MILAN – Japan’s central bank will not extend its support to the economy of the Rising Sun: the BoJ opts to adopt a wait and see policy and check well what the impact of negative rates before taking further steps. A position that destroys Tokyo, with stock EU that deal in wake of weak, except for a recovery in the final. did not arrive on the other hand the expected support from US data: the US economy has indeed slowed in the first quarter of 2016, during which GDP grew by 0.5%. The preliminary exposure was below analysts’ expectations, betting on a + 0.7%, and slowed from 1.4% recorded in the last three months of last year. If the investments made in the real estate sector have provided solid growth to overall performance, the weakness of those businesses and exports – shot down by the prices of energy materials and by foreign demand falling – have hamstrung growth.
Square Business has been able to rebound in the afternoon and closed in the positive (+ 1.21%) thanks to the support of the banking sector and Saipem. Special observed Generali and RCS, both involved in the meetings. Flat closures for other lists of the Old Continent, which have recovered from the red of the morning: London marked +0.04%, Frankfurt is the 0.14% climb and Paris has filed down 0.04%. Wall Street , recovering from a checkered session continues without direction: when the EU markets are on track to close the Dow Jones index lost 0.1%, while the Nasdaq added 0.6% after the losses of the day before. Under the DreamWorks spotlight, acquired by Comcast for $ 41 a share. The spread between BTP and German Bund remained at the levels of the vigil to 122 basis points (123 yesterday). The yield of the Italian-year bond was down 1.47%, while the Treasury has placed all the 4.75 billion euro of BTPs at 5 and 10 years in the auction today, with rising rates from historic lows reached in March . On the five-year average yield rose to 0.49% from 0.34% in March and on the ten-year rate rises to 1.51% from 1.24% previously. Also assigned CCTeu maturing in 2023 to 3 billion at 0.59% rate.
In the morning, as mentioned, the governor Japanese Haruhiko Kuroda has disappointed market expectations, which for a small majority were expecting some kind of intervention, but has so stressed the independence of his institution with respect to external pressure: the bet is that negative rates could lead to an increase in lending to the real economy, while the temporary strengthening of the yen is not yet considered sufficiently dangerous. A decision that follows closely around the position announced by the Fed, which as expected has not touched the rates and is shown accommodating: the ascent path to the cost of money will be tied to the macro data that arrive in the coming months.
the two monetary policy decisions – both marked all’immobilsmo – have been the focus of market reaction: in the morning, the Tokyo Stock Exchange closed down sharply, paying particular the postponement the objective of inflation to 2% by the BoJ. On the other hand, the latest figure released on prices was disappointed with a 0.3% core inflation in March. After opening in the positive, the Nikkei has changed direction ending the trading day with a fall of 3.61% and the loss of 624 points at 16,666.05 share. L ‘ € closed steady at $ 1.1323 after the Federal Reserve kept, as expected, interest rates unchanged. After disappointing moves the BoJ, the yen continues to advance both against the euro (at an altitude of 122,96) that against the dollar (108.59).
On the macroeconomic front, again in Japan there was the jump in the March industrial production (+ 3.6%), while the unemployment rate fell to 3.2%. Weak retail sales, fell 1.1%. In Germany , unemployment remained stable at 6.2% in April, while inflation is stagnant: the preliminary data released by the Laender show that the annual rate of inflation could be between zero quota and + 0.1%. In Italy, the Minister of Economy and Finance, Pier Carlo Padoan met with the vice president of the European Commission, Valdis Dombrovskis, who praised the Italian reform efforts. Istat reported instead the second year of growth in real estate sales: + 5.2% in the balance of 2015. In April, after three consecutive months of decline, the European Commission’s index measuring the confidence in ‘ economy business and consumers rose by 0.9 points in the euro area reaching a total of 103.9 points in the EU rose by 0.5 points reaching a height of 105.1 points. In the US, in addition to GDP, there was an increase of requests for unemployment benefits in 257mila share, in line with expectations. Among other Asian markets, held in Hong Kong (+ 0.3%), while Shanghai closed 0.29% in the red.
the price of the oil is on the rise in New York: the closing of the Stock Exchange WTI EU brings to $ 45.5 per barrel. Crude has revised the highest of the year, but yesterday the weekly US stocks rose in line with expectations coming to 540.6 million barrels, the highest level since October 1929. The ‘ Gold rising after the decision of the Japanese central Bank not to strengthen the economic stimulus: bullion for immediate delivery gained one percentage point a step away from $ 1,260 an ounce.
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