BorsaItaliana Update

Tyler Durden's picture

For those curious what is happening in Italy, where the stock market has been closed for most of the day, here it is straight from the Google-translated horse's mouth (and in the original).

Bags in sharp decline, oil at its peak. Milan Stock Exchange opens in red. Since speech Gaddafi 

February 22 15:42 

Bags in sharp decline, oil at the highest two years now and travel of investors in the German bund to take shelter from the worst. This is the scenario that characterizes the market in the afternoon with the worsening situation in Libya. More than a thousand dead in Tripoli during the bombing on the crowd of demonstrators took to the streets to protest against the regime of Muammar Gaddafi. Was reported by the chairman of the Community of the Arab World in Italy (Comai) Aodi Foad, which is in constant contact with Rome, with some witnesses in Libya. "There is no electricity and medicines in hospitals," said still Aodi, which has appealed to the Italian government to be mobilized for economic aid and by sending medicines to Libya. "The government remains in coma , deaf and blind to the revolution that is taking place at this time. " 

The Libyan state television announced that short-Colonel Muammar Gaddafi held a speech to the nation. With a banner appeared on television shortly Tripoli announces that the brother leader of the revolution will pay attention to the Libyan people. The WTI oil for delivery in March opens in a sprint finish in New York, where prices rose by 8, 5% to $ 93.51. In London, Brent contract for delivery in April has come to touch the $ 108.57 and then moderating the increase amounted to $ 107.93. If the price of oil is maintained throughout the 2011 to current levels, ie above 100 dollars a barrel, "it would create the same kind of crisis of 2008, when crude oil touched $ 150 a barrel, warned the Executive Director International Energy Agency, Nobuo Tanaka. According to the IEA's chief economist, Fatih Birol, also the price of oil is entering "a danger zone" that threatens global economic growth. 

Soaring demand for the ten-year German bund and the consequent drop in productivity, which affects the minimum from 25 January to 3.13%. Salt the spread between German government bonds and Italian, Spanish, Greek and Portuguese. The gap between the Bund and BTP widens to 163 points, 221 bond with the Spanish, with titles to 863 points and 430 points with the Greek bond Portuguese. European stocks go down: affected by tensions with Libya in Paris at 15.30 misses 1, 51%, while yields of London 1, 06%. In Frankfurt also down (-0.40%), while the FTSE at the Milan Stock Mib opens all in red with a drop of 1, 80% at 21,820 points after being stopped in the morning because of technical problems that have prevented today Milan Stock Exchange to start negotiations and corrective actions taken. 

Consob has sent the CEO of the Italian Stock Exchange, Raffaele Jerusalmi, and the CEO of the London Stock Exchange, Javier Role, a letter requesting detailed explanations. Reuters said a source close to the Commission adding that the letter contains, for the future, an invitation to the strengthening of organizational and technology to ensure the proper functioning of trading. The goal is to protect the reputation of the Italian stock exchange in a context of increasing global competition.Operators British protest against the blockade of trading in Milan this morning, decided by the Italian Stock Exchange. 

As collected by Thomson Financial, the intention of the trader in the City was to take advantage of today's price volatility in the markets, given the tensions in the Middle East, but this could not be on the list for the Italian to stop trading. The technical problem, for which the Italian markets have been blocked, is limited only to Italy, while the UK market is operating normally, and then this morning, the British operators could operate in the Italian securities, stock exchange had not decided whether to suspendbargaining. According to other Italian operators, as reported by Assosim, block by Palazzo Mezzanotte was inevitable and anything can happen. The real problem is that there does not seem appropriate plans for emergency management. The list on the Milan exchange have been suspended due to a problem of information related to the price spread in Italy. As reported by ZeroHedge who contacted a large market participants this morning would have been conceivable a few large sell orders for securities of large capitalization companies dell'Ftse Mib.


Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
EscapeKey's picture

All green of skin... 800 centuries ago, their bodily fluids include the birth of half-breeds. For the fundamental truth self-determination of the cosmos, for dark is the suede that mows like a harvest.

Mad Max's picture

I believe it's actually 1400 centuries ago.

Otherwise, +1000.

"Don't run, we are your friends" quack, QUACK-quack, {blaster}

bania's picture

"as reported by ZeroHedge..." 

nice work TD.

jus_lite_reading's picture

"As reported by Zerhohedge but denied by Harry Wanger."

Vampyroteuthis infernalis's picture

Where is the Wanker along with his moron half-brother Hamy declaring how crapple and netflix are going to the moon?

sparetime's picture

Rice krispies
Whole milk

Lean hogs
Live cattle

max2205's picture

Bags in decline? is that ugly hookers?

SheepDog-One's picture

Bag-holders in decline, I think thats what theyre saying.

Sutton's picture

I think they meant Money McBAGS

SDRII's picture

hannibal strikes again

SteveNYC's picture

Interesting to observe the difference in cultures (not good or bad, just different). Average Italian could give a shit about the closing of the stock exchange, continue on with pasta lunch, glass of wine, espresso and desert; same result would cause mini panics throughout the USA and a media frenzy.


Josh Randall's picture

Wonder if the Vatican goes QE to help out its host country

Fred Hayek's picture

I read this in a Chico Marx voice and it all makes perfect sense.

THE DORK OF CORK's picture

World production and distribution has become too efficient - there is little or no redundencey in systems.

Recapitalisation bitches.

THE DORK OF CORK's picture

double post

Recapitalisation bitches.

FGoria's picture

Take a look guys. I spoke with Cinnober, provider of Borsa Italiana system, for my newspaper.

walküre's picture

stopped in the morning because of technical problems that have prevented today Milan Stock Exchange to start negotiations and corrective actions taken


Anda Luigi, hasa hada too mucha ofa da pasta lasta nighta anda hisa fatta finga mada a crasha

disabledvet's picture

Triple post.  Recapitalisation beaches.  Of course try it in real estate...ever recapitalise your house?  Used to happen all the time of course...

vitoox's picture

Peace on you too, you son of BEACH! I'm going back to Italia:

Cash_is_Trash's picture

Thank you Ben! I wished for geopolitical turmoil and civil unrest every Christmas now, and finally I got it!!

- Lex Luthor

Caviar Emptor's picture

1,000 dead in Tripoli. Wow. Looks like the Jasmine Revolution has become the Death to Swine Revolution. Check your high-minded principles at the door and pick up a pitchfork

bogey4's picture

fyi, "borse" is Italian plural for stock exchanges.  It also translates to "purses" or "handbags" or "bags."


guy who likes to say fyi

Ahmeexnal's picture

Stronzo has hit the fan.

i.pagnottella's picture

the translation really sucks! google!

StychoKiller's picture

Pile some Libyans on top of those Tunisians -- ouch! :>(