MORE INTERVENTIONS FROM THE ECB? IT CAN BE DONE, SAYS BINI SMAGHI
FONSAI, BACK STEP OF THE LIGRESTI. MONTANI CEO OF BPM
Quantitative Easing for Europe? Why not. “Bankers shouldn't hide behind lawyers so as not to make decisions”. Including the ECB, given that the central bank has the means both for new purchases of sovereign bonds and for extraordinary operations, should they be necessary to ward off the risk of deflation. Strong words if pronounced by one of the members of the board of the European Central Bank, even if ten days after his departure from the Frankfurt summit. Lorenzo Bini Smaghi, president of Snam since 1 January, has entrusted his legacy as central banker to the Financial Times with a peppery speech which demonstrates, underlines the City newspaper, that under the apparent convergence of opinions, the debate is buzzing in the ECB .
After the first cautious reaction, the markets show that they appreciate the injection of liquidity from doktor Mario Draghi, an Italian with a German-style banker's licence. In Business Squarei the FtseMib index advanced by 1,4%. London gained 1,5%, Paris +1,3%, Frankfurt +1%. However, the recovery of the "Italian" sovereign debt is missing. On the government bond market, the ten-year BTP did not register any benefits. Conversely, the yield rose to 6,79% (+10 basis points from yesterday). The spread with the Bund widened to 485 points, despite the definitive go-ahead from the Senate for the budget package.
Wall Street, meanwhile, reacts with moderate optimism to the numbers which, day after day, signal the recovery of the economy. Yesterday the most positive figure came from the surprise drop in weekly jobless claims: 364, the lowest figure since April 2008. The Dow Jones rose by 0,51%, the Nasdaq by 0,83 % equal to the S&P 500, one step away from the levels of the beginning of January. In this context, the downward correction of GDP in the third quarter (+1,8% against the expected +2%) did not weigh much, also because the Superindex, an indicator that anticipates the evolution of the American economy in the coming quarters , marked a positive change of 0,5% for the month of November, higher than the expectations of economists who indicated it +0,3%. .
WEATHERBAG. UNDER THE TREE, PINK FUTURES. Futures signal a positive start in Europe thanks to the beneficial effects of the current arriving from the North American markets. Closed for public holidays Tokyo Stock Exchange, Hong Kong's Hang Seng signals an increase of around a percentage point. In the meantime, Moody's confirmed South Korea's rating: the changing of the guard in North Korea after the death of Kim il Jong does not change Seoul's prospects and the won gains positions.
EDISON, PROGLIO OPENS WITH PASSERA ON FLOOR B
EDIPOWER ITALIANA, THE REST GOES TO EDF
Corrado Passera wants to score the first point in favor of his political career. Yesterday the Minister of Economic Development met with the CEO of EDF, Henry Proglio, to whom he illustrated the new Italian line on the Edison dossier: from being sellers of the Buonaparte forum, the Italian utilities led by A2a and Iren have become buyers of Edipower. In the event of a lack of agreement on the exchanges, the Monti government is also ready to support a possible auction which will attribute control of Edison to the highest bidder.
Apparently, there would have been a general agreement to evaluate the new proposal by the French, but first it will be necessary to find an agreement on the evaluation to be given to the share of A2a and Iren in Edison. At the moment the stock is valued below 0,8 euro. The Italians, to hand over control totally in the hands of EDF, would like an additional premium. But how far are the French willing to go? The feeling, however, is that the story is now in the final grip. By the end of the year, if not exactly an agreement, there will be a general go-ahead.
FONSAI, CAPITAL INCREASE FOR 750 MILLION
LIGRESTI GOES OFF, UNIPOL WARMS UP THE ENGINES
Day of truth in Fondiaria-Sai. This morning, preceded by a meeting between the advisor Goldman Sachs and the independent directors of the company, the board of directors will acknowledge that, in order to straighten the accounts and restore the solvency margin, an increase in the order of 750 billion is necessary, much higher than that suggested by the creditor Mediobanca (600 million). Rumors take for granted new write-downs of equity investments and properties as well as further allocations to reserves in the next budget for an amount around one billion, which will be added to the measures (1,4 billion) already taken from 2009 to last September. What will the Ligresti family do? If he does not participate in the operation, the Paternò engineer's share could fall to 10% or even less. But who will sign the next increase? Rumors abound, also because both Mediobanca and Unicredit as well as the Ligresti are at work on this matter. For now it is known that Claudio Sposito's private equity firm Clessidra is working on the dossier on which foreign companies (Allianz and Zurich) and Italian companies (Unipol and Cattolica) are also working.
Finally, yesterday, CEO Emanuele Erbetta went to the Consob. Next week, the Commission expects a formal report on Premafin's shareholders, starting with the individual holders of the shares held through the Evergreen Securites funds: the abundant 7% of the Ligresti company which is added to the 12-odds held, again via the Bahamas, to Giancarlo De Filippo.
BANCHE, CUCCHIANI MAKES HIS DEBUT AT THE SUMMIT OF INTESA
CHURCH HARAKIRI (BPM). MONTANI ARRIVES WITHIN THE YEAR
The strains on the credit skies are not just due to the credit crunch or sovereign debt problems. At Barclays, reveals The Wall Street Journal, nickel and aluminum. they are reckoning with more than 500 million dollars lost in bets on copper, nickel and aluminum.
In Piazza Affari, at least, this problem doesn't exist. Unicredit gained 1%, MontePaschi +3%. Ubi rose by 2,2%, Banco Popolare +1,6%. Intesa rose by 2,5% on the day Tomaso Cucchiani took office as CEO. Cucchiani presented himself at the front lines of the banking group in a long meeting held in the late afternoon. Transparency and efficiency, rigor and managerial prudence will be my cardinal points of reference, underlined Cucchiani.
But he made the most significant leap Pop. Milan +5%, while the tormented meeting of bondholders was held at the same time, called to bring forward the conversion of the bonds, with serious damage for savers. Representing the bank was only the general manager Enzo Chiesa, co-manager at the time of the loan issue, fined, precisely for the convertible loan, with 175 thousand euros. «To say that I am embarrassed is an understatement - said Chiesa - but not so much for the fine, which I will pay, and not for the loss recorded by the convert and by the shares bpm. But because my good faith is questioned at the beginning».
Despite numerous criticisms, after three hours of discussions, the go-ahead for the restructuring came with the favorable vote of 53,78% of the bonds issued, while 2,5% of the outstanding bonds were against. By 29 December, the bank's management board will proceed to increase the number of conversion shares to service the loan, on the basis of the proxy conferred on it by the shareholders' meeting held on 25 June. It will be the last act of the emergency before handing over the management of Bpm to the new CEO, chosen by Egon Zehnder with the endorsement of investindustrial (Andrea Bonimo). The choice fell on Pietro Montani, former CEO of Antonveneta before the sale to Ps.
Positive day for oil stocks, driven by the good performance of crude oil prices: WTI is traded at 99,5 dollars a barrel, up 0,8%. Eni rose by 1,3%, Saipem +2%, Tenaris +2,1%. Positive Enel +1,5%, Telecom Italia +1,5%, A2A +2,7% ed Edison +5,7%. Among financial stocks, Generali fell by 0,8%,Fondiaria-Sai -3,5%. Positive Azimuth +3,2%. In the industrial sector, Pirelli +2,4% and StM +3% shone. Fiat +2,5% and Fiat Industrial +2,5%. Among the mid caps, Landi Renzo +5,6% and Amplifon +3,5% rose. Yoox dropped sharply -4,3%.
