MILAN – 10:45 On Wall Street for the first time since Dec. 31, 1999, at the height of the dot-com bubble, all three major indices closed at record levels in one sitting. A quite unique event that inspired the Asian markets and enables the Old Continent markets continue their positive trend. Of course, the race of the bags increases the probability of a monetary tightening by year-end from the Fed, but for now, investors prefer not to worry about it. Because in the middle of August trading volumes are minimized. Piazza Affari halls of 0.1% as London, Paris and Frankfurt yields 0.1% and 0.3%.
According to the future federal funds – used to predict the moves of the Fed – there is 50 % chance that Janet Yellen increases the cost of borrowing by year-end. The thesis is confirmed by a survey conducted by the Wall Street Journal, according to which 71% of the 62 economists polled in this sostienere month that the US central bank will increase the cost of borrowing at its meeting on 13 and 14 December next. The percentage is rising markedly compared to the surveys in July and June, respectively, when half and 7.8% of the sample thought that there would be a close later this year.
The attention of European markets however, it is paid to macroeconomic data. German GDP grew in the second quarter by 0.4% from the previous quarter (in the first quarter grew by 0.7%) and 1.8% on year. Also rising inflation: in July the consumer price index rose 0.4%, the highest figure since the 0.5% recorded in January. The rise was mainly due to food prices and services which has been matched by the decline in energy prices; without including the energy, inflation would have been 1.3%. Concerned Italy: GDP in the second quarter did not grow, while analysts expected a 0.3% progression.
The euro is slight: the single currency is trading at 1.1142 dollars against 1.1145 of yesterday’s close on Wall Street. Against the yen, the euro changed hands at 113.76 (113.05 against the listing yesterday ECB). The spread is down to 114 basis points, while the BTP make the 1.06 on the secondary market.
At the global level, disappoint the macroeconomic data released in China in the course of the night. In July, the industrial production rose by 6%, compared with 6.2% expected by economists, investment in fixed assets increased by 8.1% in the first seven months of the year, compared with growth forecast of 8 , 9%, and retail sales rose 10.2%, below the 10.5% expected by analysts. The data, reports Bloomberg, are all slowing down and raise concerns about the stability of the Chinese economy. “The biggest concern is still represented by sluggish investment,” said Zhou Hao, senior economists CommerzBank in Singapore.
However, in the morning the Tokyo Stock Exchange has filed a positive session gaining 1.1 %. Last night, however, to support the Wall Street records were the tone of the retail industry and the new oil rally. On the first front, the Macy’s (+ 17%) decrease in accounts chain announced but above estimates and the closure of 100 stores, 15% of the total, to cope with the decline in sales. In the same sector, it is also flew the title Kohl’s (+ 16%) thanks to accounts above forecasts. As for oil, barrel raced in the day when the Saudi energy minister said that Saudi Arabia could participate in coordinated action to help rebalance the oil market; has returned to hope for an agreement on the freezing of products in OPEC will discuss in an informal meeting to be held in late September in Algeria. The Dow Jones rose 117.86 points, or 0.64%, to 18613.52 share; the S & amp; P 500 added 10.30 points, or 0.47%, to 2185.79 share; The Nasdaq gained 23.81 points, or 0.46%, to 5228.40 share.
In terms of raw materials, oil is rising after hours on the market in New York. WTI for September delivery was trading at $ 44.17 per barrel (+68 cents). Brent also rose, which is changing hands at $ 46.66 per barrel (+ 1.4%). Little blur, however, the gold: the precious metal is trading at $ 1340.12 an ounce, after a week of fluctuations on speculation for the next moves of the Federal Reserve.
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