Milan – The macro-economic data on China, published at the weekend, are poorly digested by investors, who are starting sales in the Asian markets. Developed less traumatic in the Old Continent, where the lists closed in the red with the exception of Frankfurt that is saved to + 0.08%: Milan worsens the end to close at -0.96%, London file 0.54%, while Paris yields 0.67%. Wall Street , just back from a week of recovery with the Dow the best performance since March, again uncertain: the closure of the stock EU backs the Dow Jones by 0.4%, while the S & amp; P500 and the Nasdaq are down aligned at -0.5%.
Switch to the time in the background waiting for the meeting of the Federal Reserve next Wednesday and Thursday, with the uncertainty of the upside or not interest rates, a move that is missing now for almost ten years. The split in the sense of the FOMC, the arm of the monetary policy, there is: as happened to the ECB at the time of launch the Quantitative easing , also the eight members of the Bank focuses US has inclinations to ‘hawk’ or ‘dove’. The game is extremely uncertain: the strength of the US recovery and the labor market tend to leave a narrow monetary policy (albeit minimal), while the financial turmoil related to China and the risk that emerging countries are overwhelmed by a leak capital, as well as they have difficulties repaying their debt in dollars, pushing for caution.
The sales were therefore concentrated in China, where Shanghai has recorded the worst performance by three weeks before closing at -2.67%. Real collapse for Shenzhen , with the index down 6.55%. If Hong Kong has failed to keep, it was a beginning of the week in suffering for the Tokyo Stock Exchange , which lost 1.63% to 17,965.70 points and it has extended to three consecutive sessions the streak, following the resounding 7.7% last Wednesday. Although the BoJ is engaged in a meeting – tomorrow – from which will come out important information on the monetary policy of the central bank of Japan.
‘ € closes down to $ 1.1292. The greenback moves back to 120.05 yen as investors take positions in anticipation of crucial directors of the Federal Reserve on Tuesday and Wednesday, which will decide whether or not to start to raise interest rates in the US. The euro share at 135.53 yen. The macroeconomic agenda of the day recorded the confirmation of + 0.2% in August to Italian inflation , both monthly and annual, while the Bank of Italy has recorded the descent of public debt below EUR 2,200 in July. In the Eurozone, in July, returned to positive industrial production growing by 0.6%, while according to OECD estimates, Italian GDP up 0.3% in the second quarter compared to the previous quarter compared with the same period of 2014 , the increase in the domestic product is 0.7%. Overall the G20′s GDP growth of 0.7% over the previous period and by 3.2% over the same period of 2014. Performance slightly up for the spread between BTP and ten-year German counterparts: the differential stood at 119 points, with a yield of 1.85%.
Among the raw materials, the price of the oil comes in drop after OPEC cut its oil demand estimates for 2016, due to the weakness of the emerging countries. When in Europe the markets are nearing closure, in New York crude oil is trading at $ 44.2 per barrel, down by one percentage point. Even for the ‘ Gold expects the response of Washington: The metal for immediate delivery is so smooth in the area $ 1,104 per ounce.
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