Italy

US Futures Rebound After Volatile Session, All Eyes On June Payrolls

In a session where bleary-eyed traders followed the all-night tragic developments out of Dallas and initially sold off risk assets, it is good to see that some normalcy prevailed with the traditional post Europe-open futures ramp, which was further assisted by the successful resolution of the Dallas standoff, which has pushed futures modestly higher ahead of today's main event for markets, the June payrolls report due in under two hours.

Europe's Bank Crisis Arrives In Germany: €29 Billion Bremen Landesbank On The Verge Of Failure

It appears that some shipping loans gone bad could be the catalyst for Europe's banking crisis to finally breach the most impenetrable border of all, that of Germany. Because it is in Germany where we find what may be the next domino to fall as part of Europe's latest banking crisis incarnation: Bremen Landesbank, whose contingent convertible bonds have just cratered as a result of speculation that the bank's bailout is suddenly in jeopardy. 

In Unprecedented Decision, Europe Will Sanction Spain, Portugal Over Deficits While Ignoring France, Italy

Confirming yet again that just like in the US, "some are more equal than others", moments ago the European Commission announced that it would seek sanctions for Spain and Portugal for breaching limits on budget deficits in an unprecedented step to enforce rules designed to prevent another debt crisis.  Punishing the Iberian countries will be a deeply contentious and divisive issue. That’s because while other countries including France and Italy have all received warnings in recent years after missing targets on deficit or debt, no country has so far been sanctioned. Until now.

Why Citi Sees No Solution For The Italian Banking Crisis Any Time Soon

"Any state intervention will likely be small, in our view, confined to a very small number of lenders and broadly within EU rules. As such, it is unlikely to represent a decisive fix of Italy’s banking problems. Retail investors will probably be protected as fears of a severe market backlash and subsequent deposit outflows may prevail. Such a compromise may limit the negative political fallout for PM enzi, but increased concerns among households about their savings are likely to hit the already-dwindling popularity of the government in any case."

European Stocks Storm Higher As Bank Fears Subside; US Futures Flat

After yesterday's afternoon surge in US stocks, facilitated by the "uncertain" Fed's FOMC Minutes, today the rest of global market are playing catch up with European stocks rebounding from one week lows, snapping the longest losing streak in three weeks, as well as Asia where most stock markets climbed, led by gains among energy producers as crude prices advanced, while a stronger yen weighed on Japanese shares.

"Incredibly Stupid" Juncker Opens Pandora's Box

Someone who’s not known to be overly bothered by accountability or integrity is everybody’s favorite wino, European Commission President Jean-Claude Juncker. But Juncker, whatever else may be wrong with him, is not a stupid man. And unless I’m gravely mistaken, he has just saddled the European Union with a problem that could well trigger its undoing.

“Italian Government Collapse More Than Just A Possibility”

Four new polls show comedian Beppe Grillo’s Five Star Movement (M5S) ahead of prime minister  Matteo Renzi’s Democratic Party (PD) were an election held today. The next election will be no later than May 23, 2018. Renzi promised to step down if he fails a constitutional reform referendum later this year. The reform referendum will likely be held no later than this October.

A Furious Italian Prime Minister Slams Deutsche Bank As Europe's Most Insolvent Bank

Speaking at a joint news conference Italy's Prime Minister Matteo Renzi said "other European banks had much bigger problems" than their Italian counterparts "If this non-performing loan problem is worth one, the question of derivatives at other banks, at big banks, is worth one hundred. This is the ratio: one to one hundred."

Here We Go Again - Stockman Warns Of August 2007 Redux

Nearly everywhere on the planet the giant financial bubbles created by the central banks during the last two decades are fracturing. The latest examples are the crashing bank stocks in Italy and elsewhere in Europe and the sudden trading suspensions by four UK commercial property funds. If this is beginning to sound like August 2007 that’s because it is. And the denials from the casino operators are coming in just as thick and fast.

EU Banks Crash To Crisis Lows As Funding Panic Accelerates

The signs are everywhere - if you choose to look - Europe's banking system is collapsing (no matter what Draghi has to offer). From record lows in Deutsche Bank and Credit Suisse to spiking default risk in Monte Paschi, the panic in Europe's funding markets (basis swaps collapsing) is palpable.

Italy Bans Short-Selling In Monte Paschi For Three Months, Forgets To Ban Buying Of CDS

Consob bans for three months net short positions on Banca MPS shares - The prohibition shall apply from tomorrow 7 July 2016 until 5 October 2016 - It affects derivatives and market makers as well. The prohibition on net short positions strengthens and extends the ban to short selling adopted yesterday, as the new prohibition bans both short selling on BMPS shares and short positions taken though single stock derivatives on BMPS shares.