The “no” of Frankfurt to the requests of the Bank Mps Mps knock the titles of Siena, in a day already is characterized from the sales on the Italian banking after the recent rally and add to the red of the FTSE MIB index, the only negative among the lists, european travel, with increases in content. Meanwhile, Wall Street opened the trading with minimum increases, with the update, however, the record, while the Dow Jones index aims to conclude the fifth consecutive week of increase.
The actions of the Siena fall down 11.4%, and are suspended in the auction volatility
The title of Siena is precipitated on the rumors according to which the Supervisory Board of the Ecb in today’s meeting, has rejected the request for an extension of time until 20 January in order to realize the strengthening of the balance sheet by 5 billion that the Monte was committed to conclude by the end of the year: the shares have fallen over 11% and then be suspended in the auction of volatility. In the afternoon there will be a board of Mps, while this morning at the ministry of the Treasury, the vertices of the institute have met with the minister of the Treasury, Pier Carlo Padoan.
The Ecb extend the Qe at around the 2017, but slows it down
The president Falciai: “I’m not worried about”
The executive management of Banca Mps are not “absolutely” worried about the “no” of the Ecb at the request of an extension of the maturity of the recapitalization plan. He said the president of the Mps, Alessandro Falciai, on entering the headquarters of the bank in milan before the start of the board of directors.
european stocks meanwhile are still metabolizing the decisions of yesterday of the Ecb: the central institute, in addition to having extended to the end of 2017, the program of purchase of government securities, although reducing the amount to 80 billion 60 in April, has expanded the number of securities purchasable by removing the constraint of the interest rate on deposits (limit of rates less than 0.4%) and lowered the minimum maturity from two years to one year. It weakens the euro in favour of the dollar, with investors replacing the greenback in view of the meeting of the Fed next week, which should raise their rates.
On the Italian front, continue the consultations of the President of the Republic to resolve the Government crisis that followed the victory of the no in the constitutional referendum, which led to the resignation of Matteo Renzi. The dense and complex policy agenda, there is now added the need to deal with in a very short time the story of the Mps.
The rise of the Bag and the double vision on the policy of Ecb
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Piazza Affari flurry of suspensions on banking
On the european stock, therefore, the prevailing caution (follow here the performance of the major indexes), with the banking and the insurance penalized after the strong gains of the past few days. In the positive instead of the analogues and the media (follow the progress here of the european sectors). Milan burst stop to excess volatility, even among the other banks. In the queue at the list of the popular with Bpm and Banco Popolare, heavy Unicredit in the aftermath of the sale of Pekao, and after the agreement with Pimco for the management of the 1.3 billion of loans, in deep red also Mediobanca,Banca Pop Er eIntesa Sanpaolo, while Ubi Banca is waiting for the green light from the european supervision, in order to detect 3 good bank of its interest (Banca Etruria, Cash Brands and CariChieti).
Well the titles of luxury while is to note the decline of Leonardo – Finmeccanica, which has lost maxi race for 16 aircraft in Canada, won by Airbus. Stop in the rod in the boot Stmicroelectron to +4% are then folded downward, as they continue to circulate rumors of a licensing agreement with Intel.
Wall Street points to a new record before the appointment, the Fed
If today was the upside for the S&P 500, it would be the sixth day in a row in the positive i.e. the time series is long from June 2014. The Dow Jones is going to store the fifth consecutive week in the green for the first time since last march. While you continue to digest the decisions of yesterday of the european central Bank, investors are preparing for the meeting of the Federal Reserve next week; it is given for certain rates were to rise, the first since December 2015. The oil continues to run; it is hoped that the oil producers that are not part of the Opec to adhere formally to the cutting of the production decided by the sign on the 30 November. From the macroeconomic side in the Usa, are provided in the preliminary reading of consumer confidence calculated by the University of Michigan for the month of December, and stocks in wholesale for the month of October.
Usa: consumer confidence improves again in December
Americans much more confident about the state of health of the us economy in mid-December. As reported by the University of Michigan, the preliminary data on consumer confidence was up to 98
points, against 93,8 points to the end of November, and of 91.6 points in the preliminary reading last month. The figure is much better than analysts ‘ forecasts, who were waiting for a value to 94,8 points.
Spread BTp/Bund rises to 170 points, yield more than 2%
The yield differential between Btp and Bund rises to 170 points, with the yield on ten-year Italian that goes back beyond the threshold of 2%, while that of the equal maturity of German contracts in the area of 0,35%.
weak Euro on the dollar back below the 1.06. The greenback awaits Fed
this is why the objective of the parity euro-dollar is at hand
Also on the currency market the focus remains on central banks, with the euro being digested decisions by the Ecb, and the dollar regains vigor in the expectation of the Fomc meeting next week(December 13 and 14) who will almost certainly be an increase in interest rates. On the single currency (follow here the trend of the euro against the major currencies) are the two surprise elements that emerged yesterday from the meeting of the Ecb: first, the reduction of the amount of purchases monthly, effective from next year, stress the analysts of Unicredit, is positive for the euro because it represents a signal of compromise with the hawks of the Ecb.
In the second place, explain the analysts, the technical changes to the purchase of the securities is negative for the euro because these adjustments aim to put pressure on the yields on the bonds short, making it more steep the curve. Historically, the rates at two years are much more related with the exchange rates of those in 5 or 10 years and the decline in yields on securities with two years of yesterday explains the weakening of the dollar.
The level to be monitored, therefore, is to 1,0450 under which the descent of the single currency could accelerate. The greenback, meanwhile, has recovered the ground lost against the yen (follow here the performance of the dollar against the main currencies) in view of the meeting of the Federal Open Market Committee of the Fed the 13 and 14 December.
Oil rally ahead of the meeting between the producers, Opec and non-Opec
In the rise in the prices of crude oil (follow here the trend of Brent and Wti) in view of the meeting between the Opec Countries and the 14 other producing Countries, including Mexico, Kazakhstan and Oman, tomorrow in Vienna. At the center of the discussion cuts to the production: from the day of the announcement of the reduction of the output last week, oil prices are up more than 12%.
(Il Sole 24 Ore Radiocor Plus)
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