ECOFIN COOLS BUSINESS PLACE (-0,65%)
WAITING FOR MOODY'S UP THE SPREAD
After the robust injection of confidence from the concerted intervention of the central banks, the disappointment of the deep divisions in Europe on the issue of the Greek debt and the euro periphery, which was not remedied by the intervention of Treasury Secretary Tim Geithner. And so the markets, still in positive territory in the afternoon, slowed down the race in view of the weekend: the prospect of the possible downgrade of Italy's rating by Moody's, now imminent, advised to lighten the positions. In Milan, the Ftse Mib index lost 0,65% to 14548. Paris lost 0,48%. In positive territory Frankfurt +1,18% and London +0,58%. The fever on the peripherals rises again. The 5-year Bund/BTP spread contracted by only 359 basis points to 343 from 136,7 this morning. Defensive purchases are back on the German bund which rises to 1,378 points. The euro weakened against the dollar to 1,387 compared to 0,3 at last night's close. The dollar appreciates against a basket of reference currencies: the dollar index rises by 1,377%. The greenback also gained against the euro and returned to XNUMX.
GEITHNER: "IF THE EURO JUMPS IT'S A CATASTROPHE"
BUT ECOFIN GIVES ONLY 15 MORE DAYS TO ATHENS
“Careful, if the euro fails we run the risk of a catastrophe”. Tim Geithner, secretary of the US Treasury, did not spare words of fire, yesterday's guest of the Ecofin which brought together the finance ministers of the eurozone in Wroclaw. An appeal that contrasts with the measures, actually modest, approved by the summit which also unanimously gave the green light to the amendment which guarantees greater flexibility to the EFSF (the so-called rescue fund) which in the fourth quarter will go on the market to collect 7 billion euros to be allocated to Ireland and Portugal. Too little, given the political as well as financial emergency of the euro area. In fact, Ecofin only gave Athens 15 more days to find the 8 billion needed to receive aid and avoid default. Meanwhile, in addition to Finland, four other countries (Austria, Holland, Slovakia and Slovenia) have asked for direct guarantees from Greece. Geithner did not mention, as expected on the eve, the American experience of the Talf funds, but he nonetheless invited European states to multiply, both directly and through the use of leverage, the firepower of the 440 billion rescued Fund. "Europe and the United States must work closely together to get out of this situation" warned Geithner adding that "what worries most are not the inevitable strategic divergences, but the risk of a dangerous conflict between governments and central banks: you must work together, without wasting time in dangerous and useless debates on the fate of the euro”.
ANSALDO STS AND IMPREGILO, THE TWO SUPERSTARS
THE JEEP (FIAT) TOWARDS PRODUCTION IN CHINA
In Piazza Affari, the most prominent stock was also yesterday Ansaldo +2,77%, on the third consecutive day of strong increases. The company, one of the world leaders in railway signaling, is coveted by both the American General Electric, the French Alstom and the Canadian Bombardier. Finmeccanica, the defense holding company that controls Ansaldo, rose by as much as 8,3%. Another company at the top of the session's hit parade is Impregilo with 2,45% after the favorable pronouncement of the Council of State on the tormented story of the Acerra waste-to-energy plant. Now the ball passes to the Constitutional Court, unless the longed-for 500 million euros arrive by the end of the year. In the end, the banks fell heavily, having had a positive day before the news coming from the top. Banco Popolare resists, gaining 3,75%, but Intesa loses 2,85%, Unicredit 7,03%. Final thump of Bpm -7,21%. Insurance is also up. In particular, Fondiaria rises by 7,5%, Unipol loses 3,23%. Generali loses 1,92% Brilliant week end for Banca Generali +7,96% and Azimut +1,58%. Up 2,71% Fiat Industrial, Fiat marks +0,39% despite the disappointing data on car sales in Europe. From Brazil came the news of tax breaks to the benefit of local car manufacturers, a novelty that indirectly also helps Pirelli +1,75%. Meanwhile Michael Manley, the Fiat/Chrysler manager for Asia, has left Frankfurt for China: the goal is to close, within a few weeks, he plans to close the agreement with Guangzhou Automotive to produce various Jeep models locally : Compass, Patriot and Wrangler. Highlights several stocks outside the Ftse/Mib. Among the minor titles, there are Falck Renewables, +6% after the exit of the Centaurus fund, B&C Speakers +6,5%, Fiera di Milano +6,4%, Pierrel +5,8% and Servizi Italia +4,3, 2%. On the other hand, online fashion signed by Yoox is down -XNUMX%
RIM STOCK COLLAPSES IN WALL STREET
GOLDMAN CLOSES PC-MANAGED FUND
“Rim sold 200.000 Playbooks last quarter. Apple delivers the same number of iPads in two days." This is how Business Insider summarizes the state of cridi of Research in Motion, one of the victims of Apple's triumphal march. Rim, the company that produces the Blackberry mobile phone lost 23% on Wall Street after communicating the data for the quarter, warned that it will only reach the less ambitious targets for the year and during the conference with analysts the management outlined a difficult market environment. Rim closed the quarter with earnings per share of 80 cents, against 88 expected by analysts, on revenues of 4,17 billion dollars, expectations were 4,47 billion dollars. Goldman Sachs has announced that in the next few weeks it will close the Global Alpha 1 fund, one of the myths of structured finance, which has allowed millionaires to earn the most aggressive and refined speculation, to the sound of algorithms and purchase and sale programs exclusively guided by choices Of computer. The decision is due to the disappointing performances of the last year. In its heyday, Global Alpha managed $12 billion in assets.
