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Intesa Sanpaolo Halted Twice On French Downgrade Rumor, Euro Drops

Tyler Durden's picture





 

Update: Unicredit halted

As we predicted yesterday, the Italian market is hating its life right now, with traditional whipping boy Intesa Sanpaolo being halted half an hour ago, resuming trading, dropping 8.2%, and then getting halted again. Same thing with Banco Popolare which was halted down 6.02%, and we expect Unicredit is due for a halt next. The catalyst: a fresh new rumor that France is about to be downgraded, which would send all of Europe into a risk flaring tailspin as it would obviate the EFSF even before it has been launched. The rumor is also rattling the EURUSD, which has dropped about 50 pips from the highs. As a reminder, this is not the first time the French downgrade rumor has emerged, however it is the first time since a rumor about a major AAA-rated country downgrade was proven to be true (ref: last Friday).

 


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Wed, 08/10/2011 - 08:49 | Link to Comment the not so migh...
the not so mighty maximiza's picture

Down ya go!!!!!!

Wed, 08/10/2011 - 09:05 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

Dow futures down 184...

Wed, 08/10/2011 - 09:08 | Link to Comment SheepDog-One
SheepDog-One's picture

Whiplash! Someone call a lawyer! This ride should come with disclaimers and an insurance policy!

Wed, 08/10/2011 - 09:11 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

For sure! Dow futures now down 202...

Wed, 08/10/2011 - 09:16 | Link to Comment Sudden Debt
Sudden Debt's picture

Does a stockmarket crash if you put your head in the sand?

 

Wed, 08/10/2011 - 09:29 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

+1

 

Wed, 08/10/2011 - 10:43 | Link to Comment A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

It does if you put your head up your ass

Wed, 08/10/2011 - 09:12 | Link to Comment Sudden Debt
Sudden Debt's picture

DON'T WORRY!

BERANKE WILL TALK THE MARKETS BACK UP!!

a topic.... hmmm....

what about......

THE FED WILL PRINT A PICTURE OF A GOLD BAR ON THE DOLLAR BILLS TO BOOST CONFIDENCE OF THE DOLLAR!

or....

RIOTS SPREAD FROM ENGLAND TO THE REST OF THE EUROPEAN CONTINENT!! (lot's of discussions on facebook and twitter seem to point into that direction for the moment)

 

Wed, 08/10/2011 - 09:36 | Link to Comment unky
unky's picture

Yeah, just like they spreaded from Spain into the rest of europe a few month ago ? I dont think so,  it needs more than that,  hyperinflation or so

Wed, 08/10/2011 - 08:51 | Link to Comment Quintus
Quintus's picture

There must be something in the rumour.  Sarkozy has jetted back to Paris and is dashing about re-assuring everyone that their fiscal plans will be in place to keep the AAA rating.

He wouldn't cut short his holiday if there wasn't a credible threat.

Wed, 08/10/2011 - 08:53 | Link to Comment Sudden Debt
Sudden Debt's picture

he forgot to take his high heels slippers to walk on the beach....

 

Wed, 08/10/2011 - 10:44 | Link to Comment A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

Yo Snap! No, wait. "Sacré Le Snap!"

Wed, 08/10/2011 - 08:51 | Link to Comment Cdad
Cdad's picture

Would love to short the Euro...but the perpetual interventions there by China make it damn near impossible to enter the trade well.

I suppose the best way to see the trade is to take it longer term.  Just as gold will finally go parabolic when the end comes, so too would a short euro trade finally be a home run.  It seems like shorting the euro is ONLY an end of the world trade.

Wed, 08/10/2011 - 09:13 | Link to Comment slaughterer
slaughterer's picture

Short the Euro against the Canadian dollar. 

Wed, 08/10/2011 - 08:52 | Link to Comment Sudden Debt
Sudden Debt's picture

I DOWNGRADED THE FRENCH A LONG TIME AGO!!

IT WAS 1976, THE YEAR THAT I WAS BORN!

 

Wed, 08/10/2011 - 09:23 | Link to Comment Ethics Gradient
Ethics Gradient's picture

I though you Belgians and the French loved each other. No, no, sorry, I'm mistaken. I was thinking of the Belgians and the Belgians, no, oh, that doesn't work either.

