MILAN – 15:00 pm. European stocks are confirmed weak in the second half of the day, waiting for uncertain opening on Wall Street, where the indexes are coming from new record driven by oil price. In a period of low volumes, characterizing the week of August, the experts are trying to figure out if the slowdown in China, the economic weakness of the Eurozone and the recovery patchy that characterizes the United States can make room for new space expansionary measures, such as to support the recovery and the markets run.
London yields 0.35%, Paris 0.8% file as Frankfurt . A Milan , Business Square back to red after a recovery attempt in the late morning and the FTSE MIB yields 0.7%. Yesterday, the Italian stock market was closed for August and the other markets of the Old Continent had filed the seat upward. Today futures Wall Street are weak, after the records of the vigil, with contrasting macro data: US inflation remained unchanged on a monthly basis in July, as expected and compared to + 0.2% on June. On an annual basis it has slowed to + 0.8%, from the previous year + 1%. Well instead of new construction sites with + 2.1% in July, which is matched by the disappointing 0.1% drop of the building permits.
From the front of European macro recording inflation in British : marks a monthly decline of 0.1% in July and an increase of 0.6% per annum, with the high cost of imports to push the price trend. Back to rise in August, but less than expected, the ‘ Zew index in business confidence in Germany amounted to 0.5 for August after crashing in July to -6.8 from 19, June 2 due to the financial market volatility that followed the vote in favor of Brexit. Expectations were still slightly higher, around two points. The indicator on the current situation of the country salt instead to 57.6 from 49.8 in July. The Eurozone recorded in June a trade surplus of 29.2 billion euro, up from 25.5 billion the same month last year. Down though both of trade rumors, with exports going down by 2% and imports 5%.
‘ € is on the rise: the single currency is trading at $ 1.129, $ 1.118 against the listing yesterday the European central Bank. The dollar was affected by the possible postponement of the rate hike. The spread is stable at 115 basis points area with BTP which make around 1.05% to a record low.
In the heart of summer, however, the debate in financial world still focuses on future increases in Fed interest rates. traders see as the most likely time for an increase in the cost of money by the Federal Reserve the beginning of next year: the ability to close in December fell to 42% as confirmed by a survey conducted by the Wall Street Journal among economists. To bring down the chances were disappointing data on retail sales released Friday. On these issues take importance the next two deadlines: the publications of the minutes of the last meeting of the FOMC, Wednesday, July 17, and the intervention in public Janet Yellen in Jackson Hole on August 26th. However, the ECB will be the first major central bank to meet: analysts are betting that on September 8 Mario Draghi will announce an increase of monetary stimulus.
In the morning are set back for the second consecutive day the Bags of Asia and the Pacific , braking from the exchange between yen and dollar, close to now share 100. the hypothesis of a failure to rise in US interest rates by the year resulted in fact a devaluation of the dollar 1% against the yen. Tokyo lost 1.62%, Seoul 0.62%, Taiwan him.
In terms of raw materials, the oil pay at the start of the day some profit taking after recent gains. With the pace of trade, however, the price of oil back in the perspective that the OPEC countries to reach an agreement on the limits to the meeting to be held in Algeria in September. On the electronic circuit crude futures WTI Light shifted up 19 cents at $ 45.93, after a top at $ 46.16 and Brent futures rose by 22 cents, to $ 48.57 a barrel. Also it dates back to the ‘ Gold : the precious metal for immediate delivery gained about 1% to $ 1,352 an ounce.
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