MILAN – Hours 11:55. The attention of the markets will move from oil and Ecofin ECB on the agenda in Amsterdam, where the ministers of the Eurozone finance speak Greek – “Agreement can and should be” according to the EU Commissioner, Pierre Moscovici, while the president of ‘Eurogroup, Jeroen Dijsselbloem, “today will not be taken any decision” – but also the hypothesis, capping the exposure of banks on government bonds. A proposal that comes straight from the Dutch presidency of the EU, but to which Italy is opposed: “There is no chance that you accept a ritch on government bonds without an overall strategy. It has to prevail the interest of Europe, not individual states “, said from New York the President of the Council of Ministers, Matteo Renzi.
on the same Dutch line there is also Germany’s view that government bonds can not be considered free of risk and are a potential threat to the financial stability of a credit institution. Instead, according to Italy, but also for France, the national debt is a source of stability for the balance sheets of banks: “Today the priority of the direction of European economic policy – replicated Renzi – are the growth and investment.” A thesis also married since ECB President Mario Draghi , which yesterday after confirming on the low rate policy has called on eurozone countries to “do your homework” on accelerating structural reforms ” for four years – he said – that the ECB supports alone the economy. monetary policy, however, can not solve every problem, need the intervention African Union and individual countries. “
Milan Milan stock yields 0.5%, while the rest of the Old continent markets are weak: London gets worse at -0.8% like Frankfurt and Paris lost 0.4%. L ‘ € is a slight increase in the currency markets: the European single currency was trading at $ 1.1295 ($ 1.1288 after yesterday’s close of Wall Street) and 124.62 yen. The spread is stable in area 122 points, while the BTP make 1.45%.
From the macroeconomic point of view (l ‘ agenda), in Italy the factory orders showed a slight increase in February, waiting for retail sales in February. From the major eurozone economies arrive PMI indexes on the manufacturing sector, which anticipate the economic performance of collecting impressions of the directors to purchases of companies: positive signals from Germany, with the indicator that confirms above the expansion threshold (50 points ) and rose to 51.9 in April from 50.7 punished in March. Setback, however, in France: down to 48.3 points, indicating an economic contraction. At the level of the eurozone, the manufacturing PMI falls to 51.5 in April from 51.6, while the composite file share 0.1 points to 53.
In the meantime, according to the survey of the ECB of 53 professional forecasters, the eurozone inflation will stand on 0.3% this year to rise to 1.3% in 2017 and 1.6% in 2018. the estimate was revised downwards compared in January when it was indicated a 0.7% rate for the current year and 1.4% for 2017. the revision mainly reflects the trend in oil prices. According to the survey the economy will grow gradually by 1.5% in 2016 to 1.7% in 2018, driven by domestic demand, supported by monetary policy and the low level of energy prices.
in the morning the Tokyo Stock Exchange has filed another closure upward after opening the trading day down, aided by a weak dollar, but later in the session has reversed course supported by the folding of the yen and a jump in banking stocks on expectations of support measures the Bank of Japan, which meets next week. Probably the markets believe that the BoJ intervention will be too massive to fall in the light of SMEs – from 49.1 to 48 points – and the greatest deterioration in manufacturing conditions from January 2013. The Nikkei closed in advance of ‘ 1.2% by storing the week with a gain of 4.3 percent.
the meeting yesterday to Wall Street ended down, not far from the lows of the day. The price lists are about to close, however the second week in a row on the rise. From the macroeconomic front, new claims for unemployment benefits fell on 43-year lows, have reignited fears that the Federal Reserve can once again raise rates in June and in March, however the economy grew less in superindex the expectations and the Philadelphia Fed manufacturing index has returned to contract making it more complicated forecasting the next moves of Janet Yellen. The Dow Jones lost 0.63%. the S & amp; P 500 0.52%, while the Nasdaq has left on the ground 0.05%.
In terms of raw materials oil is slightly up yesterday a barrel of WTI crude oil for June delivery was trading at $ 43.88 in New York after the fall recorded on Thursday. Brent always for June delivery traded at $ 45.23 a barrel.
No comments:
Post a Comment