As a nation, you lot don't really get on with anyone. Have some patience, though. Given current demographic trends, in 2018 Brussels could vote to twin with Mecca.

Wed, 08/10/2011 - 09:28 | Link to Comment Paralympic Equity
Paralympic Equity's picture

Nice wankel piston you got there

Wed, 08/10/2011 - 09:51 | Link to Comment Sudden Debt
Sudden Debt's picture

WE GET ON WITH A LOT OF PEOPLE!!!

There's me, myself and of course I!

Wed, 08/10/2011 - 08:53 | Link to Comment Catullus
Catullus's picture

What I love most about yesterday's stick save rally is how much volume was churned through at the highs. Fresh meat.

Anyway, Germans, are you reading this? You can now bail out the Frenchies now too. Throwing good money after bad. Does that translate into German?

Wed, 08/10/2011 - 08:55 | Link to Comment Stumpy
Stumpy's picture

Don't know if you're a gamer, but "fresh meat" is the scariest thing I've heard in a game.

http://www.youtube.com/watch?v=ybBe5gEvZXY

Wed, 08/10/2011 - 08:56 | Link to Comment John Law Lives
John Law Lives's picture

<<<  hrowing good money after bad. Does that translate into German?  >>>

 

Werfen Sie gutes Geld schlechtem Geld.

Wed, 08/10/2011 - 09:08 | Link to Comment Sudden Debt
Sudden Debt's picture
Gehen von der Mark zum Euro
Wed, 08/10/2011 - 09:15 | Link to Comment NoClueSneaker
NoClueSneaker's picture

Eher stolpern :-P

 

DM 2.0 oder RMB sofort ?

Wed, 08/10/2011 - 09:21 | Link to Comment Sudden Debt
Sudden Debt's picture
die Mark geht sicher zurück. Jeder Europäer wünscht ihren alte Währung zurück
Wed, 08/10/2011 - 09:16 | Link to Comment cossack55
cossack55's picture

Freakin' funny, SD.

+1793

 

Wed, 08/10/2011 - 08:58 | Link to Comment unky
unky's picture

does it even matter? in the end nobody will/can pay this. i feel good this finally all comes to an end and PM prices go ballisic

Wed, 08/10/2011 - 08:59 | Link to Comment bigdumbnugly
bigdumbnugly's picture

fade outdoor bistro's?

Wed, 08/10/2011 - 09:00 | Link to Comment Mr.Kowalski
Mr.Kowalski's picture

If for some reason the French are not able to kick in their share of the EFSF, EUtopia would be in some serious trouble. Germany would do what it could, but it would not be enough to save the Euro currency.

Wed, 08/10/2011 - 09:06 | Link to Comment unky
unky's picture

you underestimate germany ;- )

Wed, 08/10/2011 - 09:17 | Link to Comment cossack55
cossack55's picture

The French have a history of that.

Wed, 08/10/2011 - 09:03 | Link to Comment joshua10
joshua10's picture

And Down Goes Frazier.

Wed, 08/10/2011 - 09:02 | Link to Comment HAL 9000
HAL 9000's picture

Yes. It's puzzling. I don't think I've ever seen anything quite like this before. I would recommend that we put the unit back in operation and let it fail. It should then be a simple matter to track down the cause. We can certainly afford to be out of communication for the short time it will take to replace it.

Wed, 08/10/2011 - 09:03 | Link to Comment joshua10
joshua10's picture

Outstanding.

Wed, 08/10/2011 - 09:04 | Link to Comment Paralympic Equity
Paralympic Equity's picture

Now denied by Warren Woody's which affirmed its AAA rating, outlook stable...

Wed, 08/10/2011 - 09:06 | Link to Comment SheepDog-One
SheepDog-One's picture

Hell with it just halt the world! 

Wed, 08/10/2011 - 09:11 | Link to Comment disabledvet
disabledvet's picture

That was quick. I thought waterfall sparkles was going to chime in and save the day. Where is our Waterfall Sparkles btw? Perhaps a little futures pixie dust is in order?

Wed, 08/10/2011 - 09:13 | Link to Comment SheepDog-One
SheepDog-One's picture

Bernankes with his herd of pink unicorns filling bags with tasty Skittles that they shit piles of. HFT traders gotta eat ya know.

