Rynek robi swoje
/ 178.36.128.* / 2011-10-31 16:26
Spotkanie szefów państw unijnych tydzień temu miało nie tyle ratować całą Europę, co zapobiec rozszerzaniu się kryzysu szczególnie na banki włoskie.
Radość trwała krótko...
Remember the European summit that was supposed to not so much bail out Europe, as stop the contagion from spreading to Italy (but mostly to send the ES highest by 40 points intraday at one point)? Well, in the credit markets the summit has failed miserably as already noted previously. Now, we see that it has also spread to the equity of those all important Italian financial companies. As the chart below shows, 3 of the top 4 Italian banks (Intesa, UniCredit, Monte Pasci, And MedioBanca) are now trading below their levels at the time of the bailout. So: rescue half life is what - 48 hours?