Ours are coming. But not from Brussels, where yet another conclave of Eurozone ministers is underway. First from the East, where China has surprisingly relaxed its grip on banks. Then, above all, from the West: the Fed, the ECB and the central banks of four other countries (England, Switzerland, Canada and Japan) have decided on joint action to provide more liquidity to the markets. The coordinated maneuver aims to help the financial markets, grappling with the sovereign debt crisis in Europe, and therefore avoid a "credit crunch", explains the Fed in a statement, underlining that "the objective of these operations is to ease tensions on the financial markets and therefore mitigate the effects of these tensions on the ability of banks to provide credit to households and businesses, to help the economic recovery". The cut takes place on the exchange rate of the swaps, which will allow European banks to remedy the shortage of dollars, and will be operational from December 5th to February 2013.
For the markets, the move has only one meaning: central banks, awaiting solutions from politicians to the sovereign debt problem, are ready to make every possible move to avoid the collapse of the banks. The Milan Stock Exchange acknowledges it, like the others, with a sensational rise: the Ftse Mib index +4,36% to 15.268 on the levels of two weeks ago. The Parisian Cac rises by 4,22%, better than all the Dax of Fandocoforte +4,86%.
The euro appreciates against the dollar to 1,345 from 1,332 at yesterday evening's close. The price of oil rose by 1,5% to 101,4 dollars a barrel.
In Piazza Affari, the banks are galloping, as always happens in these cases: Unicredit +3%, Intesa Sanpaolo +6,5%. The strongest rise in the main basket was achieved by Banca Popolare dell'Emilia Romagna +9%. Azimut gains 7%, Ubi Banca 4%, Banco Popolare 5,8%. Fiat Industrial +6,69% was also highlighted, followed by Fiat +6,28%. %. The leap of Saras +22,1%, but also of Ferragamo +13,3% is amazing
