Square Business remains in decline, even after the free reign of the house and Senate on the authorization sought by the government to a debt increase of up to 20 billion euros to finance any measures to support the banking system. The yes in the Hall of the Chamber were 389, no 134, abstentions, eight. Instead, the Hall of Palazzo Madama, the approved resolution of a majority with 221 yes, 60 no, and 3 abstentions.
The Save-saving will be the “impacts temporary” on the public accounts because it is “such measures are one-off,” explained the minister of Economy, Pier Carlo Padoan, stating, also, that the measures are conditioned to “restructuring plans that put these institutions in the conditions of stand on its own feet”. The minister has stated that the 20 billion allocated by the government to the banking system “are an amount sufficient to give an impact on traffic”.
it was desired to allocate a higher amount in order not to “give the idea of a system in crisis”. In reality, “the system is in its complexity solid with some well-known cases critical,” he clarified, confirming the government’s commitment to “the highest protection of savers retail, taking into account of the margins of possible european legislation on State aid and on the resolution of banking crises”. If you were to intervene, he pointed out, finally, Padoan costs for savers would be “minimized or non-existent”.
Mps (still suspended with a -10,46% theoretical) is trying to complete the recapitalization by eur 5 billion requested by the Ecb by the end of the year. Today, at 14.00, ends the reopening of the offer for the voluntary conversion of a bond subordinated shares, while tomorrow concludes the increase reserved to institutional investors. If the operation fails, as is likely, it would open the way for the recapitalisation of precaution on the part of the State, through the launching of a decree-law. In addition to the Mps , the parachute, the public could be extended to the Popular Vicenza, Veneto Banca, Banca Carige (-4,14%) and also to the four bridge bank born from the resolution of Bank Brands, Banca Etruria , CariChieti, and CariFerrara.
Despite the yes of the house and Senate the Ftse Mib continues the session in a decline of 0.60% at the altitude of 19,132 cases points down most of the other european stock exchanges (Frankfurt, -0,07%, Paris -0,50% and London down 0.22%). The spread Btp/Bund is almost stable to 157.9 basis points with the yield on the ten-year Italian all is 1.82%. For the operators the fate of Mps is at least in part, already largely in the prices. There is also those who refer to a likely intervention calmierante of the purchases the Ecb, with the temporary suspension of the Qe program, which comes into force tomorrow. “With volumes so low it only takes a few purchases to support the market. It is likely that at this time are these to support the Italian paper,” said the strategist, Ig, Vincent Longo.
While the dollar retrace to 1,04024 from 1,038 to the closure of yesterday. The markets continue to base your bets on the dynamics of the bullish U.s. rates, reiterated and reinforced at the end of the last Fomc of the Federal Reserve also because of the fiscal stimulus measures promised by the administration Trump, which would allow overheating of consumer prices. From the surprise victory of the outsider republican to today, the dollar index has seen an appreciation of about 6%, while the single currency slipped to levels seen previously only in January 2003.
Finally, the oil prices go up. The Brent trading at 55,70 dollars per barrel, increase of 0,63% and Wti to share 53,64 dollars per barrel (+0,74%). “Crude oil seems determined to finish the year on a positive note. The thinning eve of public holiday volumes and a new record of 14 years of the dollar index failed to cool the mood is positive,” said Stephen Brennock, analistadi PVM Oil Associates. To support the market are expectations of a reduction of inventories that should be highlighted from the Eia data in the afternoon. According to the economists, the oil stocks should show a decline for the fifth consecutive week, with a decline of 2.5 million barrels.
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