Milan – takes shape the rebound in European markets and on Wall Street, after the Black Monday that, with collapses up to 8% from Asia to the US, has eroded 2.7 trillion dollars of value actions global: more of the Italian GDP. The lists of the Old Continent close ground largely positive, although in China have continued, copious, sales. To strengthen exchanges EU is also the decision of the Chinese central bank to cut rates for the fifth time since November; snip also liquidity reserve that banks must hold, hoping to restore oxygen to the share prices after yet another collapse of the price lists of the Asian giant: it was in 1996 that you witnessed a similar defeat. Milan is strengthened to score a final rally of 5.86%, back to the levels of last Friday. Fine tune the other: Paris + 4.14%, Frankfurt + 4.97%, London + 3.09%. Athens closed up 9.3%. Also Wall Street confirmed signs of the future and bounces when Europe draws to a close, the Dow Jones rises by 2.5%, the S & amp; P 500 gaining 2.2% and the Nasdaq dates back 2.8%.
The list of Shanghai has instead continued to streak of declines, with investors worried about the economic slowdown and the inability of the authorities in Beijing to curb sales: the authorities themselves, in mid-August, they had announced a halt to support the markets, after the phase of volatility that began last July (the map of the markets). Today, to be sure, the Chinese central bank had already tried to run for cover: put the repo market to 150 billion yuan, compared with 120 billion in maturing, with an injection of liquidity to net 30 billion. The Central Institute has also sold bonds to the semi-annual minimum rates of the last five years, hoping to turn a bit ‘of cheap money. As happened in recent days, the tsunami triggered by the devaluation of the Chinese currency has not stood in front of these small banks: Shanghai at the end closes with a new fall of 7.63% (yesterday was -8 , 5%) and falls well below the level of 3 thousand points, 42 percentage points lower than the peak in mid-June. As mentioned, only after the Central Bank cut the 0.25% interest rates on one-year lending and deposit rates, bringing them to 4.6% and 1.75%, with effect from tomorrow. The institute has also lowered by half a percentage point on the roof of mandatory reserves for banks, which will turn to 18% for most of the major companies.
At first, other Asian Squares held Chinese sales, then became mixed. Eventually, the Tokyo Stock Exchange closed sharply down: -3.96%, which are a counterpoint Hong Kong (+ 0.72%), Taiwan (+ 3.58%), Sydney (+ 2.72%) and Seoul (+ 0.92%). The Japanese government has announced that it will work with G7 partners to neutralize the potential impact on the growth linked to the turmoil in the equity markets: “We will adopt the necessary policies with other members of the G7,” they have indicated from Tokyo the day after the president’s message Use Barack Obama , in Beijing: “You keep the market reforms”. How long will this phase, investors are wondering: will a break like that of 2011 and anticipates a new global recession? Erik Knutzen of Neuberger Berman, “the second option is unlikely, given the resilience of the US and the shoots of recovery in Europe and Japan and – especially – the commitment to counter the global economic shocks. The Fed, in this sense , will be cautious in raising interest rates. ” Despite this, considerable “should be noted that in the last seven years there have been great gains sull’azionario American without major corrections in the order of 10-15%: for some, the current meltdown is needed, late, but healthy.”
In addition to China, investors resumed the publication of a set of relevant macro data (the agenda of the markets). In the second quarter, the Germany has recorded a GDP growth of 0.4%. The statistics agency Destatis confirmed then the preliminary seasonally adjusted data, which is in line with analysts’ forecasts. There was an acceleration compared to a first quarter in which he had recorded an increase of 0.3%, while annualized growth rate was 1.6%. Positive news from ‘ Ifo index which measures business confidence in Germany: in August rose to 108.3 points from 108 points in July. Analysts had expected a decline to 107.7 points instead. In the Use , the PMI service sector stabilizes in July to 55.2 points, while that of home prices in 20 major cities showed a growth of 5% annually in June. Sales of new homes rose in July by 5.4% from the previous month to a seasonally adjusted share of 507mila units. The data released by the Commerce Department is slightly below expectations of analysts who had expected a more pronounced rise to 510 thousand units. Consumer confidence calculated by the conference board rose to 101.5 points in August from 91 in July. The figure is better than expected. In August, however, the Fed index Rrichmond thermometer manufacturing activity, fell to share 0. In July, the indicator stood at 19 points.
In terms of raw materials , which are at their lowest since the end of the nineties (with the exception of gold) and contribute to the phase of ‘bear’ markets, there is a stabilization of the price of the oil , which yesterday had slid to minimum of six and a half years in line with the collapse of world stock markets. The significant weakening of the dollar, however, has given some impetus to purchases: the closure of the EU markets WTI goes back over 39 dollars a barrel, the progress of almost three percentage points, and London Brent crude back to $ 43.5 with a +2 %. L ‘ € , after the increases of the last sessions, lost ground following the decisions of the Central Bank of China: the European currency closed at $ 1.1464, after a low of 1.1437. More pronounced downward correction for the Yen, that proportion drops to 137.15 euro and 119.71 against the dollar.
Thanks to the action of Mario Draghi and despite the uncertainty of the political future Greece, these days of tension have not affected the bond market: the spread between BTP and Bund falls to 123 basis points, up from 131 yesterday, despite the growth of return on ten-year Italian who returns to close 2%. The vice president of the ECB, Victor Constancio, guaranteed: “The ECB is ready to use all the tools available within its mandate to deal with changes in the inflation outlook.” And despite China: “I am confident that the plan to purchase the securities back inflation to levels in line with our definition of price stability”.
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