MILAN – 10:00. “The situation is critical. A year ago I would never have imagined that such a thing could have happened, even in my worst nightmares “. These words are not usual for a senior official of a Central Bank, but Sergey Shvetsov, deputy govenatore Central Institute of Moscow , did not mincing words to photograph the current currency crisis that hit the country led by Vladimir Putin, who many analysts are increasingly mindful of the events in 1998.
For many economists, unlike then, the Central Bank will move to the forefront of the treasure reserves from 416 billion dollars to try to dab the situation and avoid the worst. In this sense it is also moved to the Ministry of Finance in Moscow, which has announced that it sold foreign currency to support the domestic one. A move, without technical details, which still allows the ruble to recover in box 81 to the euro and 65 against the dollar.
Focus: Russia crisis, the Ministry of Finance intervenes
Back down in the opening day of the oil , after attempting to lift yesterday. WTI Crude marks new under Top 55 dollars a barrel, while Brent gives support to $ 60. A weigh Russia’s announcement of wanting to maintain stable production for 2015, thus following the OPEC decision, despite the fall in prices.
While the storm of Moscow continues to worry, it’s back to look also to the United States. The FOMC (Federal open market committee, the arm of the Fed’s monetary policy) ends its runione two days and announces the decisions on rates. Analysts expect signals regarding the timing of the upcoming increase in the cost of money, as all indicators show the American economy in health. In this regard, however, are expected to have the updates of the same Federal Reserve on economic forecasts.
Before the outcome of the Fed meeting, investors awaited data on the unemployment rate and wages in Britain, but above all the development of inflation in the Eurozone and the cost of labor. The price dynamics of the old continent will also be essential for the ECB, which will decide in January whether to proceed effectively with a program of extraordinary stimulus to the economy. Always come from the US the trend of mortgages; in addition to the Federal Reserve, finally, is under the lens, the Bank of England, which publishes the minutes of the meeting earlier this month.
In this context of new fragmented and with great volatility that has characterized the last sessions, after the rally on Tuesday, Milan Stock is in the red by 1%. The Moscow Stock Exchange is a net rebound with the index Rts, one denominated in dollars, in the rally after the collapses burst of recent days. However weak the other EU Squares: London yields 0.8%, in line with Frankfurt , Paris lost 0.6%. Among individual stocks in Milan, A2A holds after the upgrade received from Goldman Sachs. Unicredit weak, however, in the aftermath dell’acquizione Poland’s small cooperative of Silesia Skok Kopernik.
‘ € is down slightly to 1.2487 against the dollar, while stops the rises of the yen yesterday that yields 0.5% to 117 against the dollar to 0.4% to 146.1 against the euro. Slight rise in the spread between Bund and BTP: the yield is at an altitude of 140 basis points from 138 of yesterday’s close. Without major jolts the performance, which is at 2.01%. For the dynamics dell’obbligazionario you look at Athens : Today is the first session for the election of the President of the Republic, which should go into a stalemate.
In the morning, the Asian markets have managed to put in brackets the instability of Russia and oil and treat even. The index Nikkei in Tokyo closed the meeting rising 0.38% (+64.41 points) to 16819.73 points. In November, the Japanese trade balance is still in deficit, but decreased by 31.5% on year, falling to 891.9 billion yen (6.1 billion euro). Exports increased by 4.9% and imports fell by 1.7%, helped by lower oil prices.
For the sixth session in seven, yesterday Wall Street closed down by canceling an attempt of recovery seen during the trading day in the wake of the oil recovery. The nervousness among investors, even as to the timing of the US central bank will begin to raise interest rates, seen from Vix: the volatility index has risen by over 15% The Dow closed down by 0.65%, the S & amp; P 500 left on the ground 0.85%, the Nasdaq has yielded 1.24%.
As for raw materials, ‘ Gold is stable in the Asian markets where share $ 1,197 an ounce, the same level as yesterday. Again Russia is central to the precious metal: already rumors, reported by Bloomberg , which Moscow – including the collapse of the currency and capital flight – can put his hand to his substantial gold reserves. Moscow has in fact tons in 1169, about 10% of its total reserves, which have tripled compared to 2005. And, as seen, the irgenza intervene massively strong.
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