European stock markets up sharply driven by the joint Merkel-Hollande intervention in favor of Draghi and by the positive opening of Wall Street. Milan leaps by 2,93% to 13.596,88 points, Paris by 2,28%, Frankfurt by 1,62%, and London +0,97%. Madrid +3,91%. Athens +0,52%. The Btp-bund spread, fluctuating in the morning, decisively resumes its downward path and closes at 455 basis points with a yield of 5,95%, reaching a minimum of 448 points. the Bono-bund differential also drops to 534 points.
Today the Italian Treasury also closed the second appointment with the wait for government bonds with a positive result: it placed bonds for 8,5 billion euros (demand at 13,7), the maximum amount envisaged, at 2,454% from 2,957 %. The important auction of five-year and ten-year BTPs is expected on Monday. The euro also saw swings, rising intraday to a maximum of 1,2378 against the dollar and then closing at 1,236 dollars, still up against the greenback. The single currency also recovered against the yen to 97,205.
MERKEL AND HOLLAND SUPPORT DRAGONS
EYES ON THE MEETING OF THE ECB
Germany and France are determined to do everything to protect the eurozone,” said German Chancellor Merkel and French President Hollande. A fundamental political signal that cleared the uncertainty and nervousness of the morning's price lists, after the bad data on Spanish employment, 24,63% and 5,7 million people out of work, and the new intervention with outstretched leg of the Bundesbank which reiterated that the purchase of government bonds by the ECB remains problematic because it will create false incentives and is not the best way to combat the crisis.
But this, especially after the political reassurances of the German government (the German finance minister also intervened in favor of Draghi), appears more the will to reaffirm a position already known in the eyes of the German people. In any case, the Bundesbank counts for one vote and even counting some allies it now seems to be in the minority on the ECB board. Thus, eyes are increasingly focused on the Eurotower meeting on August XNUMX, bearing in mind that Draghi has not said that he wants to intervene by buying government bonds of countries in difficulty. There are several possible intervention tools. The markets are also looking at a possible coordinated action between the ECB and the states to limit the rise in rates in Spain and Italy, anticipated by the French newspaper Le Monde.
On Tuesday in Paris, Prime Minister Mario Monti will meet the President of the French Republic François Hollande on an official visit on Tuesday in Paris. On Wednesday Monti will travel to Finland.
The debate on Greece's permanence in the euro continues: Berlin reaffirms its willingness to make every effort to keep Athens in the Eurozone while the president of the EU Commission Josè Manuel Barroso warned Greece to bring "results" as soon as possible so as to save one's permanence in the euro area. Meanwhile, the EU Commission has given the temporary go-ahead for the bridge recapitalization of the main Greek banks (Alpha Bank, EFG Eurobank, Piraeus Bank and National Bank of Greece) through the Hellenic Fund for Financial Stability.
MADRID, NO 300 MILLION BAILOUT PLAN
IMF, MARKET TENSION MAY RISE IN SPAIN
Meanwhile Madrid has denied having negotiated with Berlin for a 300 million euro rescue plan with the involvement of the Troika to be activated if the cost of debt financing continues to remain at unsustainable levels. According to the IMF, Spain faces very difficult prospects and a prevalence of risks, with tensions on the markets could intensify, putting the country's access to markets at risk, especially if it is not possible to stop the outflow of funds and if they emerge further tensions in other parts of the Eurozone. The country is seen in recessions until 2014: GDP estimates for the country indicate a -1,7% in 2012 (from the -1,5% expected just a month ago), a -1,2% in 2013 and a first rebound only in 2014 (+0,9%).
USA, GDP AND MICHIGAN INDEX BETTER THAN EXPECTED
FACEBOOK COLLAPSES AFTER ACCOUNTS
Wall Street opens higher and also benefits from some positive macro data: second quarter GDP rises by 1,5% against +1,2% expected by analysts and the Michigan consumer confidence index drops to 72,3 points but above analysts' expectations. Oil up 0,5% to 89,84 dollars a barrel.
The Dow Jones rose 0,81% and the Nasdaq 1,27%. Facebook collapses by 16% to 22,51 dollars (after the drop of 8% archived yesterday) in the wake of the disappointment for the quarterly accounts (red by 157 million dollars against 159 million in profits the previous year). What matters is the accounting treatment of the stock options granted to employees and the payment of taxes linked to this form of remuneration. Turnover instead rose by 32% to 1,18 billion and advertising revenues improved by 28% to 992 million. Since landing on the Facebook lists, it has lost 40%.
VOLKSWAGEN ASKS FOR THE RESIGNATION OF MARCHIONNE FROM ACEA
YELLOW LETTER LIGRESTI, MEDIOBANCA AND UNIPOL CLAIM THEY KNOW NOTHING ABOUT IT
The banks in Piazza Affari were positive: Bper +6,25%, Mediolanum +5,28%, Unicredit +4,64%, Intesa +2,11%. Mps unchanged. In evidence Finmeccanica +5,34%, Atlantia +5,09% and Pirelli +4,955 after the half-year (profits +39,6%), Fiat up 4,34%. New negative data for the European car were released today: Renault closed the first half with a net profit down 39% to 746 million euros. "Continued international growth did not compensate for the weakness of the European market," he said. explained the group. The clash between Sergio Marchionne and Volkswagen continues, after the lunge of the Fiat boss on the prices of the German manufacturer (it is causing "a bloodbath on prices and margins"): "Marchionne is unbearable as president of the Acea, we ask him to resign”, retorted the Volkswagen communications manager, Stephan Gruehsem.
After the Premafin capital increase (-2,53%) reserved for Unipol (-10,74%), the controlling shareholder Finsoe which today holds 80,928% of Premafin has 3,871% of Mediobanca in its portfolio, 4,482% of Pirelli, 5,461% of Rcs Mediagroup, in addition to 4,185% of Gemina. The mystery of the letter signed by Salvatore Ligresti on the alleged agreement with Mediobanca (+4,93%) for the severance pay of the family from Premafin also continues. Unipol stated in a note, at the request of Consob, that it was not aware of agreements entered into between previous shareholders of Premafin and Mediobanca. Piazzetta Cuccia reiterated that it had not entered into any agreement (but now Nagel is also expected to be summoned by the Orsi prosecutor after the Ligrestis and the lawyer Rossello). Fonsai closed down 58,82%.
