MILAN – Milan stock sinks after the session and closed down 2.45% with rainfall of sales that has engulfed the banking title suspended several times during the day to excessive downward: MPS lost 8.09%, Banco Popular 7.55%; Ubi Banca 6.27% and Unicredit 5.92%. The sector is under pressure to the difficult capital increases facing the Banca Popolare di Vicenza and Veneto, but also concerned the overall uncertainty for the management of credits in suffering: the contacts between Brussels and the Treasury are continuing thick, but the solution that would free up the balance sheets of banks with heavy burdens of problem loans is still far away.
it holds better the rest of the Old continent: Frankfurt moves back of 0.98%, Paris lost 0.90% and London slips 0.4 %, while Madrid leaves on the ground 1.26%. On Wall Street – when they close European markets – the Dow Jones sells 0.8%, the S & amp; P 500 0.9% and the Nasdaq 1%. To increase the general uncertainty on the price lists help central banks. The minutes of the last Federal Reserve meeting confirm their willingness to be wary of rising interest rates, moved for the first time in December last year after seven years of historic lows.
At its meeting on March 15 to 16, have unveiled the minutes published last night, there was an intense debate during which the governors have weighed on the one hand the good US economic performance and on the other too many uncertainties related to global climate. In the end, he prevailed with a good majority the cautious position taken by Governor Janet Yellen, on the grounds that raise rates later this month “would signal a sense of urgency that we consider inappropriate.” It is not lack of people who (a couple of bankers) has however asked to raise interest rates since March. In any case, it was eventually consolidated the forecast two hikes of a quarter of a point in the course of 2016 (from the four budgeted in December), with nine out of 17 bankers who support this hypothesis.
The market discounts now rates unchanged for the meeting in April, according to the analysis of future federal funds, while it rises to about a third of possibilities for a move in June. Also destined to continue the expansionary phase of monetary policy of the ECB: “The weakness restrains inflation, but will not give up”, all claim the maximum exponents of the Eurotower, while the minutes of the meeting do not rule out further cuts in rates. A firmness in showing accommodating that stops the rising euro, which falls under 1.14 share of the US dollar closed down at $ 1.1379 and 122.82 yen after soaring yesterday. The spread between ten-year BTPs and German counterparts lives a blaze at an altitude of 120 points before dropping into the area 115 basis points to the yield of ten-year Italian 1.28%.
in short, the tone of “dove” the Fed and other central banks are trying to support equity markets, although analysts noted that it is not fully established in the operating rooms the belief that this is a sound and lasting expansion. Occasionally, in fact, there are still heavy shocks and volatility remains high. Oil, fresh from a recovery following the decline in US stocks, was down in New York, where stock prices lose 0.56% to $ 37.53 a barrel. In the morning Tokyo closed up slightly recovering 0.22%. Quotes of the ‘ Gold still slightly up: bullion for immediate delivery gained 0.4% to $ 1,226 an ounce.
The macroeconomic agenda records the decline over the expected weekly jobless claims in the US: -9 thousand units to 267 thousand, compared with a wait descent of 6,000 units. The Central Bank of Japan has already confirmed its expansionary policy: is ready to field new monetary easing measures to stimulate the economy and fight deflation, reiterated Haruhiko Kuroda, speaking at the quarterly meeting of the regional branch managers of ‘ central institution. In France, meanwhile, the deficit of the trade balance in February increased by 1.3 billion and amounted to 5.2 billion euro, weighed down by oil products, cars and aviation.
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