Time to take stock of the ECB. The 2012 final balance concerns the most difficult year for the single currency but also that of its relaunch, as the president of the Eurotower himself stated some time ago Mario Draghi. The European Central Bank closed 2012 with a net profit of 998 million euros, up from 728 million in 2011. The surplus was 2,164 billion (1,894 in 2011), of which 1,166 billion set aside to cover risks . The net margins realized by the ECB on interest reached 2,289 billion (1,999 billion in 2011), of which 1,108 billion from securities of Greece (which accounts for the majority, for 555 million), Spain, Ireland, Portugal and Italy purchased through the program ot. As regards Italy in particular, between 2011 and 2012 the ECB purchased 102,8 billion euros of Italian bonds, the largest share among the Eurozone countries benefiting from the WTO. Followed by Spain (44,3 billion), Greece (33,9), Portugal (22,8) and Ireland (14,2). Of the 2012 profit, 575 million have already been transferred to the national central banks of the Eurozone: the remaining 423 million will be distributed on 25 February.
A decided decline for Europe with Milan in the black jersey sunk by the banking sector as well as by the red of Mediaset. The FtseMib drops 3,13% while the Btp Bund spread rises to 289 basis points ahead of Sunday's elections. Frankfurt -1,88%, London -1,62% and Paris -2,29% who pay for the rumors of the French weeklies on the disappointing data expected for tomorrow by the EU Commission: almost zero growth, 0,1% for 2013 (against 0,8% initially forecast) and a deficit of at least 3,6% in 2013.
"The Italian elections can cause massive turmoil" on the financial markets, he noted Lueder Gerken, German political analyst, and director of the Center for European Policy in Freiburg. If in Rome there should not be a majority able to govern, "we would expect turbulence like we experienced two years ago - said Gerken - The risk is that we will again have a situation of rejection of the eurozone, if we see that Italy rejects the reforms”.
But they were the ones who hit the markets right from the start the Fed's doubts about the continuation of Qe3, contained in the Fed minutes published last night. The currency market was also affected with purchases returning to the greenback. The ero dollar exchange rate fell to 1,3211 (-0,54%). The Fed effect is compounded by a series of negative macro data: the PMI index of services and manufacturing in the Eurozone worse than expected and various disappointing US data. Jobless claims rose faster than estimates, Philadelphia region manufacturing activity index fell to -12,5 points in February from -5,8 in January, far worse than analysts' expectations , and the super-index of the American economy rose by 0,2% in January, a tenth less than analysts' expectations. Ergo: the US economy is recovering but at a modest pace. Instead, the sales of existing homes were better than expected, rising by 0,4% on the previous month and by 9,1% on the same month of the previous year. Wall Street is also traveling in negative territory: at the end of Europe, the Dow Jones dropped 0,49% and the Nasdaq 0,87%. Well Wal-Mart that has filed a profit for the quarter better than expected. WTI oil dropped 2 percentage points to 93,26 dollars a barrel thanks to rumors of an increase in oil production in Arabia.
In Piazza Affari it collapses Mediaset (-5,71%) after a period of increases in parallel with the return to the political scene of Silvio Berlusconi. Down the banking sector with the rise in the spread: Ubi bank -5,15%, Bper -4,89%, Mps-4,35%, Intesa -4,07% and Unicredit -4,30%. A2A -4,9% and Telecom Italia -3,79%. Cairo continues to benefit from the exclusivity on La7 (+0,43%) as does Telecom Italia Media (+7,08%): the negotiation as set up (debt cancellation) would also bring benefits to minority shareholders. Eni sells 2,32%. Generals -3,86%. Today Axa announced a 2012% drop in 4 profit and overall results below analysts' estimates.
The only positive title on the Ftse Mib is Parmalat (+2,24%) which benefits from expectations for a maxi dividend.
