It is neither fair nor balanced to say that Europe is solely responsible for the crisis. It seems that Europe alone is to blame”. After the Stars and Stripes caning, Mario Draghi raises the ball of responsibility for the crisis also to other countries outside the euro area. Meanwhile, world leaders are stepping up talks to find a plan to end the eurozone crisis. To take stock of the Eurozone financial crisis today US Treasury Secretary Timothy Geithner had a telephone conversation with his Chinese counterpart Wang Qishan. While the US president Barack Obama and the British Prime Minister, David Cameronagreed on the need for an "immediate plan" to resolve the eurozone debt crisis and "restore confidence in the markets" and on a "long-term strategy to ensure the existence of a single currency strong".
The hope of a kidney stroke that overcomes the reluctance of the Germany thanks also to the pressing of those countries concerned by the expansion of the crisis outside from the borders of the Euro (USA and China, in addition to Great Britain) gives confidence to the European price lists which in the afternoon start running again with an extension on the final: Milan shines with an increase of 3,5%, Paris salt by 2,42%, Frankfurt 2,09 and London of 2,36%. Madrid rises by 2,41%. The Dow Jones saliva of 1,76% and the Nasdaq of 2%.
Some weak data is holding back the price lists Use (where productivity in the first quarter fell more than expected) and the disappointment with the ECB's unchanged rates and the announcement that no new LTROs are planned despite an offer of unlimited quantities to banks until January 15, 2013 through the refinancing auctions. Confirmation from Eurostat of zero GDP growth in the first quarter of 2012 also arrived in the morning, with Italy among the rear lights.
Ma support for trust came from the green light of the EU Commission to the directive to save banks, the first step towards a fiscal union. However, this is a long-term plan and today the issue of the Spanish emergency still remains on the table, which is studying the needs of the system and how to deal with them. The EU has denied that there has been a request for aid from Spain while Berlin does not open up the possibility of using the Fund Esm to recapitalize the banks directly. "The rules for accessing the resources of the European State-saving Fund EFSF and the European Stability Mechanism ESM have already been outlined and already clear", reiterated today in Berlin, Martin Kotthaus, spokesman for Finance Minister Wolfgang Schaeuble.
The tension on government bonds eased slightly: the Bono-bund differential today falls below the 500 level to 494 and the Btp-bund spread to 433 points. Portugal also did well, today placing 6 and 12-month bonds for 1,5 billion euro with slightly lower yields compared to the previous auction on 2 May.
At the same time, the flight of investors to safe havens has not stopped. There Germany placed 4 billion five-year bonds at new all-time lows, at a rate of 0,41% compared to 0,56% in the previous auction despite some not very reassuring news: moody's cut the rating of 6 German banks including Commerzbank due to the increased risk "due to the quality of bank assets linked to the euro area and the limited capacity to absorb further losses"; the more than expected drop in industrial production of 2,2% in April compared to March when it had grown by 2,2%.
At Piazza Affari the Ftse Eb is driven by the good performance of the banking sector with Bper + 9,72% Ps +4,27% in the wake of the possible sales of Biverbanca and the Antonveneta branches. Unicredit + 4,42% Understanding + 5,33%. Generali rises by 3,66%, in the aftermath of the official resignations of XNUMX Diego Della Valle, already announced last Saturday after the ousting of Giovanni Perissinotto as CEO of the group, a move that the owner of Tod's did not agree with either in method or in substance. But today Banca Generali jumps on the Stock Exchange (+10,76%), the group's network of financial advisors which rises to 219 million euro after the release of the May funding figure, of which 118 million from the Banca Generali network and 101 million from the Private network. Since the beginning of the year, total net inflows have exceeded 900 million (+77%).
CLOSE NEGOTIATIONS BETWEEN UNIPOL AND FONSAI TOP MANAGEMENT
Fondiaria Sai which rises by 2,31%, Milan Insurance -0,69% and Premafin + 0,86%. Unipol gains ground by 3,21% after a note from the group this morning communicated the decision of the board of directors to continue the integration project through the merger with Premafin, FonSai and Milano Assicurazioni, giving the CEO Carlo Cimbri the mandate to formulate a proposal that brings the operation to the original plant of the integration project communicated to the market and submitted to the competent Supervisory Authorities. This means eliminating the many collateral conditions envisaged in Fonsai's articles, starting with that of being able to receive the benefits of potential capital gains (estimated at approximately 800 million) deriving from the sale of real estate assets. Having rejected the conditions advanced by the da Fonsai, the negotiations proceeded in a tight manner to try to find an agreement by this evening. As early as this evening, indications could arrive on the convocation of the boards of premafin Fonsai and Milan which will have to be expressed in the event of a new agreement.
Featured among the best of Ftse Mib Finmeccanica +7,14%. Today, in relation to the investigations that led to the search of Ettore Gotti Tedeschi's home, the president and CEO Giuseppe Orsi stated in a note issued by the group that “The idea that I have entrusted to the custody of Dr. Ettore Gotti Tedeschi Finmeccanica documents relating to judicial investigations, contracts in India or Panama, is raving”. Azimut +7,79%, Lottomatica +7,28% and Telecom Italia +6,63% also performed well. No stock closes in the red on the Ftse Mib.
FIAT MAINTAINS LEADERSHIP IN BRAZIL
EUROPE IS WORKING ON A NEW CAR PLAN
Fiat closes up 2,35% after a weak morning due to the release by the Fenabrave association of data on the Brazilian car market which recorded disappointing registrations in May (daily sales of cars and light commercial vehicles in May fell by 10% compared to the previous year even if the Lingotto maintained its first place for market shares with a decline in line with that of the sector). In Europe, the European Commission announced today that it is preparing a new action plan in favor of the auto sector which was discussed at the afternoon meeting of the Cars 21 working group which was also attended by the CEO of Fiat, Sergio Marchionne. Among the measures on the table are also possible duties on Korean cars imported into the EU. While the issue of overcapacity in the sector will not be on the table.
