A financial day that promises to be hot starts under the banner of volatility. In Berlin Angela Merkel faces, with many uncertainties, the vote on the aid package for Greece: approval is taken for granted, but at the price of strong defections from the ranks of the majority.
In the evening, the minutes of the July Fed meeting will be published, from which it will be possible to understand something more about the orientations of the American Central Bank.
But attention is focused on the Chinese crisis which has now infected a large part of the emerging economies, in addition to the commodity markets.
This morning the landslide continues, in a highly volatile session. One hour after the closing, Shanghai lost about 4% after hitting a low of -5,1%. Despite the strong purchases arriving from Beijing (about 150 billion dollars) the Stock Exchange has recorded only a modest +3,5% since 8 July, the start date of the interventions. And the market fears that the supports have run out.
A THOUSAND BILLION DOLLARS FLEECE FROM EMERGING
More than $2014 trillion has flowed out of emerging markets and China since July 2009. The scale of this capital flight, roughly double what occurred during the XNUMX financial crisis, helps explain the violence of the current currency storm: stock markets are looming over the prospect of slowing growth, caused by capital flight. “The weak yuan combined with the Fed's policy shift mandates a risk review on all assets in the region,” warns a National Bank of Australia report.
The Morgan Stanley Capital Index Emging Market -0,4% fell this morning, after the fourth consecutive decline on the lows of the last 4 years, since the beginning of 2015 it has lost about 11%. The worst stock exchanges of the day are Taiwan (-1,7%) and South Korea (-1,5%). Hong Kong (-1%) and Tokyo (-0,5%) also lose out.
The dollar is crushing the main currencies of Asia, the currencies of the countries producing raw materials are also suffering. The Indian rupee depreciates to 65,31 against the dollar, its lowest since 2013. The Malaysian ringgit and the Indonesian rupiah are at historic lows. Historical lows on the dollar also for the Turkish lira and the South African rand. Vietnam devalued the dong by 1% this morning.
WAL MART KEEPS WALL STREET OFF. OIL STILL WEAK
The effect of the crisis on US price lists is contained. The Dow Jones index fell by around 0,19%, the S&P 500 by 0,26% and the Nasdaq by 0,7%. Conditioning the session was the fall of Wal Mart (-3,4%, to a two-and-a-half-year low) after the downward revision of the 2015 sales forecasts.
Modest rebound in oil: the WTI rose by 75 cents to 42,62 dollars a barrel, due to short-term investor coverage. Brent also turned around in the final gaining 23 cents at 48,97 dollars a barrel. Weak yesterday oil prices in Piazza Affari: Eni -0%, Tenaris -7%, Saipem -1,8%.
STABLE EUROPE. BTP BETTER THAN THE SPANISH BONOS
European stock exchanges fluctuate on parity while there is a storm around. The Ftse Mib index loses 0,1%. Paris is down by 0,2%, Frankfurt by 0,1%. Madrid gains 0,1%. Few movements on the debt market. The yield on the 1,948-year Madrid bond, 18%, exceeded that of Italian BTPs by XNUMX basis points: the uncertainty surrounding the next Spanish political vote weighs heavily.
UNICREDIT BUYS THE SHARES OF ION TIRIAC
Among the Italian banks, the plus sign prevailed. Unicredit closes at +0,16%. Since yesterday the Tiriac Bank, created in 1991 by Ion Tiriac, has changed its name to Unicredit bank, after the acquisition of the minority stake in the institute. 45%, so far in the hands of the former tennis champion. The operation is around 700 million euros.
Intesa rises by 0,5% as Bpm. Mediobanca +0,6%. In negative territory Monte Paschi (-0,72%) and Bper (-0,18%).
ITEMS OF INTEREST USA, FLY PRELIOS
In the rest of the list, the sprint of Prelios (+20%) on the wave of interest in entering the capital of the American Starwood Capital, of the Quantum strategic partners fund managed by the Soros fund management and of CB Richard Ellis should be noted. Prominent in the sector also Risanamento (+5%) and Aedes (+4,65%).
LAZIO MAKES MEDIASET SMILE
Mediaset advances (+0,4%). Lazio's victory against Leverkusen it's good news for Premium, which controls the rights to the Champions League. Telecom Italia +0,7%.
Among the industrials, sales continued on CNH Industrial (-2,2%). Finmeccanica (-1,5%), Fiat Chrysler (-0,1%) and Prysmian (-0,4%) are also in negative territory. Rebounds ,Piaggio (+4%).
