Positive start for the European lists that yesterday failed to rebound. In addition to expectations for a Fed rate hike between 0.5 and 0.75%, attention was drawn to the emergency meeting called by the ECB. The market expects the European central bank, after the words of Christine Lagarde and the effect on spreads, to run for cover with new tools to avoid attacks on the bonds of the peripheral countries of the euro zone, starting with Italy. Frankfurt at the opening marks an increase of 1.32%, Paris of 1.23%. Piazza Affari opens up. The Ftse Mib gains 1.68% to 22,213 points, helped like the other lists by the extraordinary meeting of the ECB following the promising words of Isabel Schnabel, member of the executive committee of the ECB, who signaled the possible intervention with new tools for react to new emergencies, so as to contain the widening of spreads.
Mixed session on the Asian markets with Sydney (-1.27%) and Tokyo which closed down (-1.14%) in line with the weakness of Wall Street on Tuesday and in view of an expected substantial intervention by the Fed on rates : the market is betting that the rise may not be 0.5% but 0.75%. On the other hand, the Chinese lists did well starting from Shanghai (+ 1.73%) and Hong Kong (+ 1.63% at the session still in progress) thanks to the country’s industrial production, which rose by 0.7% above expectations. Retail sales in China, on the other hand, fell by 7%.
In addition to the Fed, attention is paid to the extraordinary advice of the ECB which pushes European futures in addition to the euro, positive, on the idea that Frankfurt can intervene to stem speculation on BTPs and state bonds of the most fragile countries of the ‘ eurozone.
Spread BTP-Bund in free fall after the news of an emergency meeting called by the ECB to discuss market conditions. The spread now marks 213 points, on the Bloomberg platform, compared to 241 at yesterday’s close, while the yield of the Italian 10-year is back below 4%, to 3.87%
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