european stock markets were generally cautious and uncertain with investors who seem not to want to take positions too net on the day of the Ecb meeting. As expected, Frankfurt has left unchanged the interest rates and the purchase of securities from the $ 80 billion that will run until march 2017 “or more if necessary.” Waiting for the press conferences of Mario Draghi, responding to questions from journalists could give some indication on the possible extension of the program of purchases of securities over the maturity date of march 2017, after rumors of a tapering in the study. The small number of titles to purchase, write the analysts at Mps Capital Services, leads to think of an imm inent technical adjustment of the current QE that could arrive already in the meeting on 8 December. Yesterday also the Beige Book has confirmed for the Us growth to be modest to moderate, while the third and last debate Trump-Clinton has confirmed the advantage of the candidate in a democratic process.
the Ecb towards the tapering, or the extension of the purchases? The word to the Dragons
The Ecb expects rates unchanged or lower in the long
The european central Bank has left as expected unchanged at zero and the main refinancing rate. Confirmed at -0,40% the rates on overnight deposits and 0.25%, the marginal lending rate. No change also with regard to the
buying programme to 80 billion that will run until march 2017 “or more if necessary.” In the communiqué, the Board of directors noted that Frankfurt continues to expect that the reference interest rates of the Bank are maintained on a level equal to or lower than current for an extended period of time and that is well beyond the horizon of the net purchases of assets”.
Vivendi and the clash on the Premium. Mediaset: a solution in court
Piazza Affari salt Mps, down Mediaset
To increase the caution of the investors in a series of quarterly disappointing, while in Milan there are sales on Mediaset to hold the counter. The european indexes (follow the progress here of the main lists) are struggling to find a direction, as well as Milan, the FTSE MIB in the swing on the tie. Frankfurt are good titles, Lufthansa improved after the guidance, while Gea falls nearly 20% after the reduction of the estimates. In Milan, meanwhile, continues to recover ground Mps that is now going up from the historic lows in anticipation of details on the recovery plan and the role of the proposal advanced by Corrado Passera. Among the other banks continues to go well Bper waiting for the transformation into a spa, as well as Ubi Banca, Intesa Sanpaoloe Unicredit, which he sold to Kruk Group 940 million of Npls. Increases and more moderate for the other banks, while it continues to climb Saipem. Abrupt slip instead for Mediaset, after which Vivendi has closed the door to an ami cable solution on the Premium. Just move Leonardo-Finmeccanica, which rose in Avio from the current about 14% to about 28 %.
Dollar rising in anticipation the Ecb, crude oil down
On the foreign exchange, the euro was weak on the dollar below the threshold of 1.10 (here the trend of the euro against the major currencies, and here the dollar against the main currencies) . He took benefit on the raw after the jump eve (follow here the trend of Wti and Brent). Yesterday the data on stocks the Usa have shown a decline of 5.25 million barrels in the latest week, the lowest since January. The Wti recovered to the maximum by fifteen months beyond the 51 dollars per barrel. In narrowing the spread Brent-Wti is back above 1 dollar.
(Il Sole 24 Ore Radiocor Plus)
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