This page has been archived and commenting is disabled.

Intesa Sanpaolo Halted Twice On French Downgrade Rumor, Euro Drops

Submitted by Tyler Durden on 08/10/2011 08:47 -0400

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).

- advertisements -

Wed, 08/10/2011 - 08:49 | 1545712 the not so migh...

Down ya go!!!!!!

Wed, 08/10/2011 - 09:05 | 1545753 Snidley Whipsnae

Dow futures down 184...

Wed, 08/10/2011 - 09:08 | 1545769 SheepDog-One

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

Wed, 08/10/2011 - 09:11 | 1545773 Snidley Whipsnae

For sure! Dow futures now down 202...

Wed, 08/10/2011 - 09:16 | 1545798 Sudden Debt

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

Wed, 08/10/2011 - 09:29 | 1545877 Fish Gone Bad

Wed, 08/10/2011 - 10:43 | 1546283 A.W.E.S.O.M.-O 4000

It does if you put your head up your ass

Wed, 08/10/2011 - 09:12 | 1545779 Sudden Debt

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 | 1545912 unky

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 | 1545720 Quintus

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 | 1545725 Sudden Debt

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

Wed, 08/10/2011 - 10:44 | 1546291 A.W.E.S.O.M.-O 4000

Yo Snap! No, wait. "Sacré Le Snap!"

Wed, 08/10/2011 - 08:51 | 1545721 Cdad

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 | 1545783 slaughterer

Short the Euro against the Canadian dollar.

Wed, 08/10/2011 - 08:52 | 1545722 Sudden Debt

I DOWNGRADED THE FRENCH A LONG TIME AGO!!

IT WAS 1976, THE YEAR THAT I WAS BORN!

Wed, 08/10/2011 - 09:23 | 1545841 Ethics Gradient

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 | 1545875 Paralympic Equity

Nice wankel piston you got there

Wed, 08/10/2011 - 09:51 | 1545987 Sudden Debt

WE GET ON WITH A LOT OF PEOPLE!!!

There's me, myself and of course I!

Wed, 08/10/2011 - 08:53 | 1545723 Catullus

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 | 1545726 Stumpy

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 | 1545729 John Law Lives

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

Werfen Sie gutes Geld schlechtem Geld.

Wed, 08/10/2011 - 09:08 | 1545767 Sudden Debt

Gehen von der Mark zum Euro

Wed, 08/10/2011 - 09:15 | 1545794 NoClueSneaker

Eher stolpern :-P

DM 2.0 oder RMB sofort ?

Wed, 08/10/2011 - 09:21 | 1545829 Sudden Debt

die Mark geht sicher zurück. Jeder Europäer wünscht ihren alte Währung zurück

Wed, 08/10/2011 - 09:16 | 1545799 cossack55

Freakin' funny, SD.

+1793

Wed, 08/10/2011 - 08:58 | 1545734 unky

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 | 1545738 bigdumbnugly

fade outdoor bistro's?

Wed, 08/10/2011 - 09:00 | 1545740 Mr.Kowalski

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 | 1545758 unky

you underestimate germany ;- )

Wed, 08/10/2011 - 09:17 | 1545808 cossack55

The French have a history of that.

Wed, 08/10/2011 - 09:03 | 1545745 joshua10

And Down Goes Frazier.

Wed, 08/10/2011 - 09:02 | 1545746 HAL 9000

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 | 1545748 joshua10

Outstanding.

Wed, 08/10/2011 - 09:04 | 1545749 Paralympic Equity

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

Wed, 08/10/2011 - 09:06 | 1545756 SheepDog-One

Hell with it just halt the world!

Wed, 08/10/2011 - 09:11 | 1545775 disabledvet

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 | 1545785 SheepDog-One

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 | 1545778 americanspirit

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

Wed, 08/10/2011 - 09:13 | 1545787 Sudden Debt

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 | 1546012 goldfish1

viva la france aaa

Wed, 08/10/2011 - 09:13 | 1545781 Paralympic Equity

Now Fitch also affirmed AAA, outlook stable...

Wed, 08/10/2011 - 09:13 | 1545782 Snidley Whipsnae

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 | 1545788 Franken_Stein

Oh my God !

We are all gonna die !

;-)

Reggie currently at +1100 %

Wed, 08/10/2011 - 09:16 | 1545801 SheepDog-One

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 | 1545793 slaughterer

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 | 1545803 RobotTrader

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 | 1545810 Bahamas

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 | 1545837 Paralympic Equity

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

Wed, 08/10/2011 - 09:24 | 1545849 Miss Expectations

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 | 1545861 OpenEyes

futures down 248... fire up the Teleprompter?

Wed, 08/10/2011 - 09:51 | 1545989 goldfish1

Enough headlines already.

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

Wed, 08/10/2011 - 09:39 | 1545924 Portugal

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 - 09:41 | 1545935 Paralympic Equity

How about this:

http://ftalphaville.ft.com/blog/2011/08/10/649516/why-is-socgen-offering-12-month-gold-for-less-than-spot/

Wed, 08/10/2011 - 09:42 | 1545945 Portugal

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

Wed, 08/10/2011 - 09:46 | 1545963 fonestar

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

Wed, 08/10/2011 - 10:11 | 1546103 Grand Supercycle

UPDATED S&P500 CHART THAT FORECAST THE CRASH:

http://bit.ly/x618

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

Wed, 09/14/2011 - 05:28 | 1667629 chinawholesaler

Wholesale Tableware
Wholesale Pom Poms

Wholesale Knife
Audio Video Equipment
Wholesale Compressed Products

Wholesale Kitchenware
Voice Recorder
Wholesale Bracelet

Promotional Products
Wholesale Watch
Wholesale Frisbee

Wholesale Clap Hands
Money Clip
Silicone Products

Pet Supplies
Wholesale Swimming Products
Wholesale Clap Hands

Flash Gift
Baby Products Suppliers
Promotional Products

Business Gift
Pet Supplies
Wholesale Suppliers

Wholesale Calendar
CD Holde
Wholesale Whistle

Wholesale Towel
Wholesale Clap Hands
Promotional Gifts

Beauty Equipment
Wholesale Halloween Gift
Wholesale Tie

Muslim Products
Wholesale Massager
Wholesale Furniture

Wholesale Tableware
Muslim Products
Pet Supplies

Wholesale Helmet
China Wholesale
China Wholesale

Pen Holder
Wholesale Whistle
China Wholesale

Audio Video Equipment

Intesa Sanpaolo Halted Twice On French Downgrade Rumor, Euro Drops

Comment viewing options