MILAN – Oil resumed its race to the bottom in the week leading investors to shift attention from the European Central Bank to the American. After the start of the Quantitative easing , the program for the purchase of securities by the ECB, which has further reduced spreads, the focus shifts away from the Old Continent. Black gold is back to fall precipitously: After filing the 9.6% last week, has updated the minimum from the spring of 2009 pushing the WTI below the $ 43 per barrel. To affect oil prices is the increase in US stocks: not enough the closure of many wells in the States to cool the over-production.
The other key element for the markets is the meeting tomorrow and Wednesday Federal Reserve , which should eliminate the final statement the reference to “patience” in raising rates (agenda of the markets). Investors expect however caution and Janet Yellen able to accompany the markets on the road to normalization of monetary policy, with rising interest rates that could start from June or September. One thing is certain: the watchword on Wall Street is volatility , that seen in recent weeks and is expected over the next few months. The strengthening of the dollar, which is a corollary to the change in the monetary policy of the Fed and the divergence from that of the ECB, helps to lower commodity prices and oil prices.
In this context, price lists EU continue to toast the Quantitative easing: Milan closed with a progress of 0.96% after having exceeded 23 thousand points, the highest in four years. New historical records for Dax Frankfurt , which is activated in the rally of 2.2% and exceeds the threshold of 12 thousand points. Well even Paris (+ 1.01%) and London (+ 0.94%). Eni pays suffered the decline of oil, which is in addition to the presentation of a strategic plan strongly conservative and cutting the dividend. Shopping on Safilo, who presented the new plan and expects revenues of between 1.6 and 1.7 billion in 2020. But it continued the run of Fca: the car home nearly EUR 16 on the stock. Well tuned also Atlantia, in tow of the Jubilee that will bring visitors to Fiumicino and on motorways.
Wall Street , back from another bad week, is in good upward : at the close of the European markets, the Dow Jones and the S & amp; P 500 rise by 1%, the Nasdaq follows with a rise of 0.8%. The macro American agenda is the richest of the day: the index Empire State on manufacturing in New York fell surprisingly to 6.9 points in March from 7.78 in April. The figure announced by the local Federal Reserve is just below the expectations of analysts, who expected a reading portion 7. Shy growth of industrial production: + 0.1% in February, against expectations for a + 0.2%.
‘ € has taken some height in a phase still weak: the European currency closed at 1.0576 against the dollar after hitting a new low for 12 years in Asian markets to $ 1.0456. The spread between BTP and German Bund starts the week stable just below 90 basis points, in line with the spread between Bonos and titles of Germany. The return on ten-year Italian secondary market is 1.16%. Taking advantage of the situation, the Treasury announced the placement of a new title 15-year benchmark. The Greek question remains urgent: Athens paid a tranche of 584 million repayment to the IMF, but the situation remains tense with Berlin also because of a diplomatic incident by the Finance Minister, Yanis Varoufakis .
In Europe, they expect the words of Mario Draghi (in Italian evening) on the future of the financial sector. Meanwhile, the Germany records the full employment in the manufacturing sector: in January are 5.3 million workers of companies with more than 50 employees, an increase of 61 thousand employees of + 1.2% compared to 2014.
In the morning, the Tokyo Stock Exchange has finished unchanged exchanges (-0.04%), in a session marked by caution with the start of the board the Bank of Japan (BoJ) will announce tomorrow that its decisions on monetary policy. The Nikkei index has only dropped 8.19 points, to 19246.06, its highest level in 15 years, by filing the intraday gains achieved on expectations of substantial wage increases by companies in order to support consumption and economic recovery . The yen weak claimed the titles of exporting companies. Closures strong upside to the stock Chinese: Shanghai + 2.26% and Shenzhen + 2.6%. A tow purchases were the assurances of Prime Minister Li, according to which the policy is ready to intervene if economic growth this year is not sufficiently close to the target of about 7%. L ‘ Gold is weak in the area of $ 1,150 an ounce.
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