BAGS DOWN, BUT NOT TO THE MINIMUM
BANKS KO, ONLY STM RUNS
The storm of Aphrodite, protector of Cyprusrages on the price lists.
Le European stock exchanges proceed in sharp decline: London -0,85%, Paris -1,37%, Frankfurt -0,98%, Madrid -2,33%.
Business Square is among the worst, the FtseMib index loses 2,04% to 15.733.
The extraordinary levy on bank deposits that the government of Cyprus will launch this morning scares investors and raises the fever of the markets. The measure was agreed within a general plan for the country's financial rescue agreed with the EU and the Monetary Fund.
The markets, after the initial shock, seem able to mitigate the impact: the GDP of Cyprus, moreover, is only 7% of the Greek one.
THEeuro is recovering from the lows of this morning against all currencies: euro/dollar at 1,297 from 1,288 at the opening. Euro/Swiss franc to 1,222 from 1,217. Euro/yen to 123,1 from 1,216.
Also the spread recovers after the initial shock: the 10-year differential between the BTP and the Bund is set at 326 basis points from 340 in the first few bars. The yield is at 4,67%.
Stay strong German bund futures, just above 144 points.
Heavy losses on banking sector.
unicredit, in particular, it loses 4,81%. After the release of the 2012 accounts, Exane lowered the recommendation to underperform from neutral, the target price was cut by 25% to 3,3 euros. Cheuvreux confirmed the negative underperform opinion and lowered the target price to 3,2 euros from 3,3 euros.
Understanding -3,5%.
John Bazoli he was once again a candidate to lead Intesa Sanpaolo for the three-year period 2013-2015. He is in fact at the head of the joint list presented by the Compagnia Sanpaolo and the Cariplo Foundation. The other names on the list are, in order, Jean Paul Fitoussi, Gianfranco Carbonato, Rossella Locatelli, Beatrice Ramasco, Giulio Lubatti, Carlo Corradini, Monica Schiraldi, Giuseppe Berta, Franco Dalla Sega, Pietro Garibaldi, Piergiuseppe Dolcini, Marcella Sarale, Luca Galli , Carla Alberta Federica Bianchin, Fabrizio Gnocchi and Luigi Attanasio.
Ubi -4,5% MontePaschi -4,55% B. Popular -4.48%.
Bper and Bpm -3,4%.
Strong decline also for Generali -2,84% and Fondiaria -3,3%.
The decline affects almost all the blue chips in Piazza Affari.
Among the big names, Eni down 1,76%, Saipem -0,61% Enel -1,69% TelecomItalia -22,74%.
Industrial stocks are also bad: Fiat -1,83% Finmeccanica -1,01% Prysmian -1,25% Tenaris -2%.
You save A2A +2,27%. Goldman Sachs upgraded the rating to neutral from sell. The target price rises to 0,52 euro from 0,49 euro.
Also recovering stm + 4,96%.
Ericsson and STMicroelectronics have agreed to split the joint venture's assets. The former will take over the design, development and sales of LTE multimode and thin modem products, the latter the existing products of the ST-Ericsson jv and associated business, as well as certain assembly and test facilities.
Impregile it +0,2%, on the opening day of the takeover bid at 4 euro.
