MILAN – European stock markets take a pause for reflection in the midst of a positive phase of the markets that has spread across the globe, with Asia to do its part. Once again, however, purchases are driven more by the reassurances of Central Banks and policy of wanting to support the markets, not the real appreciation by investors of positive economic fundamentals. Chinese shares up to the highest since 2008 and the Nikkei in Tokyo is strengthened to peak for 15 years, but analysts link these movements to the fact that the Chinese leader Li has expressed its intention to Beijing to support growth, if you deviate from ‘objective of + 7%, maintaining the expansionary policies of the BoJ and the fact that the Fed may delay raising interest rates, given that the latest indications of the macro US has disappointed expectations.
In short, as in Europe ECB is managing to compress yields on government bonds and move investors into riskier instruments, such as bonds and corporate actions (in the first week of Qe has purchased over 9 billion of debt), elsewhere to determine the mood of the scales are always the central banks. Just the Fed starts today the two days of meetings that led to the decision on interest rates. Will not be touched, but there is curiosity to know if Janet Yellen will take away from the final statement the reference to “patience” in normalizing monetary policy. According to Lucy O’Carroll, Chief Economist Aberdeen, if the term will disappear from the text “without the addition of other caveats will very likely a rate hike in June or September. But there is much more than a word” to be monitored, to cominiciare from data on economic recovery and employment and their interpretation at the Fed. In the months to come, is the warning of the IMF Christine Lagarde as well as of all operators, to become the main protagonist “is the volatility.”
Pending the outcome expected for tomorrow night, the day revolves around the European surveys: the ‘ Inflation in February confirmed a decrease of 0.3% in rise of 0.1% in Italy. Disappointment from German business confidence measured by the ‘ ZEW index , which rose to 54.8 points in March, but less than expected. Good news comes instead from the car market, with + 7% in the EU in February. In Italy, began to circulate possible improvement estimates of GDP in 2015: according to Reuters in Document economic and financial of April, the Treasury should raise the bar of growth for 2015 to 0 , from 7 to 0.8% from the previous 0.6%. In the US heavy -17% of new construction in February, but the data are distorted by the snow.
‘ € closed steady at $ 1.0608 and 128.66 yen. Investors await the conclusion of the board of the Federal Reserve monetary policy. The greenback goes dui hand aquota 121.28 yen. Widens the spread between ten-year Italian government bonds and German ones: the spread BTP-Bund stood at 98 points, for a yield of ten tricolor rising to 1.26%. The Treasury has meanwhile placed the new BTP 15 years by issuing 8 billion euro to a gross annual yield dell’1,691%.
Milan , & Info downwards by 0.91% after the good performance yesterday. Closures weak for other Bags EU, where prevail profit taking and is talked about as the disappointing ZEW: Frankfurt -1.54% after the highs, Paris -0.64% and London is rising 0.49%. Fca to follow, which is recovering from a positive period runs out but the thrust of the sales figures above the market. Well Lazio that sees the Champions League qualification. Closing countered for Bags Use: the Dow Jones index yields 0.72%, Nasdaq rises 0.16%. Wall Street was recovering from a rebound.
oil is still falling in New York, where prices stood at $ 43.5 area barrel. Gold a slight drop in the markets. The metal for immediate delivery yields to below $ 1,150 an ounce.
In the morning, the Tokyo Stock Exchange closed exchanges rising 0.99% and updated the highest the last 15 years in the wake of the solid gains recorded by the US and European markets. The Nikkei index, especially with the weak yen against the dollar, is saltio of 190.94 points: the Bank of Japan held firm lines of policy ultraespansiva after the meeting of the Monetary Board of two days, renewing his judgment on ‘Japanese economy that is “recovering moderately.” Well even the Chinese Squares, with Shanghai to + 1.55% and Shenzhen wheel to +1.26%.
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