The positive US data and the glimmers on the revision of the capital requests to the banks wipe out the indecision of the Stock Exchanges which in the afternoon expand their earnings decisively. In the end, the indices slightly reduced the increases but closed in positive territory: the Ftse Mib, driven by the banks, closed up by 1,37%, the Dax by 0,98%, the Ftse 100 by 0,63% and the Cac of 0,76%. After the cold created between Sarkozy and Cameron at the last European summit from France, at triple A risk according to the rating agencies, comes a direct attack on London through the words of Christian Noyer, the governor of the Banque De France: "A downgrade cannot seems to me justified by economic fundamentals. – He said -Or if so, they should start by reducing the rating of Great Britain, which has a bigger deficit, just as much debt, more inflation, weaker growth and collapsing credit ”. Meanwhile, on the other side of the Channel, according to press rumors, people are preparing to face the collapse of the Eurozone.
Fears about the extent of the European agreement on the fiscal compact and its implementation have slowed down stock markets, also worried by some bad data and forecasts on growth: from the alarm from the ECB which sees "high uncertainty" for Europe and "considerable risks to downwards”, to Confindustria which drastically revised its GDP forecasts downwards to -1,6% from +0,2% for 2012. Nor does the “locomotive of Europe” shine which after undergoing the revision in recent days downward growth estimates first by the Bundesbank and then by the Ifo, today it receives the heavy downward revision of the German Institute for Economic Research Iwh.
But the auction of Spanish bonds took care of restoring confidence in the price lists first, which recorded a boom in demand and placed over 6 billion euros in value (maturity 2016, 2020, 2021). However, the rate on the 5,545-year bond rose to 5,433% from 462% at the previous auction. The Btp bund spread reacts well and drops to XNUMX basis points in the afternoon.
The data on the request for subsidies then arrives from the US, dropping to a minimum of more than three years and the Philadelphia Fed index, which monitors manufacturing activity, leaps surprisingly to 10,3 in December from 3,6 the previous month. The euro is back above 1,30 recovering after three sessions of declines.
PURCHASES ON BPM AFTER THE RAID OF THE HEDGES ON THE INOPTED
UNICREDIT SHAREHOLDERS SAY YES TO THE INCREASE
In Piazza Affari, the banks are the protagonists of the increases: Bpm rises by 6,06%. Yesterday in Piazza Meda the hedge funds took the field which, according to rumours, hoarded the rights in the auction on the unopted bid for the increase, but the aim, however, should be to resell them in a short time. Andrea Bonomi remains unchanged at 6,4%, while his intent is to rise up to 9,9%. Once the capital increase chapter is closed, the next step is the choice of the new managing director who should prefer a name that marks discontinuity with the past management of the bank. For Equita, today the stock is to be "purchased" (buy) with a target price of 0,38 euro.
Intesa Sanpaolo + 5,45%, Mps +5,05%, Bper +5,13% and Banco Popolare +4,37% are also running. Today, the banks benefited from the rumors about the failure of the capital strengthening requirement by bringing the core tier 1 at 9%, a decision that would be motivated by the desire to avoid a credit crunch. ECB President Mario Draghi then urged institutions to reduce dividends and not loans to strengthen capital. But, he also said, government bond purchases are not the solution and quantitative easing has not produced stellar performances
Meanwhile, the Unicredit shareholders' meeting has given the go-ahead for the 7,5 billion capital increase. 97,88% of the capital present in the room voted in favour, equal to 33,6% of the ordinary capital. Also approved is the free capital increase for a nominal amount of 2,5 billion euro, the elimination of the nominal unit value of ordinary and savings shares. It was also voted to distribute the profit for the year also through company shares and the grouping of ordinary and savings shares. CEO Federico Ghizzoni commented: The 7,5 billion euro capital increase 'will bring the group well above the requests and completely outside the EBA risk'.
THE COLLAPSE OF FONDIARIA SAI WILL NOT STOP
MEDIASET FALLS ON GOLDMAN'S CUT ON THE DAY OF CONFALONIERI'S acquittal
On the Fonsai and Risanamento Ghizzoni case he commented: Unicredit is not a bank to save groups in crisis but I do not exclude that in the future, in the portfolio, there will be some critical issues. Now there are no particular cases of rescues". Meanwhile Fondiaria Sai continues the collapse (down for the eighth session) with a drop of 5,14% while waiting for a solution to the problem of strengthening the solvency margin and on fears that to do so it will be necessary to resort to a new increase in capital. Among the worst titles also Mediaset (-3,19%), on the day in which the judgment on the HDC crack arrives: the president of Mediase Fedele Confalonieri and the PDL parliamentarian Alfredo Messina are acquitted, sentenced to 7 years in prison l former pollster Luigi Crespi. The sell cut by Goldman Sachs weighs on the title
