Milan – Mario Draghi succeeds where many institutions have failed: to reassure markets, promising new interventions by the ECB. The governor of the European Central Bank said that inflation is too low and the macroeconomic framework – including the decline in European consumer confidence in February – has worsened over the end of 2015, so sufficient that it requires a new intervention on monetary policy . If it will, as it seems from his words, will take place in March. Music to the ears of the markets, which is not expected to hear anything other than an ECB accommodating and ready to support them again. In fact, the European stock markets, which were already trying to recover from the shocks of the day before (cost 233 billion capitalization), are strengthened. Milan wearing the pink jersey and closed up 4.2%, with banks enjoying a revival (almost + 7%) and Monte dei Paschi on the shields with a jump of 43%. Well the other: Frankfurt 1.7% and Paris 1.8%, London + 1.5%. Recovering also Wall Street , on which weighs but the increase more than expected applications for unemployment benefit: when in Europe ending the trading day, the Dow Jones advancing by 0.9% as the S & amp; P 500, while the Nasdaq rises 0.6%.
After the press conference of the ECB, the slides’ € : closes weaker at $ 1.0831, after a low of $ 1.0778 . Euro / yen to 127.47 and 117.64 yen to the greenback. Falling even the spread : This is 110 basis points to the yield of ten-year BTP 1.55%.
Before Draghi, the Minister of Economy, Pier Carlo Padoan , was returned to stress that there is no speculative attack on Italy. He ripetutto like a mantra from the beginning of the week. In support of the executive yesterday also spoke hawk ECB, Edwald Nowotny , recognizing that Italy is facing “very well the problems” of banks, but despite tensions with Prime Minister Matteo Renzi, the EU Commission President, Jean Claude Juncker, has used mild words: “I do not see the risk of a major crisis.” Cold, however, the German finance minister, Wolfgang Schauble : “The bail-in has been decided together, and all must do their part, the instability is due to the fact that banks were unprepared” . Schäuble, however, declined to comment on the fact that the German institutes have been saved with public money.
Asian stocks , however, in the morning were on the brink of nervous breakdown after the deep red of yesterday, the lists have lived an attempt to rebound, but with each passing hour, the gains have resulted in losses with Tokyo which closed down 2 , 43%, while Shanghai dropped by 3.23%. From a macroeconomic perspective the repeated slip of oil continue to worry investors. Today the price of WTI back above 28 dollars, after yesterday updated its lowest since 2003 at an altitude of $ 26.19 a barrel. At the close of European markets, WTI is changing hands at $ 28.6 and $ 28.2 Brent London marks. The US oil stocks are however climbs, more than expected, by 3.9 million barrels.
The managers also fear that the slowdown of the Chinese economy – the second in the world – is stronger than what was communicated by the authorities, which deraglierebbe global growth. A fear that is taking root even in the USA , also because of the latest macroeconomic data: the consumer price index fell 0.1%, while a decline was also the start of new construction sites. Therefore continued to fall, expectations for a rise in interest rates by the Federal Reserve at its meeting in March (end of the month all betting on a continuation of the status quo): stanto to futures Fed Funds , the chances of close spring fell to 27% from 53% a month ago. Requests for new unemployment benefits, again in the United States, increased by 10,000 units last week, reaching a seasonally adjusted 293,000.
No comments:
Post a Comment