Non si salva nessuno , La guerra delle valute continua,Chi ha venduto oro , Comprare azioni europee?,Gli stessi fatti , angolature diverse

(BLOOMBERG)
Il contagio si diffonde
BNP Paribas SA, Societe Generale SA and Credit Agricole SA (ACA) plunged in Paris on a possible ratings cut by Moody’s Investors Service, extending their more than 40 percent slide in the last three months.
I mercati vedono la Germania coinvolta
Never before have investors disagreed more with equity analysts about the outlook for profits in Germany.
Companies in the DAX Index (DAX) will earn 723.43 euros a share next year, up 11 percent from 2011, according to securities industry estimates compiled by Bloomberg. The benchmark gauge for German common equity is trading for 7.2 times forecasts, the lowest multiple on record. Should the ratio revert to its five- year average of 15.6 and stock prices stay the same, profits would fall to 331 euros next year, the data show.

The price of options to protect against losses in Deutsche Bank shares is rising more than other European lenders. Three- month options that pay owners should the bank drop 10 percent cost 1.3 times the price of bullish contracts, according to Bloomberg data. That’s up from 1.14 at the end of July, the biggest increase among financial firms in the Stoxx 600. Stocks subject to bans on short selling were excluded.

La Turchia aveva timore di vedere la moneta troppo su
Turkey’s economy unexpectedly expanded in the second quarter from the previous three months, weakening the case for further interest rate cuts by the central bank.

Central bank Governor Erdem Basci surprised markets by cutting the benchmark interest rate to a record low of 5.75 percent last month, as growth slowed from last year. Basci is betting that the need to protect the economy from the risk of recession in Europe, Turkey’s main trade partner, outweighs the threat of a record current account gap run up during the boom.

(WSJ)
In Europa abbiamo venduto oro nel momento meno opportuno
Vilified for everything from currency manipulation to arid oratory, central bankers also turn out to be lousy gold traders. From 1989 to 2008, the world's central banks disposed of a net 190 million ounces at an average price of about $398 each, according to data from the World Gold Council. Since then, they have bought back a net 28 million ounces—at nearly three times the price.
If the world's central banks were a single entity, this sell-low-buy-high approach would be perverse. In reality, the big sellers were mainly to be found in Europe,
In teoria non si può escludere
A Long-Term Case for Stocks
Richard Sylla, a financial historian at New York University's Stern School of Business, sees better days ahead for stocks, albeit in a few years.

(MARKETWATCH)
European stock lows tempt and test fund managers
Dividend-paying companies, resources among the favorites
C’è chi vede le azioni europee migliori di quelle USA
Michael A. Gayed, chief investment strategist at Pension Partners LLC, noted that U.S. stocks have dropped less than those in Europe.
“I think the most vulnerable equity market now is the U.S.,” he said in emailed comments. “So while Europe can certainly continue to fall, I think the U.S. can fall much more as a way of closing the outperformance gap.”
Due modi per vedere gli stessi fatti
(BLOOMBERG)
Italy sold 11.5 billion euros ($15.6 billion) of Treasury bills as demand waned and borrowing costs rose amid Europe’s sovereign-debt crisis.
The Rome-based Treasury sold 7.5 billion euros of one-year bills at an average yield of 4.153 percent compared with 2.959 percent the last time securities of similar maturity were sold on Aug. 10. Demand was 1.53 times the amount on offer, compared with 1.94 times at the previous sale.
The Treasury also sold 4 billion euros of 3-month bills. The yield was 1.907 percent, up from the 1.034 percent the last time such securities were sold on March 10. The bid-to-cover ratio was 1.86, compared with 2.42 at the previous sale.
(LINKIESTA)
News
Piazza Affari crolla e lo spread va ai massimi
Redazione Economia
Piazza Affari è in profondo rosso, mentre le banche francesi crollano impaurite dal default della Grecia, sempre più vicino. Nel frattempo, lo spread fra Btp e Bund tocca quota 380 punti base e i Cds sull’Italia sono al massimo storico. Nell'asta di stamattina poi il rendimento dei Bot a 12 mesi ha toccato il massimo dal settembre 2008, passando al 4,1% dal 2,9% di agosto mentre le attese lo davano in area 3,4%.