Milan – European stock markets are struggling to rebound after the slip of the day before, with the exception of the Milan Stock Exchange closing rapt rising markedly. Investors are moving into a year-end guided by the nervousness and volatility: for employees the rate hike by the Federal Reserve in December empre is more likely, especially after the great October employment report released Friday . The unknowns are more connected with the global congiutura: yesterday the OECD cut its estimates for global growth, today came the warning from Moody’s that focuses on the weakness of China and the emerging.
If Moody’s is concerned about to the east, in Italy, however, it has optimistic forecasts. The rating agency, in fact, improves the ‘ Outlook on the Italian banking system from negative to stable . A decision says that “reflects the expectation of a reduction in problem loans and a return to modest profitability in 2015-2016.” At the operational level, the situation remains full of challenges, says the rating agency. But, he adds, “we expect the improvement in the economic outlook of the country will reduce the level of provisions on performing loans in the next 12-18 months.”
Even the processes of mergers between banks, and in-Chief some weaker banks, “should enhance the ability to further cut operating costs in 2016″. A further relief could come from the side of the impaired loans, if Italy were to reach an agreement with the European Commission on the issue of the so-called bad bank , says the rating agency.
The Moody’s report also points out how the “harvesting conditions remain good for Italian banks and their capitalization probably adequate, but remains limited capabilities of internal generation of wealth.” The decision to bring the outlook from negative to stable also considers the transposition of the EU directives on banking crises (brdd and unique mechanism of resolution).
As for the foreign markets, to fuel the uncertainties are then macroeconomic data coming from all over the planet. In China there is the sharp slowdown in inflation in October, according to official data, the rise in consumer prices in October was 1.3% on the year against the +1, 6% in September and the 2% recorded in August. The figure is below analysts’ estimates (1.5%) and is the lowest level of inflation since last May. In France , however, the industrial production in September increased the monthly minimum of 0.1 per cent (the agenda of the markets). Best data from ‘ Italy , with production rising by 1.7% in September, although it remains negative data on the delivery of loans by banks. According to futures Fed Funds , used by traders to make bets on the monetary policy of the US central bank, the chances of close are nevertheless rose to 72%. Just in the US, import prices fell 0.5% in October from the previous month reflecting the strength of the dollar, the price of crude oil still at low levels and the weak growth in the BRIC countries.
A Milan Milan stock strengthens the final and closed up 1.52%, while the other markets end weak: London yields 0.32%, Paris rises of 0.02% and Frankfurt of 0.16%. Reduces losses Lisbon (-0.5%) weighed the risks for the new government, unable to find stability. L ‘ € closes its run under 1.07 dollars, after hitting new low since April. The decline is related to expectations for an extension of the program of Qantitative easing of the ECB and the expectation of a rise in US interest rates in December. The European currency is changing hands at $ 1.0695, after at least the end of April of $ 1.0673 and 131.84 yen. The greenback instead stood at 123.25 yen. The spread stood at just above 105 basis points, with the yield on the BTP decennalio 1.7%. In swing Wall Street. The Dow Jones goes up 0.17% to 17,759.74 points, the Nasdaq down 0.24% to 5083.25 points; the S & amp; P 500 advancing 0.2% to 2,082 points.
In the morning, sitting weakness for Asian markets after forecasts from Moody’s global growth, expected sluggish over the next two years due to the slowdown China and emerging countries. The inflation of China in October (+ 1.3% compared with 1.5% expected) is also fear a weakening demand. Hong Kong gives 1.5%, Shanghai lost 0.2%, Seoul 1.4% and 0.4% while holding Sydney Tokyo (+0.1%).
Among the raw materials, the oil WTI moves to AC in the early part of the session at NYSE and stands at the moment modest rise (+ 0.66% to $ 44.16 per barrel, compared with $ 43.87 at the close of yesterday), while in London, Brent is decreasing by 0.2% to $ 47.08 per barrel. According to the International Energy Agency (IEA), OPEC’s decision not to cut production could put the brakes on prices until the end of the decade. Little blur the ‘ Gold at the low of the last three months to $ 1,093.09 an ounce.
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