The price lists glide with the ECB stops on rates and Qe. It dates from the euro – The Republic

MILAN – The price lists close thwarted in the slipstream to miss news from the European Central Bank Mario Draghi , which today has returned to meet after the summer break. The Eurotower updated estimates on the economic health of the old continent and maintained the status quo on the Quantitative easing , the securities purchase program by 80 billion per month, confirmed until March 2017. As from expectations, the ECB also left rates unchanged: the one on the main refinancing operations to 0%, that on the marginal lending facility at 0.25% and the deposit rate to -0.40%.

at the end of the day, and after a passage in red, Milan recovers 0.48% thanks to a MPS in good evidence. Contrasted the other EU Grants: London keeps rising 0.18%, while Frankfurt yields 0.72% and Paris 0, 34%. Wall Street is uncertain after the new Nasdaq record of the evening before when they close the European stock markets, the Dow Jones sells 0.3%, the S & amp; P 500 0.1%, while the Nasdaq withdraws the 0.4%. Overall, the lists are stalled, waiting for it to recompose the puzzle of central banks called upon to make important decisions: in addition to the ECB, it looks at the possible rise in Fed interest rates and to new stimuli from the BoJ. The index GFSI Market Risk BofA, which measures the extent of changes in prices, is at its lowest since the beginning of year.

Returning to Frankfurt, the widespread feeling among the experts is that the ECB will extend however the Q and by the end of the year, taking it beyond the end of March: the decision could be postponed only at the December meeting. “Draghi confirmed that it had instructed its committees to assess possible options for amending the Qe program, fueling expectations of expansive measures by year-end,” emphasizes Gabriele Minotti Credem that reads positively the minimal changes made to the growth estimates, symbol “of the European real economy’s ability to absorb the shock of Brexit”. Among the options for the revision of technical mechanisms, the most quoted is the increase from 33 to 50% of the value of an issue that can get into the portfolio; It could also detract from the limit of negative return (set at the level of the deposit rate) under which the ECB can not purchase securities. For the time being then he won the Germany that cheering for the maintenance of the status quo. L ‘ € closes up, above $ 1.12 but retracing the seat maximum (1.1328) touched after the ECB’s decision to leave rates unchanged. To determine the jump of the single currency have been market expectations, then disregarded by the words of Mario Draghi, an extension of the Q and over in March 2016: the single currency is changing hands at $ 1.1263 and 114.58 yen.

the Bloomberg chart is the Citi index on the “surprise” generated by the macro data on Europe. It indicates that what the surveys published by statisticians and related institutions are “disappointing” or “surprising positively” than analysts’ estimates. In this period, clearly prevails disappointment.

On the table are also the difficulties of the banks: the emphasis on the period of negative rates plays against their profitability, as complained several times since giant Deutsche Bank, while the Italian capital increases (MPS) must complete difficult, reviving the activities and redefine strategies (Unicredit) and generally deal yet definitively the problem of too many overdue loans. Meanwhile, in the beautiful country, holding forth the hypothesis that Poste (the title) enters the match for Pioneer, put up for sale by Unicredit, while the placement of 30% of the capital could slip to 2017.

At the level macroeconomic superindex the OECD shows a “stable growth” for the region, the US, Japan and the Eurozone, including Germany. In France, however, should “fade”, while Italy are moving towards a “stronger weakening.” And ‘when apparent from the details of superindex of which in July was suspended for two months spread to understand the effects of Brexit. “Although uncertainty remains about the nature of the agreement that the UK will conclude with the EU, the volatility of the data emerged in the weeks immediately following the vote seems to have reduced,” says the OECD, who adds: “Given that this remains so in next 6 months, the indicators show that the growth of Great Britain should continue to slow down, before stabilizing at a lower rate than last year. “

in the US, meanwhile, requests for unemployment benefits They fell by 4,000 units to 259,000 share units, the lowest level of the last seven weeks. The figure is better than expected by analysts, betting on 265,000 share. The spread BTP-Bund is slightly higher: the spread between Italian and German ten-year government bonds stood at 121 points with a 1.15% yield (yesterday was at 120 points with a 1.09%) yield.

in the morning, the Tokyo stock Exchange closed negative on the basis of weak data on GDP, grew only 0.7% trend in second quarter. The Nikkei index lost 0.32% to 16,959 points, the entire list Topix lost 0.27% to 1,346 points. Highlights Nintendo, with a 13.2% leap following the alliance with Apple to develop a new video game on Super Mario. From the macro front the Japanese also signals the current account surplus up by 8% in July to 1.9382 trillion yen (about 16.85 billion Euros at current exchange rates). China has instead registered the first increase in August for imports after consecutive decline in 21 months: + 1.5% on year, while exports decreased by 2.8% to 190.6 billion dollars.

Rally oil listed on the Nymex, returning over $ 47 a barrel after data on weekly US energy inventories published by the department. To make flying the prices of WTI is the collapse of a surprise, and the worst in thirty years, the weekly oil inventories (-14.513 million barrels, while estimates were for an increase of 500,000 units). The decline in stocks was also higher than anticipated by the American Petroleum Institute, which had spoken of a fall of 12.1 million barrels. Immediately after the publication of the given contracts to October jumped 3.63% to $ 47.17 a barrel, while previously testified in the $ 46.20 increase (yesterday crude had closed at $ 45.50 per barrel) . At the time the contract is confirmed to October increased: the future acquire 3.3%, to $ 47.01 a barrel. L ‘ Gold is however slightly up in $ 1,348 an ounce area.