MILAN – The markets retrace after the rally on the eve awaiting employment data coming from the US in the early afternoon. Among the investors is the conviction that the European Central Bank later this month launches a plan of monetary easing and that the Federal Reserve is not in a hurry to raise rates. On the other hand, yesterday, Mario Draghi said that the unconventional measures studied by the ECB could include the purchase of different activities, such as government bonds. The road up to January 22, the date of the meeting of the Eurotower, however, is long and the economy of the Old Continent continues to launch signals of impatience. In the background, then, is the Greek crisis: Athens will return to the polls on January 25 to elect a new regional parliament, ahead of all the polls there is left of Syriza, led by Alexis Tsipras.
As mentioned, in waiting for data on employment in America, continues to worry about the situation of the ol d continent. In Germany fell surprise industrial production that marked a -0.1% in November on October against 0.3% estimated by analysts: yoy contraction is 0.5%. Downhill also the trade surplus fell to EUR 17.7 billion due to a decline in exports and a rise in imports. In France, however, the trade deficit of France fell slightly in November, to 3.2 billion euro against 4.3 billion (revised figure) in October.
The signs of economic slowdown, however, are not confined to Europe. After the entry into the Eurozone deflation, even China is showing weaker than expected: inflation fell to 1.5% annually and 0.3% monthly in December, close to a minimum 5 years. Down 3.3% the annual index of producer prices, which loses 0.6% monthly. In 2014 the index of consumer prices stood at 2%, against the 3.5% forecast by the government. The inflation data reinforced expectations of new monetary easing.
The euro thus opens to below $ 1.18, awaiting the next moves of the ECB: the European currency changed hands at 1.1797 dollars, after touching a new low yesterday from nine years to $ 1.1754. Euro / yen to 140.80 and dolaro / yen to 119.30. Weak European markets: Milan stock yields 0.8%, London 0.3% as Paris and Frankfurt moves back by 0.2%. In the spotlight of the Milanese listing there MPS: the title is heavy after the denial of a possible interest on the part of Santander. The spread is stable to below 135 basis points with BTP which make 1.84%.
In the morning, the Tokyo Stock Exchange ended the exchange by filing early gains, fueled by propsettiva that the ECB will further ease monetary policy and optimism on the US economy, to reduce them to a + 0.18%, pending the deployment of the US employment data. Last night, in the meantime, for the second day in a row Wall Street closed higher due to the stabilization of oil and the investor confidence in the central banks. The rally allowed the US indices to bring in positive budget year to date: yesterday the Dow Jones yesterday rose 1.8%, the S & amp; P 500 added 1.79% and the Nasdaq 1 84%.
Meanwhile, back from the lows oil: WTI crude oil represents an increase of 82 cents to $ 49.61 while Brent advancing 0.19% to $ 51.4. Gold in growth markets on expectations of the moves of the ECB which should launch later this month quantitative easing. The metal for immediate delivery rooms of 0.31% to $ 1,212 an ounce.
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