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The Betrayal Of Berlusconi Smashes Italian Stocks To Best Day In 3 Months

Tyler Durden's picture





 

Italian sovereign bond spreads fell a mere 2bps on the day as Italian stocks (after techncial issues) screamed higher by over 3% - their best day in 3 months - as rumor after headline hit of the slow dissolution of Berlusconi's apparent power. As the confidence vote nears in Italy, several of Berlusconi's top aides are defying him as tries to collapse what is already a fragile coalition. The WSJ just broke news that 40 Italian lawmakers are ready to break with Berlusconi -, and Berlusconi's own party secretary stated that "all should vote for Letta" - that sent stocks to their highs at the close. Despite his anger at center-left senators pending vote to strip him of his Senate seat, it appears the 77-year old media mogul, as AP notes, will be pressured to drop his bid to sabotage PM Letta.

 

BERLUSCONI'S PDL PARTY SECRETARY ALFANO IS READY TO SUPPORT ITALY PM LETTA'S GOVERNMENT EVEN WITHOUT BERLUSCONI'S AGREEMENT - PDL SOURCE

 

A senior ally of Silvio Berlusconi said that the former premier's conservative People of Freedom (PDL) party should back off from its plans to pull out of Italy's ruling grand coalition government.

 

"I remain firmly convinced that all of our party should tomorrow give its vote of confidence to (Prime Minister Enrico) Letta - there are no groups or factions," said Angelino Alfano, the PDL's second-highest official after Berlusconi.

 

  • *ITALY'S LETTA TO CALL CONFIDENCE VOTE: ANSA CITING MINISTER

 

The best day for Italian stocks in 3 months... (even as Italian bonds rallied only 2bps?!!)

 

The link between Gold's sell-off and Italian stocks is intriguing as the rumors started to break this morning...

 

But it seems that Italian bonds are notably less impressed in general with the 'resolution' of the Berlusconi debacle...

 

Charts: Bloomberg

 


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Tue, 10/01/2013 - 12:14 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

Political dysfunction in Italy .... no wai! 

Tue, 10/01/2013 - 18:26 | Link to Comment DeadFred
DeadFred's picture

40 members break ranks with Silvio translates to: NSA (and friends) has dirt on 40 members.

Tue, 10/01/2013 - 12:14 | Link to Comment Renewable Life
Renewable Life's picture

The Kenyesian Comedy continues.............

Tue, 10/01/2013 - 12:15 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Let me clear about the good and bad news,

the good news; we will all be billionaires.

the bad news; we will all be billionaires.

forward soviet!

Tue, 10/01/2013 - 12:22 | Link to Comment JJ McApe
JJ McApe's picture

Meanwhile in the real world: 40 percent youth unemployment in italy.

lol i guess they wont buy any stocks or fancy cars in the near future ...

 

Tue, 10/01/2013 - 13:50 | Link to Comment PontifexMaximus
PontifexMaximus's picture

They will, they have their parents having the cash stashed somewhere....as always it used to be in Italy. Funny how the anglosaxon world never did and never will understand Italy.

Tue, 10/01/2013 - 12:25 | Link to Comment lolmao500
lolmao500's picture

House Republicans set to meet in conference at 1300ET (1800BST)

The kabuki theater is already about to end... aw.

Tue, 10/01/2013 - 12:26 | Link to Comment bullmarket
bullmarket's picture

So are you saying sell EWI or BTFD when and if it happens

Tue, 10/01/2013 - 12:35 | Link to Comment NOTaREALmerican
NOTaREALmerican's picture

Italy and KaLiFoRnIa...     lots of sun, lots of wine.    The sun and wine "do things" to people.

Tue, 10/01/2013 - 12:39 | Link to Comment CheapBastard
CheapBastard's picture

Berlusconi must have something going for him. I mean, having banged half the teens in Europe [and at his age!] is an accomplishment, of sorts. There must be a Nobel Prize [or something] for that sort of thing.

Maybe call it, the "Piece Prize."

Tue, 10/01/2013 - 12:42 | Link to Comment falak pema
falak pema's picture

ha ha ha; " the betrayal of Berlusconi"...that's a good one!

WHen thieves fall out; everybody betrays everybody. Jolly Roger and devil take hindmost!

 

Tue, 10/01/2013 - 13:03 | Link to Comment Max Damage
Max Damage's picture

I work for a big Italian company. The economy in Italy is fucked. The company is lucky it has large arms in other countries

Tue, 10/01/2013 - 13:10 | Link to Comment falak pema
falak pema's picture

gold below 1300 and silver heading south of 20; some traders must be getting cold feet.

Tue, 10/01/2013 - 18:57 | Link to Comment lewy14
lewy14's picture

Bngd is the new pwnd.

Do NOT follow this link or you will be banned from the site!