MILAN – 11:00. The agreement on Greece still there, but investors seem to bet. On the evening of Wednesday, Alexis Tsipras, Angela Merkel and Francois Hollande are back to look at, but there are no signs of significant progress towards the drafting and signing of an agreement. The distances do not seem unbridgeable, either on the request for the primary budget surplus (0.75% of GDP for Athens, 1% for the EU) to find that the extra-revenue with a maneuver on VAT (1.4 billion Athens, 1.8 for the EU), but the road is still full of pitfalls. One, especially in view of the markets, has put pen to paper, the rating agency S & amp; P, which downgraded to CCC from CCC +, with a negative outlook, the Greek economy and avvertoto Syiriza that no agreement will default within 12 months. But, even with an agreement, it will be saved only for a few months, because the agreement “will not cover the obligations on debt beyond September.”
The volatile share markets after yesterday’s rally, after rumors filtered with timing unbelievable – in a matter of minutes from the close of trade – whereby Merkel would accept an extension of the floor (until 30 June) for another nine months, even in exchange for a big structural reform of all those on the table. Milan Stock opens in red, then turns rising by 0.2%, with a similar trend to the others: Frankfurt adds 0.7%, Paris 0.5% and London 0.2%. Dodge Athens , rising by more than six percentage points.
The spread between BTP and German Bund area is stable at 130 basis points, with the yield on Italian ten-year 2.3% in the secondary market. Trend down slightly this morning ‘s € against the dollar, after early trading on international currency markets. The single currency, in fact, is exchanged in area 1,127 against the US dollar, compared to the assessment made of 1.1325 mark indicative of the close yesterday on Wall Street.
The agenda focuses on macro Data France , where inflation accelerated slightly in May. The consumer price index grew by 0.2% compared to April bringing the annual growth to 0.3% (from 0.1% in April); it is a trend in line with expectations.
Asian stocks treated rising, euphoria in the wake of the closure of the EU yesterday on hopes of an agreement for the debt in Greece and on the jump China’s industrial production: this has increased by 6.1%, slightly beating expectations. Retail sales are saliite 10.1%, again in May, in line with expectations, and investment in fixed assets are advanced 11.45% in the quarter from January to May, below the expected +12 %, the lowest level since 2000. The data – at a glance – have confirmed the slowdown under way in China, with a stabilization that is explained by the incentives introduced by the government.
Stock Exchange Tokyo closed up sharply, up 1.7%, thereby breaking the cycle of meetings with the minus sign: the Nikkei marked 20,382.97 points. The negotiations have also benefited from the decline of the yen. Wall Street has returned from a meeting in convincing upside: the Dow Jones index at the end of the day surged 1.33% to 18,000.04 points, the Nasdaq gained 1.25%. Own technology stocks, along with financial ones, have been involved in constructive exchanges.
Among the raw materials, the price of the oil was down in Asian markets but still above quota $ 61. The price of a barrel WTI for July delivery surrendered 27 cents to $ 61.16, while the price of Brent North Sea with the same maturity fell by 19 cents to $ 65.51. Yesterday crude oil had recorded an increase as a result of inventory data uses, lower than the estimates, and the falling dollar. The IEA has meanwhile raised their estimates of demand for 2015. Quotes of ‘ Gold little moves pending the decision on US interest rates and developments of the Greek crisis: bullion for immediate delivery is traded to $ 1,186 an ounce.
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