weak stock exchanges before the speech of Janet Yellen to Jackson Hole – The Republic

MILAN – 10:15. The weak European markets treat waiting to understand, from the words Janet Yellen will speak in Jackson Hole, if there are indications about upcoming hikes in US interest rates by the Federal Reserve. Milan yields 0.7%, while the others are flat: Frankfurt 0.1% file, London is the same as Paris . The traditional annual symposium, which represents an opportunity for exchange of views between the central bankers worried that he had exhausted the tools available to face a new crisis comes as the markets rise again the possibilities already at the meeting on September 20 to 21 will be raised the cost of money in the US. Fed Funds futures indicate a possibility of upward of three, twice two weeks ago and a significant improvement over the zero round indicated immediately after the referendum on Brexit.

A drive up the chances (although you have to get to the meeting December to exceed 50% chance of a hike) have been some statements “hawk” of members of the Fed’s board: the number one of the Kansas City Fed, Esther George, has reiterated its call to ensure higher rates and colleague of Dallas, Robert Kaplan, stressed that the conditions are ripening for a handshake. Not many, however, are betting on the fact that in his speech in Jackson Hole, Yellen replicate the clarity expressed in 2010 by the then Chairman Ben Bernanke, who announced that a new Quantitative easing . Possible rather than leave all the doors open, waiting to see what will ECB and BoJ before her and receive the latest updated data.

The performance of the possibility of rate hike in the US in September (according to the market meeting): cleared after Brexit are then climb

in Milan, Mediaset is weak after the allegations and replies flown with the French Vivendi on the matter of the sale of premium. The spread between BTPs and German Bunds to 10 years is meanwhile stable at 120.5 points at the start, with a dell’1,130% yield. The spread between Bonos and Bund drops to 99.7 points with a 0.920% rate. L ‘ € is meanwhile strengthens against the dollar, waiting to hear the speech Yellen: the single currency is quoted $ 1.1304, against $ 1.1281 last night in New York. The exchange rate against the yen to 113.07.

On the macroeconomic front registering the zero growth for France in the second quarter (+ 1.4% since the annual), while consumer confidence rose to 97 points in August from 96 in July. Always trust is spoken in Germany, but this time consumers: they reacted well to Brexit and according to the institute Gfk index confidence in Germany rose in September to 10.2 from 10 August, against expectations for a stable result. Very rich agenda Use the second estimate of US GDP in the second quarter: expect a revision of +1.2 to + 1.1%. Then come the preliminary estimate of corporate profits for the second quarter and the final figure of consumer confidence for the month of August.

In the morning, the Tokyo Stock Exchange has closed decline. At the end of the Nikkei trading left on the ground 1.17% to 16,360.71 points. Falling also Topix, -1.25% to 1287.90 share. The markets have grossed the fifth month of falling inflation, fell in July delo 0.2% and 0.5% per year: the worst figure since March 2013. Last night, Wall Street closed weak despite good macro data, but give room for the Fed to tighten monetary policy: new applications for unemployment benefits unexpectedly fell for the third week in a row, reaching the minimum of one month and durable goods orders were up for first time in three months, taking the highest of last October. Eventually the Dow Jones index has increased to 18,448 points (-0.18%) and the Nasdaq in 5212 (-0.11%).

The prices of are under pressure again after the minister of Saudi Arabia has spresso doubts on the need for production cuts. WTI with October delivery down 7 cents at $ 47.26 a barrel, while Brent backs off 11 cents to $ 49.56. Gold live upside: it is trading at $ 1324.65, with a growth of 0.21%.