Milan , October 21, 2014 – 0:58
Closing bullish for the Tokyo Stock Exchange, rose by 3.98% to 15,111 points, so that recovers last week’s losses. The list was also helped by the decline of the yen while on a reshuffle of the government of Prime Minister Shinzo Abe. Even Wall Street closed in positive territory. The Dow Jones rises 0.11% to 16,398.26 points, the Nasdaq slipped 1.35% to 4316.07 points while the S & amp; P 500 scored a progress of 0.9% to 1,904 points. It remains a climate of extreme volatility and nervousness on the markets after it has tripped up ECB purchases of covered bonds to avert the threat of a prolonged stagnation. The European markets – after altalenato between ups and downs also marked – burn the rebound last Friday and closed in negative. The worst is Frankfurt (-1.50%) followed by Paris (-1%), Milan (-0.86%), London (-0.68%), Madrid (-0.42%). The BTP-Bund spread back above 170 basis points and closed at 174.5, 164 last Friday.
Sliding stress-test
I markets move prudently and without a clear direction, concerned also by discouraging corporate accounts – from IBM and Philips – that contribute to fuel doubts about the prospects of the economy. But mostly meanders skepticism about the effectiveness of the extraordinary measures put in place from Frankfurt to revive the recovery. Today, the ECB made from purchases of asset-backed securities that have certain value of low-risk, under the program announced by Mario Draghi in June to boost bank lending and stimulate inflation. According to rumors, the purchases they would focus on short-term French covered bonds held by BNP Paribas and Societe Generale and those of some Spanish banks. But now you want to check the degree of aggressiveness of the ECB in conducting this type of operation, waiting for the end of the year even shots the program on Asset backed securities. To weigh down the lists you add the voltage on the banking sector for the uncertainty on the results of the examinations ECB, with Piazza Affari who served discounts of Mps (-1.88); Unicredit (-0.90%) and Intesa (-0.82%). In this climate has started a new round of Italian BTP . The demands have stopped at just under 3 billion (€ 2.955 billion in the first day of placement of Treasury bonds indexed to six years. Departure placement has thus proved less bright than previous editions: l ‘ latest launch dates back to last April and the first day orders reached 6.7 billion. But it must be said that this time to curb appeal is the lower level of the guaranteed minimum return, equal to 1.15% against 1.65% of the issue in April. Subscriptions will continue for three days for individual investors, unless the auction is closed in advance. Institutional investors will instead start subscriptions from Thursday, October 23.
October 21, 2014 | 00:58
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