Milan – Milan stock sinks under the blows of the banks: in the evening leaves the parterre 4.8% and falls to below 18 thousand points, the lowest level since December 2013. Sales ditched all of Europe, burning 233 billion capitalization, and even Wall Street is in deep red: year to date, the US stock market is losing $ 2 trillion in value, most of the Italian GDP. So they are not enough the assurances of the ECB, which yesterday had to breathe a sigh of relief to the markets: the Italian banks, there is no specific lighthouse by Brussels guaranteed the EU and national institutions but tensions between Rome and the EU Commission are likely to complicate the path that will lead to the creation of bad banks, and especially the recognition of the budgetary flexibility asked by Prime Minister Matteo Renzi. The concern is there and the Prime Minister wanted to meet with the Minister Pier Carlo Padoan – the governor of Bank of Italy, Ignazio Visco, and general director, Salvatore Rossi, to discuss the situation of the banking sector.
For sink Milan is then the entire banking sector which yields 7%, while the MPS has lived another day of passion to close in the red by 22%. Also sales of Intesa Sanpaolo and Unicredit. The tension moves also in terms of government bonds: the spread between BTP and German Bund spreads of twenty basis points just below 115 share, with a yield close to 1.64%. Sharp rise in spreads for the securities of Portugal, Spain and Greece.
For the chairman of Consob, Giuseppe Vegas , however, “is not under attack Italy” and there is “no concrete reason behind the decline in banks”, but only volatility. Support to the country arrived – today – the Austrian member of the board of the ECB, Edwald Nowotny , which recognized as Italy is facing “very well the problems” of the banks and that there is a “case” specifically within Europe or the Central Bank. Padoan has joined the ranks of those who throws water on the fire, “Today you record large turbulence reflecting impulses internationally. Despite this, there is a fundamental strength of the Italian banking system going forward and which it not coincidentally is considered one of the most reliable and attractive places to invest. ” Words myths also the president of the Commission, Jean Claude Juncker , which does not see “risk of a major crisis.”
The problems for global markets have begun in the night with the collapse the Tokyo Stock Exchange , with the Nikkei index and closing ceded 3.7% to 16,416.19, its lowest level since 15 months. Heavy, with the Milan Stock Exchange, all our European stocks penalized in particular on the energy sector that pays the descent of WTI oil to below $ 27 a barrel: London closed down 3.76%, Frankfurt 3.11% and Paris of 3.45%. Male also Wall Street that during the session came to yield more than 3% only to recover part of the losses: closing the Dow Jones recorded a decline of 1.56%, the Nasdaq 0.12% and the S & amp; P 500 by 1.2% to 1,859 points.
The recovery appears increasingly weak as demonstrated by the continued decline of oil, after the short-lived blaze yesterday above 30 dollars back to decline: down even Brent to below $ 28. On the other hand demand it is weakened, while supply – with the return on the market raw Iran – continues to increase. At the expense, at this juncture, it is above all the Russian where the ruble continues to lose ground on the euro and dollar, against the euro is trading at 87.1, while worth 79.56 against the greenback. L ‘ € , however, closes in reading drop in share 1.09 on the dollar. Tomorrow we await the words of Mario Draghi, after the board of the ECB convened in the morning.
Special Observed remains China, a day after Beijing announced for 2015 GDP growth at the slowest pace for 25 years (+ 6.9%); at the same time the IMF cut its growth forecast for the world to a + 3.4% in 2016, from 3.6% calculated last fall. Economists Washington underlined the slowdown in emerging economies and the US, but expect signs of recovery by the entire Eurozone. However – warns the IMF – the risks remain to the downside, as demonstrated by the expected decline in Germany ZEW index on trust.
From the macroeconomic point of view (the ‘ agenda of markets), Davos is staged the World Economic Forum. In Britain, the unemployment rate at the end of November down to 5.1%. In the eurozone, however, we note the 2.3% of prices in the third quarter of 2015 and the decline in the current account surplus EU, subject to 12.3 billion in November from 16 , 2 billion a year earlier. In the United States, the index on the request for new mortgages for the week that ended January 15 rose by 9%. Also in the US, consumer prices in December fell 0.1%. The core index, excluding energy and food, rose 0.1%. The figure is below the expectations of analysts, who were betting on an increase of 0.2%. In 2015 prices rose by 0.7%. The construction of new homes, however, were down 2.5% at an annualized rate of 1.15 million units. The figure is below the expectations of analysts, who were betting on an increase of 2.3%.
Among the raw materials continues the rise in the price of ‘ Gold markets, where It confirms safe haven in a season of falls for other asset classes. The metal for immediate delivery rises by 0.6% to $ 1,093 from the beginning of the year increase in prices amounted to 3% and reverses the negative trend seen in 2015.
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