USA, THE FASHION OF ZERO INTERESTS WILL LAST THREE YEARS MORE
MERKEL: DO YOU WANT MORE MONEY FROM GERMANY? NEIN!
American rates will not rise until at least the end of 2014. The Federal Reserve postpones any increase in the cost of money with respect to previous indications for 18 months. It is the confirmation that Ben Bernanke and the other members of the board remain very cautious on the recovery prospects of the most powerful economy on the planet. The Fed chairman also does not rule out the launch of a forthcoming Quantitative easing to give oxygen to the economy when the timid rally of recent months will lose momentum: most probable date, the end of spring.
The reaction of the markets was not long in coming: the stock markets erased the initial losses, the dollar weakened, albeit slightly, while there was an immediate drop in bond yields: the 1,95-year bond trades at 14%. The central bank's press release preceded the most awaited event: at 15 pm in Washington time (20 pm in Italy) Ben Bernanke will meet the journalists; first, and completely new, all central bank members' analyzes of the country's financial situation will be distributed, including rate forecasts. Just to avoid confusion or misunderstandings, yesterday Bernanke wanted to send a strong message on behalf of the whole team: monetary policy doesn't change.
Meanwhile, in the old continent, iPrime Minister Mario Monti also ventures a prediction in his own way: "the contours of the possible solution for the exit from the EU debt crisis are starting to take shape". In a speech to the Senate, Monti also added that in the new text of the EU treaty under negotiation on the strengthening of budgetary rules (the so-called "fiscal compact"), a more flexible formula has been adopted on the repayment of the debt, in analogy to what was already agreed by the previous government.
“It is necessary – added the premier – equip the EFSF and the ESM with adequate resources and mutual coordination and that the governance of the fund is not surrounded by constraints and quibbles such as to prevent it from being operational". In this regard there is "a positive evolution in Germany and other countries of that type".
But the ping-pong of statements on the debt crisis: France relaunches the theses of the director general of the International Monetary Fund, Christine Lagarde, who hoped that the current European state-saving fund, EFSF, will continue to operate alongside the ESM when the new mechanism comes into effect function, while Germany continues to oppose the substantial doubling of resources to be allocated to the so-called anti-crisis "wall of fire". “No country can take on another country's debt”, Chancellor Angela Merkel reiterated yesterday morning, in her opening speech at the meeting in Davos in which she warned entrepreneurs that there are no shortcuts out of the crisis. In short, Germany does not intend to widen the purse strings.
The announcements coming from the Federal Reserve have swept away the uncertainties of Wall Street emerged after the publication of worse than expected data on the real estate market. The S&P index closes at +0,87%, the Dow Jones marks +0,66%. Lastly, the Nasdaq closed at +1,14%.
The Apple effect +7% also pushed the list: the capitalization reached 416 billion dollars. Meanwhile, Bloomberg notes, 72 of the 108 companies that have already released their quarterly accounts did better than expected. The rally in Tokyo fades in the final stages: the Nikkei index is closing at -0,39%. After the Lunar New Year Hong Kong reopens sharply up +1,16%.
THE BUND 30 ARE STEALD OUT: THEY RETURN 2,6% UNTIL 2042
CALTAGIRONE TOWARDS THE FAREWELL TO SIENA. BUT MPS FLYES +7,8%
A Business Square the FtseMib index fell by 0,5%, London also lost 0,5%, Paris -0,9%, Frankfurt unchanged.
The renewed climate of uncertainty made itself felt on the market for government bonds: the yield on ten-year BTPs rose by 9 basis points to 6,17%. The spread with the Bund widened to 423 points.
Conversely, bond investors rushed to buy this morning the new thirty-year Bunds: the request was more than double the offer, the yield fell to 2,6% from the previous 2,8%.
Piazza Affari took care of depressing it Eni, -2,6%, the maximum weight of the Italian Stock Exchange which represents about 18% of the entire list. According to a presentation by the group, Eni expects around 2011 million euros of losses in the refining & marketing sector in 550.
Banks in swing throughout the day with a positive ending: Unicredit it rose by 1,2%. Among the new members of the institute there is also Alessandro Falciai, who has invested in Piazza Cordusio for the liquidity obtained from the sale of Dmt to Mediaset. Purchases on Mps which achieved a rise of 7,8%: the further step backwards by Francesco Gaetano Caltagirone, vice president of the institute (probably for a few more days) who reduced his stake to 2,7% does not matter. In great evidence Banco Popolare +11,65%, Ubi +3,3% and Banca Popolare di Milano +2,2%. Intesa moved in the opposite direction, down 0,3%, and Mediobanca -1,8%.
Among the insurance Generali fell by 0,5%, but both Fondiaria-Sai +4,5% and Unipol +2,5% rose.
Sharp decline in Europe of tech stocks, with the fall of Ericsson -14%, which announced lower than expected results and dragged down the French Alcatel -7,7%. StM lost 2,8% in the second day of decline after the quarterly results.
The fall of Telecom Italia continued -2,4% with investors disappointed by the now highly probable dividend cut. On the contrary, Luxottica's star shines +3%, on the wave of a record quarter. Loses Tod's -4,7%. Maire Tecnimont still down -2,4%.
It's not easy to find thereto electric peace. Yesterday, surprisingly, Iren rejected A2A's proposal on common governance for Edipower: the requests of the North West utility would not have been implemented by the draft presented by the Lombard utility. Meanwhile EDF has presented its questions on the takeover bid to Consob, while Romain Zaleski's Tassara announces a battle against the price agreed between the French and the Italian shareholders and utilities.
According to a consensus drawn up by Reuters interviewing 26 analysts, Fiat will close the fourth quarter of 2011 with a trading profit of 765 million euros, a net profit of 270 million and a net debt of 5,3 billion. For Fiat Industrial trading profit is expected at 460 million, net profit at 215 million and net debt at 1,55 billion.
