The first time of Bitcoin in an official market, the Chicago Board of Trade, did not disappoint expectations: the future on electronic money showed up with a 21% jump on the first day of trading (started at 17pm on Sunday) from 15.460 dollars to a maximum of $18.700, and then corrected to a price of $17.420 for contracts due for delivery at the end of January. That's $1.960 more than the ready-to-deliver coins traded on the Gemini Exchange in Luxembourg, controlled by the Winklevoss twins (who expect a 10-20x price increase).
The balance speaks of 1.500 contracts for the first day of trading on Bitcoins: little stuff compared to the amount of contracts signed on the same day on euros and yen, but far from negligible if we consider that the big operators have been on the sidelines: Goldman Sachs restricted activity to a select few clients, JP Morgan and Citigroup abstained from Bitcoin trading.
Demand, however, crossed the $18 ceiling again this morning in Asia: the total value of Bitcoin is $240 billion, a 15-fold increase since the beginning of the year. Remarkable but not exceptional figure: in the event of the bursting of the bubble, the potential loss would be equal to 0,6% of the capitalization of the US markets.
LIVELY CHINA (+0,9%), HSBC +2,7%
Apart from the Bitcoin novelty (in a week electronic money will also be traded on the Chicago Mercantile, the most important derivatives market), the financial week opened in Asia with an upward trend. Tokyo rose (+0,4%), supported by the rally of the dollar against the yen, awaiting the increase in US rates. The Chinese Stock Exchanges are doing even better: the Csi 0,9 index +300%, on the wave of the good import/export results announced on Friday, Hong Kong gains 0,5%. Fly HSBC (+2,7%) pending rate decisions. Sidney and the Korean Kospi also performed well, both +0,2%.
Weak oil prices: Brent at 63,14 dollars, Wti 57,12. The growth in the supply of US shale oil weighs on crude oil.
YELLEN'S LAST TIME
The markets are waiting for the central banks' year-end appointments. The most important is undoubtedly the last meeting of the Fed led by the president (woe to call her chairwoman) Janet Yellen, who in February will hand over the baton of command to Jerome Powell. At the end of the meeting, on Wednesday, Yellen will confirm the announced increase of a quarter of a point in official rates. The wait, however, is concentrated on the opinion of the Fomc on the impact of the tax reform on monetary policy. Data on the labor market on Friday signaled higher-than-expected growth in jobs (228) in the US, but the trend in wages continues to disappoint, rising by only 0,2%.
TAKES THE EU ECONOMY, DRAGHI DEFENDS QE HALF
Last meeting of 2017 also for the ECB. The directorate, which meets on Thursday, should not adjust rates. But traders are eager to know the central bank's year-end forecasts: the increase in oil prices in recent months, combined with strong economic growth in the Eurozone could push Mario Draghi to open to a more optimistic outlook and, consequently, stricter on the cost of money.
The parade of central bankers doesn't end there. The Bank of England and the Swiss National Bank will also meet this week. Again, no changes in monetary policy are expected. The list concludes with the meetings of the central banks of Colombia, Chile, Mexico, Indonesia, Ukraine and Turkey, which is committed to containing the devaluation of the lira.
BREXIT BEING EXAMINED BY THE EUROGROUP
Data on US inflation will be released this week: a monthly increase of 0,3% is expected, 1,8% on an annual basis.
In Europe, the German Zew index should be mentioned. On Wednesday the Eurogroup will take note of theBrexit deal. In London, meanwhile, Theresa May faces the protest of Brexiters, who accuse her of having betrayed the outcome of the referendum.
TO THE CHAMBER THE CHARGE OF THE 6 THOUSAND AMENDMENTS
In Italy, work on the budget law continues in the Chamber. Tomorrow is the deadline for the presentation of the amendments reported, with which the aim is to reduce the changes on which attention should be focused to below a thousand (compared to the current 6). The goal is to close between Sunday and next Monday with the mandate to the rapporteur for the Chamber, where the provision is currently expected on Tuesday 19 December.
A busy agenda also for the Commission of Inquiry into banks, even if there are some important defections: the appointments with Zonin and Apponi (former president of Pop Vicenza and Consob directorate) will have to be rescheduled. The publication of the supplement to the Statistical Bulletin of the Bank of Italy is expected today.
THE AUCTION OF BANCO BPM'S BAD LOANS HAS BEEN UNDERWAY
In Piazza Affari, today the interim dividend of Astm (0,214 euro) and Sias is detached. Coupon (0,15 euro) also arriving for Digital Bros. The quarterly Ovs is scheduled. IdeaMi, the institutional spac promoted by Banca Imi and Dea Capital, makes its debut at Aim.
The consultation phase of the ECB banking supervision on the addendum relating to the guidelines on NPLs closed on Friday. We are now awaiting the official communication of the postponement of the date of 2018 January XNUMX for the launch of the new reference rules for classifying non-performing loans, according to the criteria developed by Danielle Nouy, head of ECB Supervision.
The banking sector already celebrated the probable postponement on Friday, together with the signing of the Basel 4 agreement, which provides for less strict times and rules than expected for banks to adapt to the new anti-crack requirements.
Against this backdrop, the auction for 1,7 billion euro of Banco Bpm's non-performing loans is being held today.
MEDIASET, THE ASSEMBLY ON FRIDAY. TESTS OF UNDERSTANDING WITH BOLLORÉ
On Friday 15th the extraordinary meeting of Mediaset will be held called to approve the amendments to the statute regarding the appointment of directors, a move to limit the entry of Vivendi representatives. But above all it will be the decisive week for an agreement between Alfa Romeo and the group led by Vincent Bolloré. The president of Mediaset Fedele Confalonieri said he "hoped" for an agreement.
