Milan – Hours 11:20. Still come from the East the biggest headaches for the equity markets: China has decided to devalue the yuan again, while North Korea has announced its fourth nuclear test arousing the ire of many countries near and far. The effort of the Beijing authorities to revive the domestic markets are paying at this time, so that the CSI300 index is now rising about 1.8%. The European stock deal rather weak, worried about the new nuclear threat: Milan extends losses to 1%, in line with Frankfurt and Paris , London yields 0.9%. At the Milan Stock splays the trend is between Ferrari and Fca: salt first, down the second.
The Chinese Central Bank has moved another step – according to some observers – in a currency war indicating the reference rate to 6, 5314 yuan per dollar, the lowest level since April 2011, and with a difference of 0.22 percentage points down in one shot. This immediately triggered the sale of yuan offshore market in Hong Kong, with a fall to 6.6956 yuan per dollar and a gap of 2.1 percentage points from the internal rate: never so much since 2010. Authorities control of the market announced a new plan to limit the sale of securities held by the major shareholders of listed companies, in view of the expiry of tomorrow stop sales imposed in July to the same major shareholders. According to the reported ‘ Associated Press , citing the Chinese microblog Consob, the plan provides that those who hold more than 5% of a Chinese company to sell shares should proceed through private transactions. However final rules are expected to limit the exchange of large amounts of securities: only their entry into force, the current prohibitions are removed. The news overshadowed the drop in the December PMI composite index Caixin China (covering manufacturing and services) fell to 49.4, from 50.5 in November, so the downward threshold crossing that separates economic expansion from contraction (50 points). Shanghai has managed to rebound 2.25%, with Shenzhen (+ 2.59%), but the rest of Asia has dominated the fear linked to moves Pyongyang.
The Nikkei index of Tokyo Stock Exchange , who had opened up slightly, changed direction during the session and left on the ground 0.99% closing of trading, the background of the rise of the yen and geopolitical concerns. At close of trade, the index of the 225 largest stocks of the Japanese market had lost 182.68 points and stood at 18,191.32; The Nikkei had already left on the ground more than 660 points between Monday and Tuesday, because of concerns about the Chinese economy and the tensions between Saudi Arabia and Iran.
‘ € it is weak, as it climbs the yen in the wake of the international tensions that reward safe assets. The European currency changed hands at 1,072 to the dollar area, the exchange rate against the yen to 127.1. The macroeconomic agenda of the Old Continent records Consumer confidence in France : the index remained stable at 96 points, for the third consecutive month and after the attacks of 13 November in Paris, even if they increase concerns about unemployment. Important detecting the December index PMI composite (most manufacturing services) Eurozone: rose to 54.3, from 54.2 in November, and above the flash estimate of 54 points. A reading above 50 points indicates expansion. Only for the services sector, in Italy the figure is at the top of March 2010 (55.3 points). Slows in November the decline in industrial producer prices: -0.2% in the euro area after 0.3% in October. The spread between Bund and BTP is smooth at 95 basis points. The yield on ten-year amounted to 1.47%. Among the goods haven rewarded by investors, there are also US Treasuries, with the yield of ten-year decline to 2.2%.
Last night, Wall Street has closed countered a very volatile session: parties up slightly, the US indices are then slid so that the Dow Jones had come to give up to 110 points. In the afternoon there was a comeback that allowed the index of 30 blue chip and the S & amp; P 500 to recover equal (respectively + 0.06% and + 0.2%). Heavy Apple , which according to rumors will cut production of the new iPhone. The Nasdaq slipped 0.24%. For raw materials, finally prices oil are weak, awaiting US weekly inventory data. Markets look with concern at the diplomatic crisis between Iran and Saudi Arabia, two heavyweights of crude: Riad has extended discounts to European energy partners in an attempt to cut off the market Tehran. WTI drops below the threshold of 36 dollars per barrel, the Brent futures yield in area $ 36.4 per barrel. L ‘ Gold consolidates the positions gained in these days: the bullion for immediate delivery is positioned in area $ 1,080 per ounce.
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