Also the bank of Italy is host: markets at risk the turmoil – the Journal

Rome, Notice to mariners, the referendum will cause turbulence on the markets. And the hidden message seems to be so: if he wins the No your savings will end up on the roller coaster.

Yesterday, the Bank of Italy has released a Report on the stability. And evaluations of Palazzo Koch could not invest in the election of December. Market indicators – the report says – “indicate an increase in expected volatility on Italian shares in the first week of December, in correspondence with the referendum on the constitutional reform”. The volatility of the Italian market is a constant from the beginning of this year, especially for the fault of the banks. And the index will continue to be affected adversely the status of Italian banks.

The elections, including the already consumed for the Usa presidency, have weighed in. The risks “remain high”. “After the elections in the United States, bond yields increased in all advanced economies; and the spread on Italian government securities rose. The prospects for growth still modest in Europe and the uncertainty related to political developments in the main advanced countries, could fuel strong changes in the prices of financial assets in the coming months”.

with regard To the banks, the economic recovery that improves the financial statements. Slows bank lending to businesses, but improves the quality with a rate of deterioration of the loans “that has fallen to the lowest levels since 2008, and should continue to contract next year.” The Italian banks remain “in the complex which are exposed to shocks of domestic origin or international, not just those related to growth or to markets, but also to the possible consequences of different regulatory initiatives in the course of completion at the international level” that are a source of uncertainty”. The reference is to Basilea4 that will exacerbate further the requirements of capitalization.

One endorsement, that of Palazzo Koch, that has not gone unnoticed. But which premier Matteo Renzi does not want to place too many sperazione: “Is physiological in the concern of the markets, but it is not the card that we want to play the politically”. “We want to reassure the leaders of the bank of Italy, which spoke of the turmoil on the stock markets and the shocks to the banks, in relation to the referendum: they must be quiet because the 5 December, in case of victory of the no in the referendum, the only shock will be for the government Renzi”, replicate the deputies grillini. “All we needed was the Bank of Italy to create panic on the markets summarizes the blue Renato Brunetta – a delicate moment as this, rather than reassure, the governor Ignazio Visco and its offices used to feed the tension”. Palazzo Koch, according to the blue Maurizio Gasparri, “demonstrates his subordination to the government, spreading false and tende ntious news, able to disturb public opinion by linking the outcome of the referendum the state of the markets”.