They passed the Fed's stress tests with flying colors (with the exception of Citigroup), but the "sharks of Wall Street" are back with bad moods and criticisms. And it's storm over Goldman Sachs. The latest accusation comes from a former employee, Greg Smith, who resigned as executive director of Goldman Sachs, who from the pages of the New York Times accuses the temple of finance of being a "toxic and destructive" environment, explaining that "in the way the bank works and thinks about making money the interest of customers continues to take a back seat” and contesting the management of Lloyd Blankfein.
But even on this side of the ocean the bad moods and tensions with the banking world have not yet subsided. On the table is the problem of the credit crunch, of corporate financing, after the rivers of billions that Draghi has poured into the system. And in Italy there are also the tensions at the top of the trade association, the ABI, which has entered into fibrillation over the rule that resets bank commissions complete with the resignation of top management, primarily Giuseppe Mussari. Resignations which, however, are currently "frozen", in view of possible changes to the amendment.
Meanwhile, the economy is suffering: in Italy the small business suffocation alarm is back on high, plus tax evasion and the corruption emergency. Yesterday the OECD certified that Italy ranks last among the G20 countries for growth in 2011. Overall, in the fourth quarter of 2011, the G20 countries recorded a growth in GDP of 0,7%, against 0,9% in the previous three months. In 2011, GDP increased by 2,8% against 5% in 2010. Emerging countries continue to drive growth, while the United States recorded an increase of 2011% in the last three months of 0,7. However, the European Union and the Eurozone are doing worse, registering a -0,3%.
Thanks to clearing on the Greek front (the formal confirmation of the go-ahead on the 130 billion aid package for Greece from the Eurogroup arrived yesterday) and the moves of the Fed, which, more optimistic than expected on growth, nonetheless declared low rates at least until the end of 2014 . Wall Street, riding on the good results of the bank stress tests and some macro data, it has returned to the highs of the indices in recent days. Yesterday, albeit slowing down, it closed higher, with the Dow Jones up +0,12% and the Nasdaq up +0,41%. The European Stock Exchanges were positive with the exception of London: Milan closed at +0,31%, slowing down from the highs for the day, Frankfurt at +1,19% and Paris at +0,40%. London loses 0,18%.
The descent of the Btp-Bund spread was confirmed below 290 and operators' expectations are for a further drop in the coming months. Gold fell to its January lows at 1.646 dollars an ounce while this morning it rose slightly to 1647. up this morning Tokyo to +0,72% above 10.100 and to the highest levels of the last 7 and a half months thanks to expectations of a more solid economy in the USA and Japan and the drop in the yen. On the macro data front, the figure on labor costs for the fourth quarter of the EU 17 and the release of the ECB bulletin are expected today in the morning, in the afternoon a series of US macro data including weekly requests for unemployment benefits and the March Philadelphia Fed Index. The IMF is meeting today to decide on aid to Greece which should amount, according to forecasts, to 28 billion euros.
In Piazza Affari the shower of quarterly magazines continues: today the board of directors on the accounts of Intesa Sanpaolo (+0,40% yesterday's closing) but also of Unipol and Fondiaria Sai is on the agenda. In Bologna, tension rises over the insurance match: Unipol has sent a letter to Sator Palladio warning them to continue with their initiatives which, according to Unipol, harm his interests. Arpe and Meneguzzo's response was not long in coming and claimed their right to carry on the offer in the manner and within the terms of the law. Meanwhile, the vice president of Fonsai held back yesterday on the swaps that the market expected on today's agenda. “It is premature to talk about it”, Antonio Talarico stated. Furthermore, the next board of Premafin (-0,66%) should be postponed from the date of 16 March to allow Maurizio Dallocchio to proceed with more time with the impairment test on the share of Fonsai (+4,28%) held by the holding company.
The Mps Foundation (+1,87%) yesterday sold a first share of 2,5% to private entrepreneurs of the discontinued package. Yesterday Salvatore Mancuso of the Equinox fund which is aiming for 13% said that the timing for the binding offer had not yet been decided while he reiterated that he wanted to have a say on governance in the event of an investment.
Overall, yesterday was a weak day for the banking sector: Unicredit +0,20%, Bpm -0,39% while Bper lost 2,53% after the accounts and the plan. Bpm -0,39 is also down. Highlights in Piazza Affari Mediolanum +4,66% and Salvatore Ferragamo who scores an increase of 3,34%, publishes the results today, after a +52% since the beginning of the year. Stm +3,07%, Fiat +2,51, and Azimut +2,33% also stand out. Profits taken on Tod's -2,29% and Diasorin -1,52%.
