The official announcement is expected when the markets are closed (at 21 pm Italian time) but the European and US markets have already been in fibrillation since the afternoon: the Sarkozy ratings it was cut to AA+ by the S&P agency. The French spokesman hastened to "not confirm" after voices close to the Elysée had confirmed the downgrade to the AFP agency. With France, Austria's rating would also have fallen, while Germany would have been spared, together with Belgium, the Netherlands and Luxembourg. The rumors, which in the afternoon also target Italy, Spain and Portugal, trigger sales on European and overseas markets which then limit losses on the finish: the Ftse Eb, which leads the declines, loses thePresent in several = 1,20%, while Paris limit the discount to -0,11%, Dax he gives it Present in several = 0,58% and Ftse 100 lo Present in several = 0,46%. Dow Jones, at the closure of Europe, loses about Present in several = 0,70% and Nasdaq lo 0,61%. The euro falls to 1,2668 while WTI crude oil also falls to 98,6 dollars a barrel.
The news has been long overdue, but there are too many nodes still on the table for it not to cause confusion: the background Save states, which still needs to be strengthened, could now lose its maximum rating of triple A, Hungary is at risk of default and in Greece the Institute of International Finance (IIF), the representative of private creditors, has announced the suspension of negotiations on how of public debt restructuring of Athens for a "reflection on the benefits of a voluntary approach". Unfortunately, despite the efforts of the Greek leadership - explained the IIF - the proposal elaborated by the committee of creditors and private investors, an unprecedented nominal reduction of 50% of Greek sovereign bonds, has not produced a coherent constructive response from both sides . Next Tuesday, the EU-IMF-ECB troika will be in Athens to start negotiations on the second aid plan, the amount of which will depend precisely on the results of the negotiations with the private sector.
The yield on the 5-year and 30-year Bund collapses to its historic lows since the introduction of the euro (respectively to 0,733% and 2,338%), the differential between the French 135-year Oats and the bund increases to 121 basis points from 500 in the morning while the differential with ten-year BTPs breaks through the threshold of 6,79 basis points again with a yield of 485%. The spread then returns to 470. The Btp-bund differential, which had fallen below 74 in the morning, is back in turmoil after this morning's Btp auction: if the yields confirmed their decline, there was no same boom in demand yesterday for bots. And while the S&P clouds were gathering on the horizon, the definitive start to sales started with the quarterly data from JpMorgan and the data on the US trade balance which did worse than expected. On the other hand, the University of Michigan index on economic sentiment rose decisively and helped to ease the pressure on the markets. Preliminary estimates for January indicate an increase to 69,9 points from 71,5 in December against expectations of XNUMX.
A Business Square countered the banks that had moved into positive territory in the morning: Unicredit, which ran by 3%, then returned to the red but recovered the + sign towards the end with an increase of 0,48%; Bfor +2,03%; unchanged Understanding. Close in red: bpm -4,08%, Banco -1,36% and Ubi -1,84% e Ps -5,47%. Today Fabrizio Viola he ruled out a capital increase and recourse to Tremonti bonds for the strengthening plan wanted by the EBA while Giuseppe Mussari said he will leave the bank at the natural deadline in April. Meanwhile, according to sources close to the EBA, the July stress tests have been postponed pending the full completion of the recapitalization plans.
Sul Ftse Eb significant drops also concern Fiat Industrial -3,78% and Exor - 4,26%. The rebound of the Ligresti galaxy, galvanized by the agreement with Unipol, resists the storm: Premafin leaps by 16,55%, Fondiaria by 5,02%, Milano Assicurazioni by 8,37%. Unipol reversed its course, which rose by 1% in the morning and closed down by 2,39%.
