European stocks to tow Wall Street. Down the Eurozone PMI, keeps … – The Republic

European stocks to tow Wall Street. Down the Eurozone PMI, keeps … – The Republic

Markets weigh the minutes of the last Fed meeting and despite invitations emerged to raise their interest rates are confident in the support of the Central Bank Usa economy. In China manufacturing PMI disappoints, well in Japan; in the Old Continent drops the given composite. The spread stabilizes in area 160 basis points. Continue the strengthening of the dollar, the euro slipped well below 1.33

RAFFAELE Ricciardi

MILAN – 10:15 – The markets believe in the support extended by the Federal Reserve to the American economy, which still show significant signs of strengthening. To tell the truth, the tones that emerged from the meeting minutes of the end of July are quite net: it fears a rise in interest rates relatively fast, even if investors are reassured by the fact that the cost of money will remain at low levels “yet long “after the end of the bond purchases by the Fed. Anyway, according to the panel of traders Bloomberg , the percentage of those who see a rise in interest rates by July 2015 climb 48-52% after the publication of the minutes.

The analysts have not failed to notice that the words “hawk” uttered at the last meeting in Washington will meanwhile been softened by signs of stagnation in Europe and other complex international crises; elements that make the overall picture more fragile and nearest the presence of the Central Bank of the United States. Not surprisingly, Wall Street has managed to close in positive territory, with the exception of Nasdaq: the Dow Jones gained 0.35%, the S & amp; P500 0.25% (in one step from record with 16,979 points), while the tech list – fresh from the peak in 2000 – has filed down 0.02%.

The market’s attention is already directed

at the meeting annual meeting of central bankers in Jackson Hole , which takes place from today until Saturday. The expectation is that the Fed chief, Janet Yellen , who will speak on Friday, monsters still concern about a weak job market, despite macro data rather encouraging.

In a day stingy appointments stand out a series of macroeconomic data. Among these are the ‘ Eurozone composite PMI index of August, which is important because it anticipates the economic cycle through the judgments of purchasing managers is declining to 52.8 in August, its lowest two months, compared to 53.8 in July (over 50 indicates economic expansion anyway). France the data in chiaroscuro, as it enhances the services PMI index (from 50.4 to 51.1 points), but worsens the manufacturing sector (from 47.8 to 46.5) . Germany , the estate is better than expected: the composite PMI falls to 54.9 points from 55.7 in July, against expectations for a decline to 54.6 points. In the afternoon, the United States, are expected Philadelphia Fed index for August, weekly requests for unemployment benefits, the economy superindex August and sales of existing homes.

In the meantime, records surprising given the China released this night and alleging ‘ Manufacturing activity . The index preliminary PMI HSBC fell to 50.3 points in August from 51.7 in July, its lowest in three months. Analysts had expected a drop instead much less marked in area 51.5 points. The statistical spotlight the positive data came in the early part of the summer in Beijing and demonstrates the difficulties highlighted in recent weeks by the companies in the area: approaching the threshold of 50 points, which is the dividing line between economic expansion and contraction. The same survey also came from Japan , where the manufacturing PMI index was rising in Japan in August, well above the 50 points: 52.4 share points from 50.5 points July to the highest level since March.

Even on the basis of these data, the Tokyo Stock Exchange closed higher, while Asia as a whole has suffered after a good streak: the Nikkei index closed trade with an advance of 0.85% to 15,586.20 points. A foster lists the weakening of the Japanese yen.

In Europe, price lists open slightly wavy and exploit partially supported by Wall Street. Milan is strengthened throughout the morning with a gain of 0.85%, outperforming the other squares EU: London salt 0.15%, Frankfurt adds 0.1% and Paris to 0.25%. A Piazza Affari continues to hold counter the story of Luxottica, one of the few companies with a global dimension remained in Italian hands: the company has stated that upon request by the ad Consob outgoing, Andrea Guerra , there has been no communication to the board of directors, but “continues the dialogue.”

L ‘ € opens weak, still crushed by the possibility that the United States rise again sooner than expected interest rates: sign of economic strength. The European currency is changing hands at $ 1.327, after hitting a low of $ 1.3241, well below 1.33. The exchange rate with the yen is at an altitude of 137.7. On the market for government bonds, opening stable for spread BTP-Bund which travels at 161 points. Ten-year BTP yield of 2.6%.

Oil drop in the market after hours in New York where the WTI for delivery in October, the benchmark that now replaces the future with September delivery, lost 0.3% to trade at $ 93.17 a barrel. In London, Brent October delivery retraces below the level of the last three days with share trading around 101.93, down 72 cents compared to the prices of yesterday. Still falling for the fifth consecutive day quotes of ‘ Gold that the Asian markets traded at $ 1,285.10 an ounce for the contract for immediate delivery, down 0.5% .