Opening mixed on Wall Street. The New York stock exchange was more waiting after the result of the night of the election that gave the presidency of the United States, Donald Trump. The Dow Jones climbs of +0.41% to 18.407,28 points, the Nasdaq sells at 0.11% to 5.187,79 points while the S&P 500 drops by 0.32% to 2.135,56 points. Movements cautious, therefore, for the stock exchange in new york, which follows that of the other markets around the world where there seems to be was the feared backlash to the effect of the unexpected victory at the presidential elections of the Usa of Trump. Some price lists show nervousness and increase the losses. Europe is still weak, with prices in negative territory. Black mesh is Madrid, which is yielding 2.1%, followed by Milan, a decrease of 1.9%. Bad even Paris and Frankfurt, bending both of 1%, while London is a drop of 0.1%. Continues to remain in posit ive territory in only Stock exchange in russia on sale of 1,47%. In Piazza Affari, bad banks, with a Tour and the Bpm in the loss of 5% of Mps and of 4.4%. Buzzi salt instead of 5% followed by Leonardo Finmeccanica, which rose by 3.5%.
The exchange
The euro recorded a rise of more than 2% on the dollar, marking the highest rise since December 2015. Salt and gold: the safe haven asset par excellence. Precious metal is over 1300 dollars an ounce (+2%).
The haven of German government bonds
investors seem to focus on the shelter offered by the German Bund and the bonds of old Europe. Prior to the opening of the secondary market for european performance of the Bund (the title of the German State), which yesterday had closed around 0,18% is now below the threshold of 0.1 percent. The spread between Btp and Bund, dating back to 167 basis points, reviewed the highest since the referendum on the Brexit of June. The yield of ten-year Italian is to 1,72%.
The comparison with the Federal Reserve
The victory of Donald Trump brings “a volatility in the short term with a flight to the refuge assets such as gold, the swiss franc and yen. In this context we should, however, remain “focused on the fundamentals that are strong, there is no recession”. The indication comes from Lorenzo Portelli, strategist at Pioneer Investments, which emphasises “the positive note” is that, at this point, “the monetary policy will be more accommodating”, also because “this epochal change” will have “clear repercussions” on the possibility of a reconfirmation of the Fed, Janet Yellen ready for a rate hike in December.
Europe, a bulwark of Stability?
According to an analysis of the Allianz Global Investor’s “equity stock exchange in the european, may become – ironically – a bastion of stability compared to those in the us. Within fixed income, in the short term, we believe is likely to: a phase of aversion to risk, lower returns and a flattening of the curve”. “The unpredictability of Trump and his lack of political experience are more than enough reason to face the coming months with a certain amount of care,” stresses Stefan Kreuzkamp, the Chief Investment Officer at Deutsche Asset Management, noting that “despite this, investors have to keep your wits about you” because it is not to forget “that the key constant of the electoral campaign of Trump was that of surprise constantly to the public: it is quite possible that, after his election, he may in fact surprise the markets in a positive way”.
After the first reaction to the downside of the Us market, with a “flight to safety”, the analysts at Ubs expect that in the medium term, the stock to recover, as fundamentals should be better than the political uncertainty and the actions the U.s. can bounce on the push of an acceleration in growth of earnings per share, Ubs sees rise from 1% this year to 8% the next. Some sectors could take advantage of an easing of regulation, such as financial services and energy, writes the swiss bank. Others, such as those related to the defence, which could benefit from a more supportive fiscal stance.
November 9, 2016 (change the 9 November 2016 | 16:46)
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