MONITORING OF THE MONETARY FUND REQUESTED BY ITALY
G20 AGREEMENT ON IMF RESOURCES POSTPONED TO FEBRUARY
The yellow on the international IMF's monitoring of Italy's measures is partially resolved. The President of the European Commission, Josè Manuel Barroso, declared that Italy has requested on its own initiative that the IMF supervise the implementation of the announced reforms in order to support the markets' confidence in its ability to achieve the deficit reduction objectives . Confirmation also comes from Prime Minister Silvio Berlusconi himself. But the yellow remains on the aid refused by Italy and never offered by the IMF.
Meanwhile, the Fund inspectors will arrive by the end of the month. Rome will also have to act under the supervision of the European Commission. However, a bitter outcome comes from the G20: the political leaders cannot agree on the fresh resources with which to endow the IMF to help European countries in difficulty due to the debt crisis. In practice, the line of the increase passes but the concrete decision on the technical solutions and the amount is postponed to February. As if to say, in short, that in reality the agreement has not been found. All the European stock exchanges close negatively: the Ftse Mib drops 2,66% but also the Dax leaves the field 2,46%, the Cac 2,05% while London trims its losses with a drop of 0,11% . The banks affected, the list formulated by the FSB on systemically important banks was released today.
NEW RECORD FOR THE SPREAD AT 462 BASIS POINTS
THE MEASURES PROMISED BY ITALY WILL BE ADOPTED BY NOVEMBER
While Christine Lagarde pronounces: 'Italy's problem is the lack of credibility', the spread between the 462-year BTP and the Bund breaks through the new record over 6,404 basis points, with the yield exceeding 1999%, a record since 454 The spread then narrows slightly at the close of the markets to XNUMX points. In terms of development measures, Prime Minister Berlusconi assured that the contents of the commitments with Brussels will be adopted by Parliament by November and explained that they will be included in the amendment to the stability law, while what "will not be included in the amendment we will put in other vehicles, even decree-laws”.
After a negative opening, Wall Street widened its losses and at the close of the markets in Europe it was down with the Dow Jones losing 1,19% and the Nasdaq 0,83%. In evidence Groupon which at its debut on the list runs up by 50% on the placement price. Light and dark data on employment arrives from the USA: 80.000 jobs were created in October in the non-agricultural sectors, 95 fewer than expected, while the unemployment rate fell by 9%, compared to 9,1% in consensus. At the end of the European markets, the euro retraced to around 1,375 against the dollar. WTI oil trades close to 94 dollars a barrel. Gold also fell slightly to 1.756,40 dollars an ounce.
UNICREDIT INCLUDED AMONG THE SYSTEMIC BANKS BY THE FSB COLLAPSES
WORST TITLE AT PIAZZA AFFARI: ANSALDO
In Piazza Affari, only a few stocks resist on the Ftse Mib: Buzzi Unicem + 1,44% and Bper + 2,97% while Stm is unchanged. For the rest, sales hit the entire main list (accompanied by various suspensions) with Unicredit collapsing by 6,55% after its inclusion in the FSB list of systemically important banks and Popolare di Milano dropping 5,97, XNUMX%.
The other bank stocks are also bad, under fears of the risk of contagion from the debt crisis and the spread at record levels: Intesa loses 4,81%, Mps 4,73%, Banco Popolare 3,51% and Ubi the 1,92%. But the higher sales hit the price list across the board: in fact, Ansaldo STS also collapsed -7,36% on the day of the quarterly accounts, Fiat lost -5,48%, also penalized by the group's performance on the Brazilian market in October, and Finmeccanica - 5,26% pending the outcome of the Indian Air Force tender for a 12 billion dollar order (126 fighter planes).
