SYRIA SYNDROME ON THE DAY OF THE AUCTION BOT AT 6 MONTHS
DOWN TOKYO AND WALL STREET, EMERGING ON THE KNEES
The Damascus syndrome does not spare the lists of the East, already grappling with the crisis of the emerging markets.
Tokyo is starting to close in sharp decline (-2,2% one hour after closing). Followed by Hong Kong -1,75% and Korea. Meanwhile, the crisis in emerging markets is worsening: the Thai stock market falls for the tenth day in a row (-20% overall), Manila loses 5,3%, the Indian rupee slips to new lows: compared to January, the loss is 19,2%. From May to last week, the funds divested $45 billion from emerging markets.
Heavy losses last night on Wall Street; the S&P index falls by 1,16%, the Dow Jones falls by 1,14%, the Nasdaq loses 2,16%%.
The situation in the Middle East overshadowed the positive US consumer confidence figure, which rose to 81,5 in August from 80 the previous month, well beyond the expectations of economists who predicted a drop to 79.
Among American blue chips, the biggest declines are by General Electric -1,5% and Boeing -1,4%.
Sharp reduction of Facebook -2,1% after a long series of increases.
Black day also for Europe.
For the second day in a row Piazza Affari – 2,34% accuse massive losses but do even worse Madrid -2,96% and Paris - 2,42%. Frankfurt -2,28%.
Oil traded on Asian markets this morning at 112,01 dollars a barrel (+2,81%), in reaction to the evolution of the crisis in the Middle East.
Faced with the military escalation, the Stock Exchanges reacted in the most traditional way, running towards safe-haven assets. Gold rose to 1421 dollars an ounce, also thanks to strong Chinese purchases. Swiss franc rises (1,229, against the euro from 1,2341) Surprisingly, the dollar does not rise against the euro. According to experts, the novelty can be explained by the crisis in the emerging markets, which causes strong sales of assets in dollars in favor of a refuge in the European currency.
THE RATE ON THE BUND FALLS, THE SPREAD GOES UP
It dates, above all, the German Bund. The 1,92-year bond, which had risen to a yield of 9%, moved back 259 points. Yesterday the gap between Btp and Bund thus widened to 4,45 points, while the ten-year yield rose to 8,5%, just six cents from the Spanish Bono of the same maturity. Despite these signs of strain, the market easily absorbed the supply at the first of three Treasury auctions this week. Today it's the turn of the six-month Bots (5 billion at auction). But the most delicate event will be Thursday, when 10 and XNUMX-year BTPs will be offered. More than yields, it will be necessary to look at the size of demand in a week full of offers from various states (the United States in the lead).
BITTER BUSINESS PLACE FOR BANKS
Among the Italian banks, Unicredit lost 4,1%, Understanding -4,3%. It also went down Ubi -3,4%, initially up after announcing better-than-expected quarterly results.
It comes in handy Banca Popolare di Milano -2,20%. Piazza Meda closed the first half with a net profit for the period of 105,6 million euros compared to a loss of 131,3 million recorded in the first ..
The first half of the year ended with a negative net result of 19,9 million euro, conditioned by the high incidence of taxation Banca Popolare dell'Emilia-Romagna -2,35%.
Mount Paschi limits the loss to -0,8%.
Among the insurance Generali fell by 2,7%, Fondiaria-Sai-1,2%.
Industrial Stocks Down: Fiat -3,6% Finmeccanica-2,3%StM -3%.
Eni it closed slightly down (-0,2%) supported by the rise in oil prices.Saipem -0,4%, a sharp decline Tenaris -2,3%.
Among the utilities, Enel lost 3,4%, A2A -3,4%.
Among the luxury stocks, Ferragamo -1,7% Tod’s -3%.
