MILAN – 13:00. The nightmare economic growth ballast markets. L ‘ Iraq follows the’ Saudi Arabia in the decision to cut the price of oil to defend its market share, a move that one side is bound to support demand but the other conditions the energy companies forced to revise their business plans. The conviction of the oil-producing countries, however, is that the economic recovery is more fragile than imagined.
A hypothesis that in the morning has sunk the stock exchange Shanghai , the largest Chinese stock market, which closed the session recording a fall of 5.43% to 2856.27 points, all ‘ day after the record reached yesterday, when for the first time exceeded 3,000 points. Apparently the “Central Economic Work Conference” – the summit behind closed doors in which the leaders of the Chinese Communist Party decide the course of the economy – could r evise downwards the growth forecast for 2015 from 7.5% to 7% .
The macroeconomic scenario thus remains complex and fragmented: the ECB could announce a plan to purchase government bonds on the secondary market; in the United States, however, the Fed is planning to start the rise in interest rates in the first half of next year. The monetary policy moves, however, are designed to influence the policy choices of the individual countries. Especially within the Eurozone where the summit continues today Ecofin after reaching agreement on the budget 2015: Yesterday the Eurogroup has asked Italy for effective measures to March emphasizing the concern about the high debt. The director of the IMF, Christine Lagarde, Milan’s Bocconi University welcomes the Italian Jobs Act.
In October, meanwhile, the German trade balance marked a surplus of 20.6 billion, an increase on the previous month (18.5 billion): the figure is above the expectations of economists who predicted a surplus of about 19 billion. Imports fell by 3.1% on the month and exports by 0.5%. The deficit of the French state, however, fell to 84.7 billion at the end of October, from 86 a year earlier. This was announced by the Ministry of Finance. The costs to the end of October were down 2.3% on year (the agenda of the markets). In Britain, industrial production fell by 0.1% on the month in October and rose 1.1% on year, below expectations which estimated a growth of 0.2% on a monthly basis and dell ‘ 1.8% trend. In the OECD area, finally, the unemployment has been stable at 7.2% in October, with 43.8 million people out of work, six million less than the peak reached in April 2010 but still more than 9.3 million in July 2008. Dao also in t he euro 11.5%.
In this context, in Milan Milan Stock moves down 1.4%, in line with other markets of the Old Continent: Frankfurt file 0.9%, London gives 1%, Paris 1.2%. The spread widens in area 130 basis points, with the yield on ten-year BTPs that exceeds 2%, showing some failure after holding yesterday following the downgrade decision by S & amp; P has scared the markets. L ‘ € is rising against the dollar in the area to 1,235 (1.2314 last night on Wall Street). Milan are on the list under pressure energy stocks by Eni in Tenaris to Prysmian, suffers Yoox that according to the New York Times is facing new challenges. Bounces Mps which remains the only title of the FTSE Mib above parity, Fca cashes for confirmation of S & amp; P’s but suffers.
In the morning, the Exchange Tokyo closed down after seven consecutive positive sessions, weighed down by Wall Street with the fall in oil prices and the depreciation of the dollar against the yen. At the end of trade the Nikkei index fell 0.68% (-122.26 points) to 17813.38 points. The Topix index lost 0.79% (-11.49 points) to 1436.09 points. The session was on average active with 2.1 billion shares traded on the first market.
Last night, meanwhile, indexes Wall Street closed the worst session from October aided by the sharp drop in oil prices, which has knocked the energy sector ( -4.05%). In addition, there were concerns over global growth rekindled by disappointing data in Japan, China and Germany. Meanwhile officially ended the season of quarterly corporate America: Overall, profits jumped 11.7% over the same period the year before against revenues up 4.8%. At the end of session, the Dow Jones has sold 0.59%, the S & amp; P 500 lost 0.7% and the Nasdaq 0.8%.
In terms of raw materials, to new lows five years for the price of crude. Nymex to a barrel of WTI, the oil US fell to $ 62.2 per barrel, bringing the balance of the last five sessions of the month and at -6.2 and -20.2 for percent. Similar trend for the global benchmark, Brent (-6.8 and -21.7%), which today has gone up to $ 65.29. L ‘ Gold is declining in Asia at $ 1,199.39 and yields 0.3%.
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