WAITING FOR THE MERKEL-SARKOZY SUMMIT
While Milan is closed for mid-August, the main European stock exchanges close the third consecutive session in positive territory seeking a rebound after weeks of violent declines that have pushed the stock exchanges to their lowest levels in the last two years, when world lists were shaken by the subprime crisis and the bankruptcy of Leheman Brothers. The Ftse 100 closed up 0,57%, the Dax 0,41%, the Cac 0,78% and the Ibex 0,71%
To keep the stock markets in positive territory, despite some uncertainty at the end of the morning, first the good tone of the Asian markets and the data on the Japanese GDP, then the upward opening of
Wall Street and the release of ECB data on the purchase of government bonds.
In the morning, Hong Kong's Hang Seng closed at +3,26%, Shanghai at +1,3%, Shenzen at +1% and Tokyo's Nikkey at +1,4%. And it was precisely from Japan that some more reassurance on the trend of the economy arrived, after the US macroeconomic data of the past few weeks and the downgrade of Standard & Poor's have spread new concrete fears for the world economy. The data on the GDP which confirmed the recession, turned out to be higher in the second quarter
analysts' expectations (-0,3% on the previous quarter compared to -0,9% in the previous quarter).
However, the words of Merkel's spokesman came to curb the price lists, albeit briefly (London flattened on parity, Madrid, Paris turned negative and Frankfurt slowed down to below 1%, sales weighed down on banks and cars). , Steffen Siebert who cooled down expectations on tomorrow's Mekel-Sarkozy summit. Siebert anticipated that the Euro bonds (hoped for by Economy Minister Giulio Tremonti) will not be the subject of the summit and that no spectacular decisions are expected from the meeting.
The official ECB data has taken care of reviving the mood on the financial markets: last week the European Central Bank bought government bonds for 22 billion euros to ease tensions on the bonds of Italy and Spain. This is substantially higher than the 16,5 billion spent in May 2010 to buy Greek government bonds in the first week of the government bond programme. And that exceeds the expectations of analysts and economists who bet on an expenditure of approximately 15 billion euros.
After the intervention of the ECB and the 45 billion euro maneuver by the Government in 2012-2013, the 267-year BTP-Bund spread remains stable in the area of 5 basis points with a yield of around XNUMX%.
The CDS, i.e. the instruments to insure against the default risk of a country, also benefit from greater easing on the debt crisis of the EU countries and the euro/dollar exchange rate is up to 1,4308
compared to 1,423 on Friday.
GOOGLE BUY MOTOROLA MOBILITY
BUFFET ASKS MORE TAXES FOR THE RICHEST
While European stocks showed signs of uncertainty, futures on Wall Street remained positive. The Dow Jones then opened up 0,98%, the S&P500 up 0,94% and the Nasdaq up 0,54%. Currently, the Dow Jones is up 0,79% and the Nasdaq is up 0,08%.
The overseas trading day was marked by the acquisition by Google (-2, 41% on the Nasdaq) of Motorola Mobility (+56% on the Nyse) for 12,5 billion dollars (40 euros per share, 63% more
compared to the closing price of Motorola stock last Friday).
According to Bloomberg data, this is the largest operation in the sector of at least the last decade. A move that will allow Google to compete with Apple's iPhones.
In the meantime, the debate on the agreement found in extremis (and downwards) between Democrats and Republicans to raise the debt ceiling continues. Also taking the field is Warren Buffet with a surprise proposal from the pages of the New York Times: to raise taxes for Americans with an income above one million dollars a year and to hit even harder those who declare more than 10 million dollars. All in order not to touch investments and jobs. ”Our leaders have asked for a shared sacrifice – Buffett commented – But when I asked for explanations, I was spared. I asked my super-rich friends what sacrifices they expected. And them too
they weren't hit." "While many Americans are struggling to make ends meet - he continued - we, the super-rich, continue to benefit from special tax breaks." The tax burden affecting Buffett was 2010% of taxable income in 17,4, while that of 20 workers was between 33 and 41%.
IN MILAN PRESSING ON THE MANEUVER
And the debate on who pays for the consolidation of the public finances continues more than ever in Italy, in the days following the presentation (with the stock exchange closed) of the new 45 billion budget between 2012 and 2013 which is judged by many to be unfair and unbalanced on the middle classes and on those who already pay a lot. In the meantime, the go-ahead from Brussels has arrived, which however asks the Government to commit itself to finding broad consensus and rapid times. Tomorrow the verdict passes to Piazza Affari.
