MILAN – 14:00. Bags with bated breath: after so many bets and many predictions, now is the day of the ECB. Today the European Central Bank will lift the veil on its plan to boost the economy of the Old Continent: an operation that will be in full compliance with the Treaties, as the objective of Frankfurt is to keep the average annual inflation just below 2 % in the medium term.
The board Eurotower has not touched interest rates, which in any case already shut down at a record low of 0.15% the cost of money. Out of this lever, the President Mario Draghi is ready to launch a maneuver of monetary expansion with the purchase of government bonds on the secondary market: what engineers call Quantitative easing . On the plate, however, also many details remain to be defined: what will be the amount (the most credible hypothesis speak of 50-55 billion a month for one or two years) and who will be in action. The Germans wou ld like fossere individual national banks, while the doves eurozone insist that both the ECB: the latter would also be the first choice of markets.
Meanwhile continuing speculation on markets with ‘ € that is moving upon fee 1.16 against the dollar, after reaching the lowest levels and always lower than those of the debut of the single currency in 2002. At the premier Matteo Renzi But not enough: “I dream of parity with the dollar,” a level that one side would increase inflation for imports, but would push abroad made in Italy. China, meanwhile, reiterated its intention to focus on the euro: “We will continue to buy the single currency.”
Beyond the ECB, undisputed protagonist in, the day is still full of significant macroeconomic events, at least in Italy where there is the decline in orders and sales in November and the industry ‘ increase in consumption. In the afternoon will come the confidence of European consumers. In Spain, meanwhile, the unemployment rate drops to 23.7% in 2014 rimandendo the highest in the Europe: the government had expected that attested to 24.2%. There are also the Eurostat data on public debt in the third quarter of 2014 the Italian dropped to 13.18% of GDP, two points less than the previous period, while at the EU level, the figure is 86.6%.
It then passes into the background, at least for today, the decline in the price of oil which discount the likely rise in US stocks: WTI trading at $ 47, Brent to 49. In down, below $ 1,300 quotations of ‘ Gold .
The markets of the Old Continent are moving in random order. Milan advancing 1.3%, London rises by 0.4%, while Paris yields 0.1% and Frankfurt 0.3%. Downhill area 115 basis points spread , the yield difference between BTP and German Bund 10 years: the Italian government bonds make 1.69%.
In the morning the Tokyo Stock Exchange has closed the session with a slight increase (+ 0.28%). Last night, for the third session in a row, Wall Street closed upward another volatile day: it is the longest streak since the start of the year. The Dow Jones added 0.22%, the S & amp; P gained 0.47% and the Nasdaq rose 0.27%.
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