Wed, 08/10/2011 - 09:12 | Link to Comment americanspirit
americanspirit's picture

Downgrade a great nation like France? Heck, you might as well downgrade the USA. Oh...

Wed, 08/10/2011 - 09:13 | Link to Comment Sudden Debt
Sudden Debt's picture

Better put a bottle of red wine in the microwave and put some cheese in the freezer because the party will soon start!

 

Wed, 08/10/2011 - 09:55 | Link to Comment goldfish1
goldfish1's picture

viva la france aaa

Wed, 08/10/2011 - 09:13 | Link to Comment Paralympic Equity
Paralympic Equity's picture

Now Fitch also affirmed AAA, outlook stable...

Wed, 08/10/2011 - 09:13 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

One day will be witness to THE EVENT that sends this entire world financial system into the abyss...

Maybe that is why we continue to watch?

Wed, 08/10/2011 - 09:14 | Link to Comment Franken_Stein
Franken_Stein's picture

 

Oh my God !

We are all gonna die !

 

;-)

 

Reggie currently at +1100 %

 

Wed, 08/10/2011 - 09:16 | Link to Comment SheepDog-One
SheepDog-One's picture

We was all gonna die in the first place...may as well go out with a bang and a party! The trick is figuring out what you can do that will cause others later to make a statue of you. Hmmmm.

Wed, 08/10/2011 - 09:15 | Link to Comment slaughterer
slaughterer's picture

S&P has no intention of downgrading France.  This rumor is noise.  Read the article on it today in the ZH docket. 

Wed, 08/10/2011 - 09:16 | Link to Comment RobotTrader
RobotTrader's picture

5-yr. yield now .91%

Why not downgrade Uncle Gorilla to AA- and watch the 5-yr. go to .51%???

Wed, 08/10/2011 - 09:18 | Link to Comment Bahamas
Bahamas's picture

Banca intesa is a recent creation that includes Cariplo+Banco Ambrosiano Veneto+Banca Commerciale Italiana+Banco di Napoli+Istituto Bancario San Paolo di Torino+Cassa di Risparmio di Firenze+other minor banks from south and central Italy.

It 's a big conglomerate still full of plenty old school workers and old time garbage.  The joke on Banca Commerciale Italiana was: they hire 3 people just for the mailing service, 1 to put it in the envelop, 1 to lick it and one to stamp it.  And that's a bank from Milan...one can only imagine Banco di Napoli what holds in its belly. Not to mention Banco Ambrosiano, born from the still hot ashes of Calvi Banco Ambrosiano.

Wed, 08/10/2011 - 09:22 | Link to Comment Paralympic Equity
Paralympic Equity's picture

SocGen now down 11,5%...that is worth something right?

Wed, 08/10/2011 - 09:24 | Link to Comment Miss Expectations
Miss Expectations's picture

Here's an "In the Mood" video repleat with tail spin:

http://www.youtube.com/watch?v=1pm-p2nZ0zo

Wed, 08/10/2011 - 09:26 | Link to Comment OpenEyes
OpenEyes's picture

futures down 248... fire up the Teleprompter?

Wed, 08/10/2011 - 09:51 | Link to Comment goldfish1
goldfish1's picture

Enough headlines already.

It beautiful weather for golf...let's just wait.

Wed, 08/10/2011 - 09:39 | Link to Comment Portugal
Portugal's picture

If France is to be downgraded than the …US rating notation needs to be revisited to single (A…BBB… ). Take a moment to realize where in the world are the largest Banks, construction companies, airplane manufacturers, car manufacturers, electronic companies, etc.etc.etc. and wine producers… Do you really want to end the champagne business?

Wed, 08/10/2011 - 09:42 | Link to Comment Portugal
Portugal's picture

... Financial Times... always against Europe ... and Agsints its Banks. Only the Bankrupt Engilsh Banks are never mentioned....

Wed, 08/10/2011 - 09:46 | Link to Comment fonestar
fonestar's picture

maybe stop garbage from levitating instead of stopping it from falling?

Wed, 08/10/2011 - 10:11 | Link to Comment Grand Supercycle
Grand Supercycle's picture

UPDATED S&P500 CHART THAT FORECAST THE CRASH:

http://bit.ly/x618

My long term indicators still warn of USD rally and EURUSD weakness.

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