History Article
Close
This article was published on January 2, 2015 at 09:05.
The last change is the January 2, 2015 at 17:41.
Start the year of continuity for the financial markets, with new lows for BTP yields and European government bonds (historical) and also for the euro (4 and a half years). At the origin of the movements are always expectations for more expansive moves by the ECB (the so-called “quantitative easing”), this time powered by an interview given by Mario Draghi to Handelsblatt. Milan stock closed higher by 0.62%, slowing down a bit ‘on the final race with the turnaround on Wall Street (follow the indexes Live). Countered instead other European markets, with the only Madrid in positive territory.
Spread Spanish under 100 points, negative returns on the Bund 5 years
The notes most relevant of the day, however, are coming from the fixed income markets and those currencies. The yield on the ten-year Italian has indeed set a new record low 1.76%, with the spread BTP-Bund to 126 basis points. Lows also the rate of ten Spanish, with the spread over Germany for a few hours under 100 points, and further down the same well Bund. Now the German securities also have negative returns on the expiry of five years: it was never accaduto.L’euro instead continued its nosedive to just above $ 1.20 and thus returning to the levels of June 2010 (euro / dollar exchange and converter currency). Down even oil, which registers new lows since 2009 with Brent below $ 56 a barrel.
The push toward the Dragons ‘Qe’
The movements of the first days of the new year are traditionally linked more to the renovation of the portfolios that the analysis of the various macroeconomic data in the program. 2015 is then slip away along the lines of the previous weeks, with expectations for a “q” of the ECB (a new maneuver expansive that presumably would cover the purchase of government bonds) holding court. Today, as we said, is the same Draghi to fuel new hopes and betting: the ECB President has hinted that are increasing the chances of large-scale action that might affect the sovereign bonds.
“The risk that we will not fulfill our mandate of price stability is higher than it was six months ago,” said Draghi to German daily Handelsblatt, explaining that “we are in the phase of preparation technique to change the size, speed and composition of our measurements at the beginning of 2015, if they were to be necessary, to react to too long a period of low inflation. ” And in this, said the former governor of the Bank of Italy, “there is unanimity in the Council of the ECB.”
is disappointing Italian manufacturing sector
To curb the ambitions bullish on the stock market have tried, in vain, the umpteenth disappointing news from the Italian manufacturing sector: in December the index Purchasing Managers (PMI) is in fact dropped to 48.4 points from 49 the previous month when it was expected a slight recovery (49.5). The fact that it has also weakened the indicator on new orders also suggests that the industry will not return to growth in the very short term. Does not travel to the truth in good waters even the rest of Europe, given that France has slowed to 47.5 points (minimum 4 months) as well as Spain (but remains at 53.8 points, which is above the threshold dividing line between growth and recession). Overall in Europe the situation is slightly worse (50.6 to 50.8) compared to the previous month. In the United States the same indicators showed lower than expected expansion of the manufacturing industry (55.5 points against 57 .6, minimum 6 months).
© ALL RIGHTS RESERVED
Permalink
“+ last +” | “+ datalunga +” “+ time +” | Real-time
“);} else {$ (‘.finanza-right-art .GraficiAndamento’). append (” “+” “+”
“+ last +” | “+ datalunga +” “+ time +”
“);} $ (‘.finanza-right-art .TabellaDati’). append (”
+ “
”
+ “
”
+ “
”
+ “
”
+ “
No comments:
Post a Comment