Banks are betting on the government, but Dijsselbloem brakes. Deflates the rebound of the stock markets – The Republic

MILAN – Hours 16:55 Abrupt change of direction for the Italian banks that morning had driven the rebound in Piazza Affari in the wake of the words of Prime Minister Matteo Renzi who yesterday first ensured a positive solution “for depositors and savers” then attacked Germany, because “the real question are derivatives of German banks.” The cold shower came directly from hawk Jeroen Dijsselbloem. The president of the Eurogroup even excluding liquidity problems, said he was concerned about the situation of Italian banks by explaining that in no case the rescue of institutions will be evading the Directive on Banks and new rules on the bail-in: “Other countries have managed to restructure their banks with public transport and Italians have not done so – he said speaking at the Hague – but now we have more stringent rules. “

the return of the debt securities so investors in the viewfinder and on the fall the bottom of the list: Mps after a morning on the shields collapsed on the day of the extraordinary board who will discuss the plan by 10 billion for bad loans. Piazza Affari it sits down to + 0.5%, while in the rest of the old continent London rises 1.5% as Paris and Frankfurt recovers 0.9%. On Wall Street the Dow Jones advancing by 0.2%, the S & amp; P 500 0.4% and the Nasdaq 0.5%. At a general level to support the goods you buy contribute the minutes of the last meeting of the Federal Reserve of the past 14 and 15 June: from the document showed that the various governors have considered “prudent” to wait to raise tass to see effects of the outcome data the referendum in which 23 June last year, the United Kingdom has decided to leave the European Union. The US central bank would be ready to close, but only after the occurrence of three conditions: an acceleration of economic growth, a continuous creation of jobs and a rise in inflation in the medium term to the annual growth target of 2%. The market remains convinced that inflation will not recover and therefore the end of July there will be no closer. According to the Fed Funds futures, used by investors to bet on monetary policy moves, the chances of a rise in December are only at 14%.

The investors then try to ignore the disappointing signals coming from Germany, where in May industrial production fell by 1.3% economic and 0.4% on year. From the US, meanwhile, recorded a growth above forecasts of employment in the private sector in June. The figure, which anticipates the employment report to be published tomorrow, shows the progress of the labor market. According to the monthly report last month were created 172,000 jobs, while the estimates were for a rise of 151,000.

Returning to the Italian banking front, the government is trying to find a European solution after the arrival of an ECB letter to Siena, with which is asked to clean a dozen billion suffering from the budget over three years. The news brought down the title Mps, able to get off quickly under the billion capitalization to new record lows. Yesterday, however, the action has rebounded (+ 6%), also thanks to the stop short selling by Consob. Today, however, came the frost on the ongoing negotiations between Palazzo Chigi and Brussels to get the green light to an intervention with government guarantees to shore up the capital of the Siena bank. The words of Vice President of the Commission Vladis Dombrovskis ( “precautionary recapitalization is possible”), however, were resized by the president of the Eurogroup Dijsselbloem.

But for the government, the pivot of ‘ This may again become the background Atlas, already intervened on the Venetian banks, reinforced by an injection of 5-6 billion capital that allows him to buy some packages suffering from Monte and ensure that any capital increase that may be necessary in case of excessive impairment of the very past due loans. Even the shield by 150 billion opened with the approval of the Commission to provide immediate liquidity is ready to take action: it could serve to guarantee the issuance of bonds being converted they would affect the institution’s Tuscan capital.

pending these developments (the time also tightens because later this month the EBA will publish the stress tests that could be negative for MPS), the international market is still bother to digest difficult outcome of the UK referendum on the European Union. Accomplice to the instability of the world of European credit (not just the Italian banks but also foreign ones are sold in those days), in recent sessions has returned the gloomy weather in the operating rooms. A climate that has two sides in the race of safe havens, such as gold (bullion for immediate delivery is worth $ 1367.78 per ounce)

and the most profitable government bonds: the ten-year bund German is trading at a negative rate of 0.17%, while the Italian BTP make 1.25% with a spread of 142 basis points. L a pound shows some signs of recovery but remains the lowest since 1985 under 1.30 against the dollar. The euro, however, is changing hands at $ 1.0194 and 111.76 yen. According to Moody’s, however, it is “unlikely” that the after Brexit there is a wave of defaults of European non-financial companies. However, the UK housing sector is upside down: four real estate funds have chosen the way of the freeze under the pressure of investors who asked to leave.

In the morning, the Tokyo Stock Exchange ended the session down in the wake of the continuing uncertainty about the effects of Brexit, a dynamic that led the Japanese currency to gradually appreciate against the dollar and the pound: the ‘Nikkei leaves on the ground 0.67%, yielding just over 100 points to 15.276.24 share. The yen is back to swing on the 100 mark on the greenback, while the pound to trade currency in Asia is still the lowest in over 30 years. Oil prices are slightly higher with crude oil contracts with expiration in August gaining 45 cents to $ 47.88 a barrel.

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European shares

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spread

EUR

oil

brexit

bail in

banks

gold

Wall Street

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