"We are sorry. But we have taken the right precautions to avoid consequences for the rest of the Eurozone”. The no of the Cypriot Parliament (39 no against 19 yes and 3 abstentions) to the rescue plan which provides for the forced withdrawal on bank current accounts does not move the German Finance Minister Wolfgang Schaueble. Thus a tug of war is announced which will hold court for the entire session. Cypriot representatives are in Moscow to ask for Putin's support: Gazprom could acquire control of Laiki, the island's second bank. Meanwhile, a compromise is being sought in Brussels to save the agreement reached in the night between Friday and Saturday. But Germany, a member of the troika told the Financial Times "so far has not retreated a millimeter".
Meanwhile, the euro slips on Asian markets to a six-month low at 1,2882. The fears of currency traders are linked to the possible exit of Cyprus from the euro with a consequent weakening of the single currency. A scenario which, according to traders, would be associated with a widening of peripheral spreads and a further decline in the euro. The ECB yesterday confirmed its commitment to provide liquidity to the banking system of Cyprus, "as needed within the rules already in place". Meanwhile, the banks remain closed.
THE LISTS
The Tokyo Stock Exchange has stopped, the attention of operators is concentrated on the strong increase in Shanghai +2,1%. The forecasts of Tom De Mark, the guru of technical analysis, favored the rally. After predicting the downward correction in December, he stated that the stock is now ready for a robust rally. In New York, the Cyprus syndrome has canceled out the effect of the excellent news coming from real estate: sales of new homes and the opening of construction sites are at a five-year high, good news which shouldn't push the monetary committee of the Fed, in meeting since yesterday, to change monetary policy. In the evening, the usual press release and Ben Bernanke's press conference.
At the end of the session, the Dow Jones gains 0,03%, the Standard & Poor's 500 loses 0,24%, the Nasdaq 0,26%. In the meantime, the NYSE share is being dropped from the list. The company, including Euronext, has been absorbed by parent company Ice Group which will replace it in the index. But the "physical" stock exchange will continue to be called the New York Stock Exchange. The Cyprus effect hit the Eurozone much harder. The Milan Stock Exchange fell by 1,59%. Government bonds also fell sharply: the 10-year BTP yield rose to 4,72%, the spread with the Bund shot up to 337 (+15 basis points). London lost 0,2%, Paris -1,3%, Frankfurt -0,7%.
BANKS UNDER FIRE
In the European equity markets the banking sector lost 2,4%, automotive -1,9%, insurance -1%. Behind the worsening of the spreads and of the banks there is also the warning arrived in the afternoon from the EBA, the Authority said that the big European banks, to comply with the Basel 3 rules, should strengthen the equity of another 112,4, 4 billion euros. The reaction from Piazza Affari was immediate: Unicredit -2,8%, Intesa -4,85%, Mediobanca -1,9%, MontePaschi -3,7%, Banco Popolare -XNUMX%.
Continue cleaning at home Bpm – 4,18%. In 2012, the institute recorded a loss of 429,7 million euros (614,3 million in the previous year). Operating income reached 1.549,7 million, up 14,6%, with an interest margin of 859 million (+4,2%). I Adjustments to loans totaled 566,3 million (from 483 million in 2011). The Management Board has also approved the guidelines of the project to transform the cooperative into an "innovative spa": employee sharing in the results will be envisaged and the establishment of a non-profit foundation will be reserved for which the right to appoint 3 members to the board will be reserved.
Mediobanca's nomination committee will meet on Friday 22 March to formalize the list of candidates to be presented for the renewal of Generali's board of directors -2,2%. Fondiaria Sai -3,3%, Unipol -4,5% also fell. The latest data on car sales in Europe is not good and Fiat lost 1,2%. Sergio Marchionne's salary for 2012 was 7,4 million, 50 percent more than in 2011 (5 million).
Down Finmeccanica -3%. After yesterday's strong increase, StM closed positive again today (+1%). Weak Eni -1,4% and also Enel - 0,6%. Telecom Italia closed in parity after a rising morning.
