THE WORLD RELYS ON THE CENTRAL BANKERS. BPM SIZE. A NEW YELLOW FOR FONSAI
The Fed is about to step into action. According to The Wall Street Journal, Ben Benanke intends to implement new stimuli for the economy starting from the next FOMC meeting on July 31st. The decisive push in this direction could have arrived yesterday evening, with markets closed.
Apple sold "only" 26 million iPhones in the quarter (+28%), with a marked slowdown in growth compared to previous quarters. The expected target (30 million "pieces") was not achieved, and it is the first time. Profits were thus 10 percent lower than forecasts: the stock, in after-hours trading, suffered a drop of 5%, which, given Apple's weight in US lists, suggests a new session under the banner of the Bear. Yesterday evening the session closed lower: Dow Jones -0,82%, S&P -0,90% and Nasdaq -0,94%.
The Asian stock markets are not escaping the downward pressure: the Tokyo index reports a drop of 1,20%, Hong Kong drops by 0,9%. Even the IMF has sounded the alarm about the slowdown in the Chinese economy. The epicenter of the crisis naturally remains Europe, at the mercy of pressure from the financial markets, starting with Italy and Spain.
Exacerbating tensions yesterday was the rumor according to which it will be impossible for Greece to meet its commitments, and therefore the country will have to face a new debt restructuring. Meanwhile, Moody's has lowered the outlook of the EFSF fund, the only active shield currently in the hands of the EU which has a treasury (about 15 billion) for emergency interventions.
Madrid gave a measure of the state of confusion if not the total disarray of diplomacy with a note on the joint declaration between Spain, Italy and France for "immediate application" of the agreements at the end of June. Both Paris and Rome declared that they were "not aware of the initiative". All while the alarm signals from the Spanish regions are multiplying. Barcelona, in particular, is preparing to ask Madrid for aid for 42 billion.
In summary, very few believe in a recovery in Madrid without a massive intervention by the ECB. Pressures in this direction are also multiplying from Washington, both from the Fed and from the Monetary Fund. For now, however, coordination at European level leaves something to be desired. Even among the supervisory authorities, unable to coordinate on short selling. Spain yesterday banned shorting for three months on all securities and also on derivatives, Italy only for one week and only on financial securities.
In this context of uncertainty, sales continue to hammer the financial markets of Italy and Spain. While the stock exchanges of London, Paris and Frankfurt show slight falls, between -0,45 (Dax index) % and -0,87% (the French Cac 40), the Ftse/Mib index of Piazza Affari falls by 2,71, 3,49% and the Ibex of Madrid falls by 12.299,99%. During the day the index fell to 12.332, marking the new absolute low of the index, below the 9 points of March 2009, 1996, the lowest point of the crisis after the bankruptcy of Lehman Brothers. If, on the other hand, you look at the old Comit index, the Italian stock market ended up at levels it hadn't seen since 16, XNUMX years ago.
In the morning, the auction of Spanish government bonds was completed, but at increasing rates. The Btp/bund spread has risen to 545, the same level as last November when there was the handover between Silvio Berlusconi and Mario Monti. The Spanish one between bonos and bund travels instead at 638 points above last night's close. The 10-year BTPs reached 6,5% for the first time since January and the bonos 7,45%. Today, Germany is launching a 30-year Bund issue.
In Piazza Affari the attempt to recover the banks has failed. Sector stocks were all down with the exception of Banking Popular di Milano, up 0,5% pending the new industrial plan announced in the evening. The targets envisaged for 2015 envisage: consolidated net profit of around 270 million, with core tier 1 over 9% (+100 basis points), operating income of 1,76 billion (+6,9% annual average) and costs at 980 million (-1,6%). The cost reduction provides for a decisive intervention on personnel costs (-10% in 2015), which will affect 3 thousand employees. Of these, 2.300 will be allocated to 'conversion and training plans', while 700 will leave the bank with 'an incentive to leave all those in possession of pension requirements' and membership of the solidarity fund.
Understanding drops by 4,1%, Mediobanca -6,75% Banco Popular -4,89% MontePaschi -4,16%. Unicredit -4,03%. Heavy discount for Generali -3,55%.
The stocks involved in the integration project that will create the second largest Italian insurance group moved at two speeds: Unipol sank 16,7%, while Fondiaria-Sai it gained 9,6%. Towards the end of the session came the news of Palladio's departure from the shareholding structure of FonSai.
Meanwhile, the “yellow” of the letter on the severance pay of 45 million for the Ligresti explodes in the Public Prosecutor's Office, which would have been signed by Alberto Nagel, on behalf of Mediobanca, and Salvatore Ligresti on 17 May last, a few days before the Consob decision to exclude from the right to withdrawal from the family. Mediobanca denies the existence of the agreement, an unsigned document emerges seized from the lawyer Cristina Rossello, secretary of the Mediobanca board of directors. Then Jonella Ligresti shows the prosecutors a recording of an interview with the lawyer made without the professional's knowledge. The sequel to the next episodes.
On the European Stock Exchanges, insurance (Stoxx in the sector -1,3%) and utilities (-1,2%) fell above all. Tech stocks are up (+0,8%), led by Nokia, up 4,5%.
In Piazza Affari the tech stock par excellence, StM, fell 4,31% after quarterly results announced tonight. The loss was $75 million, broadly in line with analyst expectations. But the scenario for the third quarter is weak also due to the slowdown in requests from Chinese automakers. Impregile it down 1,4% despite the company winning a $650 million contract to build a bridge in California.
The landslide continues A2A –7,44% e Mediaset –4,65% to 1,19 euros. Down Enel Green Power -4,94% and Terna -2,88% who will announce the results of the quarter in the afternoon. Enel drops by 4,6%, Atlantia -3,1% Rest -2,5%. Among the industrialists it rises Pirelli +4,5%, on the eve of the presentation of the quarterly accounts on Thursday. The title was supported by a note from Morgan Stanley confirming the "overweight" rating. Down Fiat -3,3%.
