RAFFAELE Ricciardi
Investors go to checkout after the sharp gains yesterday, driven the availability of Draghi to use innovative tools to fight deflation EU. Tokyo lima 0.6% with the recovery of the yen. Rally bond unstoppable: the spread between BTP-Bund falls again and the Treasury hits new record low in the auction Ctz. Rome pays the debt within London. The S & amp; P500 close to 2 thousand points
MILAN – 13:00 – The international equity markets pulling breath after a run by the beginning of the week, driven by confidence in Mario Draghi : The leader of the ECB, in his last public appearance in Jackson Hole, he used tones from “dove” opening up the prospect of a massive intervention Eurotower (a quantitative easing -style Fed, everyone thinks) to support the economy and do battle deflation. Words that were enough to ignite the enthusiasm of the markets and turn off the concerns related to the German data negative.
The propensity to trust in Frankfurt led a rally in the bond portfolio, with the periphery of the Eurozone – including Italy – to benefit from it even today. The dividend is picked up immediately by the Treasury, that the return to emissions after the summer hits record low yield for the two-year Ctz.
As expected, Italy has raised € 3 billion recognizing investors with a gross annual yield of 0.326%. This is the new historic low. Despite this new descent, the real rate of interest to two years remains largely positive (+ 0.22%) compared to Germany where traveling time in negative territory. A phenomenon that, in a situation of deflation discourages investment spending in favor of the annuity. And increases the actual weight of the public debt. Benificio for some accounts, however, comes from the decrease in the average cost, which is the narrowing of spread between BTP and the Bund. The differential
yield spreads between government bonds Italians and Germans broke down the door of 150 basis points and the yield of treasury bonds hit a new historic low of 2.4%. Investors pay a little more Italian debt than they do with the United States, even less so than for that of the United Kingdom.
The macroeconomic agenda, while the EU has exhausted; for the United States to be pinned dissemination of data on consumer confidence in August, those on durable goods orders in July and ending index of home prices in June. L ‘ OECD Meanwhile, certifies that the Italian GDP in the second half is the only one in decline (-0.3%) among the G7. The scene, on a day devoid of ideas macro striking for the Old Continent, back l ‘ Ukraine : the Minsk summit between the parties involved (Kiev, Moscow, Brussels) could lead to a relaxation after battles and tank incursions of the last days.
L ‘ € stabilizes after being under pressure for the series of negative data on the German economy and the effect expected for the next moves of the ECB. The European single currency hovering around $ 1.32 a share after hitting a low of $ 1.3178, its lowest level since September 2013.
In this context, the EU markets advance spotty but improve with proceed exchanges: London , yesterday closed for holidays, recovers 0.3%, Frankfurt lima 0.2%, Paris of salt 0.2% and Milan turns positive in 0.4%. A Piazza Affari you always look at Telecom Italy: Approaching the board of directors who will discuss the plan to get to the Brazilian Gvt, opening the capital of the French Vivendi as the main counterpart. Meanwhile it is expected a new day summit between Cesar Alierta, a number of Telefonica, and Vincent Bolloré, Chairman and shareholder of Vivendi. The summit could serve to present the new financier Breton group’s offer on the Iberian group Gvt, in its competition with Telecom. Outside the quoted price lists, but there is a business case for Italy prince, you look at the board of Alitalia , which takes stock of the situation on the agreement with Etihad and the business plan.
In the morning there was the closure of the negative Tokyo Stock Exchange , in the wake of realizations triggered by the strengthening yen. The Nikkei-225 index ended the day down 0.59% at 15,521 points. Opaque data also from the macro front: the index that measures the business confidence in Japan in August showed a drop to 47.7 points from 48.7 points in the previous survey. Analysts had expected a figure of 49.5 points. Shinzo Abe , the conservative prime minister of Japan, confirmed then that will make the cabinet reshuffle next week to try to revive the popularity and political action.
Thanks to the recovery of ‘ m & amp; ae hypothesis of new stimulus by the European Central Bank, Wall Street closed higher with the S & amp; P 500 that closed the twenty-ninth record year. Eventually, however, the benchmark index has not been able to keep the psychological threshold at 2000, won for the first time ever in during. The enthusiasm of European investors was followed by those Americans who have ignored the unexpected drop in new home sales in July. After clearing transactions, the S & amp; P 500 has finished rising 0.48%, to 1997.92. The Dow Jones added 0.45%, to 17,076.87 and the Nasdaq posted a + 0.41%, to 4557.35. Among the stories of companies, Burger King (+ 19.51%) ran on rumors of negotiations to buy the Canadian Tim Hortons (+ 18.91%) to implement the so-called reverse tax.
Oil is up Asian markets to $ 93.55 per barrel WTI and $ 102.78 for Brent. Gold a slight decrease of 0.1% in Asia to $ 1,279.60 an ounce.
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