DON'T LIKE THE BAD BANK, BANKS IN DISRUPTION. IN DEEP RED, FCA, TELECOM AND GENERALI
SOS. Italian banks are sinking. Blame the rejection of the complicated (and ineffective) agreement on guarantees for non-performing loans agreed by Minister Pier Carlo Padoan and the European Commission thus rejected by Fitch: "It is not attractive enough, the banks will make limited use of it". Fitch is one of the rating agencies that will play an important role in the operation of the mechanism developed by the authorities.
Hence the pressure from sales which caused the Ftse Mib index to fall by 3,49% to 18.180, again one step away from the risk of breaking the technical framework. The other European Stock Exchanges are doing better: Paris -1,3%, London -0,98%, Madrid -1,7%. The decline in Frankfurt -2,44% was also heavy.
The disappointing accounts of some European giants also weigh. Swiss pharma Roche tumbled 4,6% after announcing lower-than-expected fourth-quarter 2015 profits, disappointing results for the Swedes too H&M (clothing) -5,6% e Tele2 (telecommunications) -12%. In Milan he loses his shots Telecom Italy -5,9% The European Stoxx index of the telecommunications sector loses 3,1%, Deutsche Telecom -3,5%.
It's no better for the automotive industry. Fiat Chrysler fell by 7,1% after yesterday announcing good 2015 results and raising the plan targets to 2018. Classic Ferrari for sale it fell by 4,2%. In Frankfurt the Germans Daimler e Volkswagen they lost 2,9% and 2,6%. After a free-range start, Wall Street also shuts down: the Dow Jones index loses 0,2%, the S&P500 and the Nasdaq are unchanged.
The initial rally was triggered by rumors of a deal between oil producers. The acceleration came after the launch of the Russian agency Interfax on OPEC's willingness to hold a meeting in February with the producing countries outside the cartel. But this time the rebound of crude oil (Wti +3%) has not yet been sufficient to support the recovery of the markets. There are signs of a slowdown in the real economy: orders for durable goods fell by 5,1% in December. Only the star shines Facebook +14% after 4th quarter data.
Returning to the banks, the picture is increasingly disturbing. Unicredit fell by 6,4%, Understanding -5%. If we move on to the institutions that are more likely to use the Bad Bank mechanism, the picture gets worse. Mount Paschi before the board of directors on the accounts anticipated to tonight, it suffers a loss of 7,8%, Ubi e Banco Popular -5,8%. Even worse Pop.Milan -9,8% and Pop.Emilia -7,5%. He also suffered Mediobanca -5,4%.Carige it lost 4,9%.
Bad too Generali -4% which still discounts the upcoming departure of the CEO Mario Greco. Discounts also in managed savings: Anima -5,3% Banking Mediolanum -3,9%. Only the oil sector escapes the general slaughter. Eni scores closing +0,2%, Tenaris +0,3%. Advance Saipem + 3%.
