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This article was published on February 20, 2015 at 09:29.
The last change is the February 20, 2015 at 16:13.
Wall Street goes down and drag down the other European stocks with losses exceeding half percentage point. The Stock Exchange statunintese is weak despite good macro data arrived. The PMI manufacturing in the United States, in February rose to 54.3 points from 53.9 in January (revised from the initial 53.7), according to the flash estimate. The February figure, better than market expectations, which were for 54 points, is the highest since last November but still below the average of 2014, which was 55.9 points.
C ‘is to say that many operators also take advantage of the context of uncertainty in terms of the agreement between Greece and the European Union (now continue the meetings) to take profit. Piazza Affari is indeed up 14% year to date and 5% in the last week. European indices, however, reacted positively (canceling almost all the initial downward) after Eurozone PMI data. The composite PMI index, which monitors manufacturing activity and services, meeting in February to 53.5 points from 52.6 points in January, marking the highest level in seven months, according to the preliminary reading of Markit Economics. The figure is also better than analysts’ estimates that pointed to a rise of 53 points. The threshold of 50 points is the boundary between expansion and contraction cycle
The Tokyo Stock Exchange this morning has risen by 0.4%, approaching the highest for 15 years.
Among individual stocks weak Telecom Italy after the balance sheet data. Continuing purchases of Banca MPS, still the best title of the Milan Stock.
The question Greece
Meanwhile, continuing the negotiations between Athens and the European Union. The proposal of Greece for a six-month extension of the EU loan “is a good starting point for negotiations,” Germany is “bluffing.” So Gregory Claeys, researcher of the Bruegel think tank in Brussels, says Adnkronos with the latest developments on the Greek dossier. “I believe that the letter of Greece is quite reasonable – he adds – it is obvious that Athens wants to change the conditions of the agreement because the austerity alone is no longer acceptable.” Now, says the economist, “it’s up to other euro zone countries make their move.” As for the rejection of the German finance minister, Wolfgang Schaeuble rigor of the hawk, the missive homologous greek Yanis Varoufakis, Claeys said: “Unsurprisingly, the Minister has placed a letter was not addressed to him or to Germany but to the Pres ident of ‘Eurogroup, Dijsselbloem, and therefore not a single country but in the euro area as a whole. ” Sure, “the immediate replication of Schaeuble was a way to reiterate the German position in the negotiations, but negotiations could still occur at the level of the Eurogroup. In any case I do not believe that to be a `Schaeuble no’ true, definitive, I think rather that it is a bluff.” “Greece – underscores the analyst – has taken a step in the right direction on which you can find a compromise, probably calling for clarification of the details, but certainly Greece could not accept the old conditions.” Austerity, concludes, “has strongly affected the country and it’s time to change your approach.”
Bonds
This widens the spread between BTP and Bund. The yield spread between the ten-year Italian benchmark (Isin IT0005045270) and the same maturity German, at the start of the day, is worth 124 points, three more ‘than 121 basis points last closing. Also increasing the return on ten-year Italian, amounting to 1.62% from 1.60 yesterday. The spread between Bonos and Bund opens about 118 basis points, six points behind differential Italy-Germany. The yield on Bonos and ‘equal to 1.56 percent. Yesterday, before the “nein” German extension of six months of aid to Greece, Italy-Germany spread to 115 points. Markets closed yesterday in the Treasury announced the launch of the new Ctz February 2017, which will be offered at auction next Tuesday for an amount between 2.5 and 3 billion, with 500 million-1 billion of Btpeisettembre 2026 (news). Today markets are closed and will receive details of the auction of six-month Bot Wednesday. Accord ing to the forecast of Intesa Sanpaolo the offer will be 7 billion euro, on deadlines for 7.5.
Today Moody’s gives judgments
Among the various pronouncements agencies dirating expected to closed markets, the most important will be to Moody’s on Spain. The country has a Moody’s sovereign rating ‘Baa2′, the same in Italy, but with a positive outlook.
Euro down
The euro remains under pressure, waiting for the Eurogroup summit on Greece. The European currency changed hands falls below the threshold of $ 1.13 (euro / dollar exchange and currency converter).
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