DOWN THE EURO AND THE EXCHANGES. AT RISK THE TRIPLE A OF PARIS. ON THE THIRD DAY, THE “FISCAL COMPACT” ALREADY MAKES WATER
The accounts do not add up. Behind the decline in European stock markets is the fear of the bankruptcy of the "fiscal compact" sanctioned in Brussels not even a week ago. Some governments in favor of the new treaty have warned that they are not sure of cashing in on the go-ahead from their parliaments, others have expressed discontent as parties opposed to Europe in several countries threaten to sabotage everything. Meanwhile, France has now resigned itself to the loss of its AAA rating. In Germany then there are those who enjoy playing with the lighter in the powder keg: the president of the Bundesbank, Jens Weidmann stated in Parliament that the time has now come to put aside the idea that the sovereign debt crisis could be solved by printing money. In short, other than quantitative easing.
The consequences were not long in coming:
a) The Ftse Mib index lost 2,8%. London -2,4%, Paris -3,3%, Frankfurt -1,7%, Madrid -1,7%, Zurich -0,8%.
b) The euro trades at 1,296 against the dollar, down by 0,5%, close to the lows of 2011. The dollar strengthens against the main currencies of the planet: the dollar index reaches 80,52 (+0,43 ,XNUMX%).
c) The honeymoon of markets with the pound continues, considered for some reason a safer haven for capital fleeing the euro.
d) The run on the dollar weakens precious metals: gold loses 2,7% to 1.588 dollars an ounce, a drop that brings it to the levels of October, silver loses 6% and slips to 28,8 dollars.
BTP OK, BUT TOP YIELDS. The only positive aspect is the drop in crude oil - 4,4% to 95,7 dollars a barrel WTI. Yesterday OPEC reached an agreement which sets a production target of 30 million barrels per day, in line with current levels. But the decline is linked above all to the slowdown in the economy: in the United States, crude oil stocks fell less than expected and those of petrol rose more than expected. In this context, the auction site for 5-year BTPs should be appreciated: the Tesoto has placed bonds worth 3 billion with a fair amount of demand, but the yields rocketed to 6,47%, the most since '97. Less, however, than secondary market prices.
METEOBORSA: DARK CLOUDS ON THE LISTS. Futures leave little hope for the start of today's session: big investors are looking at the European crisis with growing fear, capitals are hunting for "safe havens" away from the stock exchanges. Wall Street and theAsia in fact, they experienced a difficult session, on the wave of fears for the downgrade of Paris. The Dow Jones index falls by 1.10% along with Standard & Poor's 500 -1,13% and Nasdaq -1,55%. The Nikkei 225 is no better, down 1,61%. The losses of Hong Kong's Hang Seng were heavier –2,26%.
MARCHIONNE CONFIRMS THE CUT OF THE 2012 TARGET. MARINA GROSSI SENDS AND GOODBYE AKLLA SELEX
Fiat -5,5% and Fiat Industrial -5,1%, on the day ofinauguration of the Pomigliano plant. For the occasion, Segio Marchionne confirmed that he has revised the targets for 2012 downwards, even if he does not despair of keeping the trading profit in the low end of the range. Instead, the Fiat-Chrysler target of 6 million cars (at most 5,9 million) by 2014 has been confirmed. But three years these days is an eternity that doesn't interest markets forced to live from day to day.
Other widespread reductions in the industrial price list: Pirelli -3,4%, Tenaris -4%, Stm -2,3%. New landslide for Finmeccanica -4,2%. Marina Grossi, meanwhile, has resigned from the Selex top management.
FONDIARIA: LIGRESTI HAVE A LITTLE FOR THE CARIBBEAN. BPM, CLOSE INCREASE. ABOUT VIPS OR A FOX?
Insurance companies took the place of banks in target practice on Financials: Generali -4,9%, after the downgrade by Fitch (linked to the Italian economic situation).
Fondiaria Sai -6%. While waiting for Goldman Sachs to conclude the examination of the company's actual capital needs (the board has been moved to December 23) other important shareholders of Premafin, the listed safe of the Ligresti house, appear. After the 12,5% controlled by The Heritage Fund, which belongs to Giancarlo De Filippo (yesterday heard in Consob) here is 7,8% of the Panamanian Evergreen fund, represented by Juan Montes, a South American manager who collaborates with Angelo Regusei, a trustee who he often collaborated with the Ligresti group.
Banks are also down, but the declines for this segment have been less severe. Unicredit, today in the meeting to kick off the operation on the capital of the beginning of 2012, loses 3,3%. The Cariverona Foundation will vote today in favor of the increase but has not revealed whether it will participate in the operation: the pro-rata commitment would be 315 million. The participation of Fondazione Crt is certain, while CariMonte will proceed only in part with the subscription, causing its shareholding to drop from 3,4 to%. Banco Popolare -2%, Mediobanca -4,5%, Ubi -4,8%, Intesa Sanpaolo, promoted by Goldman Sachs, gets along with -1,1%.
Bucking Banca Popolare di Milano +4,2%. This morning the auction on the unexercised rights to the 800 million euro capital increase closed: a small masterpiece from Mediobanca, or, a less suggestive hypothesis, a brilliant speculation. It is not excluded that someone raked in all the rights at 0,0001 euros (5.900 euros the expense) and then exploited the rise in the stock market by selling the shares purchased previously. In the case, honor to the cunning of a price-list fox capable of doing business even in these bad times.
Meanwhile, Germany has put the bank rescue fund, Sofin, back into operation, with an endowment of 480 billion. First objective: the rescue of Commerzbank, already at the center of the interventions of 2008/09. The institute, which according to the EBA must increase its capital by 5,3 billion, has in the meantime launched a buyback of 700 million.
Sharp decline in energy and utility stocks. Enel -2,9%, Eni -2,1%, Atlantia -2,3%, Enel Green Power -2,2%. In Midex, the landslide of Telecom Italia Media (-3,7%) should be noted after the director of Tg7, Enrico Mentana, said he resigned after learning that he had been denounced by the CDR of the magazine to the judiciary for anti-union behavior .
