 a drop in consumption of XNUMX% and a drop in GDP of XNUMX%.
BANKS IN RED, MPS BACK TREND
CADE FONDIARIA SAI ON FEARS OF A NEW CAPITAL INCREASE
In Piazza Affari the Mps rally continues, albeit more contained than yesterday, rising by 1,38% (but in the morning it exceeded 2%), while the hypothesis of a role for the CDP in the recapitalization of the bank is taking shape (tomorrow meets the EBA for the final verdict on the need for capital of European banks) and the Foundation says it is willing to go below 50%. The Sienese institute leads the rises and detaches the other bank stocks that move in negative territory: Bpm -2,39%, Ubi Banca -0,56% Unicredit -1,14%, Intesa -0,22%. Banco Popolare sells 2,13%: the CEO Pier Francesco Saviotti, declared that Banco does not intend to engage in the conversion of the bond as requested by some hedge funds. Among financials, Fonsai falls (-3,88%) on rumors of a new capital increase on the way. According to what was reported by Il Messaggero, Isvap would have slowed down the operation through which the company of the Ligresti group would have conferred the strategic shareholdings in a single vehicle, 40% of which would then be purchased by Crédit Suisse. At the basis of this decision would be the fact that FonSai maintains control of the vehicle, while making cash, benefiting from 8-12 percentage points on the solvency coefficients.
Eni also made progress on the main list +0,87% which benefits from the Deutsche Bank upgrade: the German bank's analysts raised the recommendation on the Italian oil giant to buy from the previous hold, bringing the target price to 20 euros from 19 euros . Telecom Italia rises by 0,69%, Campari by 0,29%. Among the most marked decreases, in addition to Fondiaria Sai, we find Azimut (-2,35%), Fiat (-2,19%), Ansaldo Sts (-1,69%).
