First day of 2015 against the trend for the Milan Stock Exchange. But this time it is Piazza Affari that is traveling in positive territory +0,82% while the other main indices of the Old Continent fall back (with the exception of Madrid). The Ftse Mib is driven by the good performance of some stocks such as Boom and Wdf but above all it benefits from expectations for the quantitative easing by the ECB who pushed the BTP-Bund differential to new historic lows since the introduction of the euro and have pushed further down the euro.
Mario Draghi, who withdrew from the race to the Quirinale, stated in an interview with the German newspaper HANdelsblatt that the deflation risk is not excluded and that the ECB is "in the technical stage of preparing to change the size, speed and composition of our measures in early 2015, should these prove necessary, to react to too long a period of low inflation" . Phrases that suggest an increase in the probability of launching a large-scale purchase of government bonds (Quantotatiove leasing).
on the BTP-Bund spread the reaction was immediate: the Italian 1,82-year bond updated the yield to the new historic low since the introduction of the euro at 126% with a differential of 100 basis points. Just as evident was the movement of the Bonos who broke the threshold of 1,54 basis points downwards, scoring a yield of XNUMX%.
The euro-dollar exchange rate also moved accordingly: the euro traded sharply down to 1,2034, updating the new lows against the dollar for over four and a half years. Today Lithuania also joins the Eurozone, the nineteenth country to adopt the single currency.
Le European stock exchanges that had started the session positively slipped into negative territory after the publication in the morning of the data on the manufacturing production of the euro zone: the PMI index settled in December at 50,6 points below the flash estimate which indicated 50,8. The contraction is confirmed in France and Italy, with the index at 48,4, the lowest for 19 months, while Germany still records modest growth in production.
London loses 0,20%, Paris 0,53% and Frankfurt 0,84%. Madrid, on the other hand, rose by 0,59%.
Positive closure for Asian bags of Hong Kong +1,07% driven by speculation on accommodating economic policy moves to support Chinese growth. Up more than 2% Shanghai. Tokyo, on the other hand, closed down by 1,57%.
Now the markets are looking at the macro data from the US in the afternoon: the final Markit PMI manufacturing index for December, the ISM manufacturing index for December and construction spending for November.
A Business Square best title is bpm which rises by more than 5%, followed by Wdf +4%. Banco Popolare +2,98%, Atlantia +2,79% and Azimut +2,72%. At the bottom of the Ftse Mib Cnh Industrial -1,12%, Campari -0,97% and Luxottica -0,48%.
