The ECB, through the member of the board Benoit Coeure, she hastened to specify that the results of the second Tltro operation are "within the estimates of the ECB and the market", specifying that there is "a growing number of participants and a balanced distribution of liquidity between the various countries". The second TLTRO operation, loans linked to the financing of the real economy, carried out this morning has been awarded 129,8 billion euros. The fork of estimates ranged between 90 billion and 250.
Milan goes into negative territory and loses 0,6% and the European Stock Exchanges also lose ground: Paris -0,62%, London -0,89%, Madrid -0,52%, Frankfurt -0,28%. The Btp-bund spread is still up to 138 basis points and a yield of 2,06%, while all eyes are still on the Greek affair and on the election of the president.
Weak session also in Asia. Tokyo closed down -0,9% driven by weak dollar and oil. Hong Kong – 0,9% and Shanghai -0,49%.
The ECB's auction was in line with expectations but at the low end of the range, therefore far from the objectives that the central bank hoped to achieve. For analysts, the result brings thepurchase of government bonds by the ECB (the famous quantitative easing). In the ECB bulletin published this morning, the Governing Council reiterated that it remains "unanimous in its commitment to resort to further unconventional instruments within the framework of its mandate". The bulletin points out that the latest macroeconomic projections for the euro area indicate a drop in inflation, accompanied by a weakening of real GDP growth and subdued monetary dynamics. Allstart of the year advice "will review monetary stimulus achieved, balance sheet expansion and prospects for price developments. It will also assess the broader impact of the recent evolution of oil prices on medium-term inflation dynamics in the euro area”.
Today the OECD announced that the G20 GDP grew in the third quarter at a rate of 0,9% on the previous quarter, in slight acceleration compared to +0,8% recorded in the previous quarter. Once again China +1,9% and the USA +1% were the driving force. Italy and Japan they recorded declines of 0,1 and 0,5 per cent respectively, the only two G20 member countries to make a negative contribution. With regard to Italy, today Istat has made it known that industrial production in October, it fell by 0,1% on the quarterly basis (seasonally adjusted index) and by 3% on a trend basis (raw index).
Still on the macroeconomic front France the finance ministry in Paris slightly lowered its forecasts by deficit/GDP at 3,6% for 2016 (from the previous 3,8%) and to 2,7% for 2017 (from 2,8%). In Germany instead the Ifo Institute expects the German economy to gain momentum in 2015: +1,5% in 2015 thanks to consumption growth of 1,7%.
Meanwhile, however, we are moving more and more towards a divergent world. If in Switzerland the central bank left rates unchanged between 0,00% and 0,25%. Norway the central bank unexpectedly lowered the rate to 1,25%, by 0,25%, due to the deterioration of the economic prospects due to the fall in oil prices. There Central Bank of Russia instead it raised, again surprisingly, the cost of money to 10,5% from the previous 9,5%. Expectations were for unchanged rates and the ruble updated to all-time lows against the dollar after the central bank's decision. Finally, the Wall Street Journal reports that the Central Bank of China it will inject 400 billion yuan into the banking system through the China Development Bank, which will then issue the funds in the form of short-term loans to other banks on the interbank market. This money adds to the 500 billion yuan already planned for the top five state-owned banks this month.
In the afternoon several are expected macro data from the USA: November import price index, weekly jobless claims, November retail sales, October business inventories.
In Piazza Affari highlighted on the Ftse Mib are Saipem + 2,02% Gtech +1,8% and Telecom Italy +1,52% benefiting from rumors of an 8 billion euro offer for the group's stake in Tim Brasil by a consortium made up of Oi, Telefonica and America Movil and on the expectations for an agreement with Mediaset. In the morning, the stock had accelerated up to 4,8% but Tim Brasil's clarification arrived shortly after, at the request of the local authorities: "it is not aware of any agreement, negotiation or proposal".
At the bottom of the Ftse Mib fca which yields more than 7%. The stock suffers after the announcement during the night of the price of the convertible loan and of the shares to be placed on Wall Street. The shares will be placed on the US Stock Exchange a $11 per share (87 million ordinary securities in all). The coupon of the convertible will be 7,875% per annum. Exor also down -3,12%. At the bottom of the basket of blue chips we find then bpm -3% and Mediobanca -2,92%.
