The ECB does not touch the rates, mixed European bags after the words of Draghi – The Republic

MILAN – The support of good quarterly US pushes back the lists in Asia and America at the highest, while Europe looks uncertain at the ECB Mario Draghi, who met for the first time after the striking outcome of the referendum pro Brexit and in the middle of a phase of geopolitical tension (see Turkey) and financial (see Italian banks).

the European central Bank has not touched rates, as expected, and in line with what was done by Bank of England, which has not cut rates or introduced new incentives postponing any decision in August. dragons confirmed that the Brexit is a risk factor for the European economy, but also that the ECB is ready to intervene when there are updates to the macro estimates, if it proves necessary, using “all the tools “at its disposal.

According to economists polled by Bloomberg , the possible new measures come at the September meeting. Then, probably, you will decide an extension of the program beyond the indicative deadline of March 2017. The downside could be the lack of bond to buy.

European stocks closed shortly moved after the words of the governor. Milan oscillates above and below parity with contrasting banks and eventually the Ftse Mib index closed up 0.25%. Positive MPS, now at the click decisive for the sale of the suffering to the bottom Atlas and the capital strengthening: trying to organize an operation of the market, but with possible government guarantees success. Draghi has devoted a passage of his lecture to the bail-in, remembering that the rules “provide all the necessary flexibility” to manage the situation. Weak the other squares in the Old Continent: Frankfurt check the + 0.14%, Paris 0.08% file and London gives you 0 , 43%. Heavy’s session Istanbul , which gives 3.9% while the Turkish lira remains under pressure with the dollar marks new record highs in the aftermath of a rating downgrade , BB by S & amp; P: the peak in the change exceeds 3.09 pounds for a dollar. closing in negative territory for Wall Street . The Dow Jones lost 0.43% to 18,515.38 points, the Nasdaq yields 0.31% to 5073.90 points while the S & amp; P 500 leaves on the ground 0.37% to 2165.01 points.

‘ € closed down at $ 1.1002 and 116.72 yen after hitting a session low of $ 1.0979. The greenback moves back to 106.23 yen came despite positive macroeconomic data from the US. The spread between BTPs and German Bunds is stable in the area of ​​125 basis points, with ten-year Italian which makes 1.26% in the secondary market. L ‘ Today’s macro agenda , ECB aside, note the improvement in confidence among French companies in July: back to 102 points, the same level in May, gaining two points over June, and is higher than the long term average (100). Light braking for retail sales in the UK in June after the May jump: -0.9% on the month and 4.3% on year. Also Confindustria, meanwhile, notes the possible economic slowdown after the London-Brussels divorce. Rich data day by the US: new requests for dole have been 253 thousand, a thousand less compared to the previous week. This is the lowest figure of three months. Under estimates the manufacturing index of the Philadelphia Fed, to -2.9 points, while climbing to the Chicago Fed to 0.16 points. Above expectations instead superindex both the economy in June (+ 0.3%) and the sale of existing homes (+1.1%).

The global phase of the lists remains positive, so much so that global equities have come to add 5 thousand billion valuation from the lows reached in the two days after the British referendum in late June. Until now, four out of five companies that fall in the S & amp; P 500 beat the earnings estimates: “We have better than expected quarterly likely strong fiscal stimulus in Japan, interest rates at least to absorb macroeconomic shocks that arise and a vast program of Quantitative easing “, summarizes Chris Weston of IG Agency Bloomberg , explaining why there are all the elements because the listings are euphoric, despite the constant voltage blows that come from all over chronicles the world. “If this is not an ideal climate for markets to go into the rally, they will not ever again. The concern now for the feedback, that are really high.”

In the morning, the Tokyo Stock Exchange closed higher with the Nikkei index climbed to 16,810.22 points at + 0.77%. A push purchases there are the government’s plans, filtered by the Japanese press, for which you might think of a fiscal stimulus program to many as 187 billion dollars. The index MSCI Asia Pacific has updated its high for the year, thanks to the recovery of the stock exchange Hong Kong which annulled the losses from the beginning of 2016.

Among the raw materials , the oil is falling in New York: at the close of the European markets WTI yields 0.6% to $ 45.4. L ‘ Gold is up slightly and when ends the EU trade is at $ 1,323 an ounce. Right on the ingot, analysis Viktor Nossek, research director of Wisdom Tree Europe, stressed that the attitude of the central banks in a lack of growth in the context of games prices for gold prices. “If we look at the USA we find that the picture for gold and bonds is the exact opposite: the interest in gold will remain high as long as the macro-economic environment will remain, ironically, disinflationary”.