MILAN – Business Square accelerate the run to the downside and closed in red 2.76% with banks overwhelmed by sales after the sharp decline of the day before and after that Commerzbank, the second largest banking center in Germany by value market, cut its profit forecasts. The effect of the stress tests conducted by the EBA, the European Banking Authority, continues to be felt. To pay the price most MPS is that after several suspensions downward stores the session to -16%: the only Italian bank rejected yesterday by the stress tests had lived an intense waiting rally that by the end of November will complete the cleaning and strengthening plan asset, but today has lost everything.
A worry is Unicredit already collapsed yesterday, according to analysts could provide fresh capital for 7-8 billion euro. Also headlights of Intesa Sanpaolo after a quarterly published today. The popular, as Bper to BPM to the Banco Popolare lost all over 10%. In red the other European markets: London yields 0.73%, while Frankfurt retreats 1.8% and Paris 1.84%. Also weak Wall Street: when they close European markets, the Dow Jones down 0.6%, the S & amp; P 500 0.8% and the Nasdaq by 1%.
But it is the banking sector and take its bench because it is the one on which you consume a distance duel between Prime Minister Matteo Renzi and former president of the Council of Ministers Mario Monti attacking him from the pages of Corriere della Sera : “between 2011 and 2013, the banking system, with the exception (addressed) of MPS, did not present problems and did not ask for aid. Attributing the current difficulties with previous governments distorts reality, “Monti said in a letter in which to reply ‘ interview Renzi Republic . “If we had supported the banking system with funds from the state – said Monti -, we would have aggravated the already precarious situation of that State, with the likely default.”
The prime minister, however, goes on his way and speaking to CNBC claims “the final solution” obtained by MPS “for the first time without performing loans” and then raises, “I think the stress tests have shown that Italian banks are not the problem of the European system. We have the best European bank , Intesa Sanpaolo, and four out of five institutions are in a good situation. ” The market, however, continues to be skeptical.
Net theme banks insiders are focused on incoming data from the macroeconomic front and the US Consumer personal spending rose in June of 0, 4%. The figure is better than expected by analysts, betting on an increase of 0.3%. Investors observe each incoming signals from overseas to understand how it will move in monetary policy the Federal Reserve. It is not excluded, in fact, that Janet Yellen decides to wait for the start of 2017 before raising again the cost of money, but the incoming signals are contradictory. According to Robert Kaplan, president of the Dallas Fed, a rise in “rates in September is really on the table”, while William Dudley, president of the New York Fed, it’s too early to rule out a close this year, “need caution” . In this sense will be decisive on employment reliefs that will be announced next Friday.
The euro was up slightly at $ 1.1181 from 1.1166 the day before. Against the yen the single currency is changing hands at 114.28. War continues between the currencies, with the cut of Australian rates at a record low (1.5%). The spread between BTPs and Bund is stable at 127.7 points from 126 and 128 of the eve of yesterday’s close. The yield is 1.20%.
In the morning, the Tokyo Stock Exchange ended the session in the fall, following the trend bucking Wall Street and because of the new strength of the Japanese currency: l ‘Nikkei index does mark a fall of 1.47% to 16,391.45 level, with a loss of 244 points. The gradual appreciation of the yen prompted the Finance Minister Taro Aso to intervene verbally, reiterating that excessive fluctuations are not desirable. The government has launched a plan of 45 billion dollars in spending to boost the economy. The exchange rate against the Japanese currency the dollar has returned to oscillate around a height 102 from 107 last week. In terms of raw oil is stable at just over $ 40 material: the WTI barrel to $ 40.11, while Brent fee $ 42.24.
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