Il hawk of the ECB, Jens Weidmann, opens to quantitative easing. The hypothesis that the European Central Bank can buy stocks like the US Federal Reserve it is not “out of the question in general”. She said it huntsman specifying, however, that purchases of bonds proportional to the shares of the ECB's capital would be problematic. The move would come as the Fed is instead pulling the oars in the boat. Today Philadelphia Fed Governor Charles Plosser, said he estimates interest rates at 3% by 2015 and 4% by 2016 (correcting in an even more restrictive key what he stated a little earlier in an interview with CNBC, i.e. rates at 3% by 2016).
The perspective of a European Qe supported the European Stock Exchanges which, after yesterday's negative session, closed in positive territory also driven by the confidence of US consumers. The Conference Board announced that confidence rose to 82,3 in March from 78,3 in January, the highest since January 2008 and above analysts' expectations. The Ftse Mib rises by 0,95% to 20.823 points and the spread closes at 181 basis points, Paris +1,59%, London +1,30%, Frankfurt +1,63%. The Dax is not affected by the given Ifo released today: German business confidence fell for the first time in five months in March to 110,7 from 111,3 the previous month. Economists had expected a more contained drop to 110,9 compared to February, when the index jumped to its highest level since July 2011 but fears of an escalation of the standoff with Russia over Ukraine weighed.
On Wall Street, the Dow Jones rises by 0,45% and'S&P500 by 0,27% while the Nasdaq is stuck on parity. Highlights Cterpillar and pharmaceutical companies. The market then awaits the price of King Digital, the Candy Crush app company that is going public in New York. On the macro front, data on new home sales was also released today and the Case Shiller index on prices. New home sales fell 3,3% to an annualized rate of 440.000 units in February. This is the lowest level in the last five months. Also disappointing was the Case Shiller index of home prices in the top 20 US cities, which fell 0,1% per month in January. Analysts had estimated an increase of 0,7%. The euro-dollar exchange closed at 1,3776 and Wti oil closed at 99,97 dollars a barrel (+0,38%).
In Piazza Affari Unipolsai stands out +4,17% and Luxottica runs +3,95% after the announcement of the partnership with Google for the new Google Glass glasses. Also in evidence were Exor +2,82%, A2A +2,42% and Yoox +1,96%. At the bottom of the Ftse Mib are the cooperative banks: Bpm -3,36%, Bper -1,82%. But also Mps -0,72%. The Sienese bank placed a 1 billion five-year bond with requests for 3,5 billion. MPS hasn't appeared on the bond market since September 2012. The spread, financial sources reported, is 275 basis points above the mid swap. Meanwhile Draghi has invited all European banks not to wait "for the end of the ECB examination to clean up their balance sheets" but to take "corrective measures before the whole process is completed". The president of the ECB, in his speech in Paris, underlined that "a healthy banking system is necessary to achieve a sustainable recovery". And in red, albeit more contained, also Ubi -0,16%. Banco Popolare +0,36%, Unicredit +0,16% and Intesa +0,62%. Among the worst stocks Terna -0,74% which today presented its industrial plan and confirmed its dividend policy (a dividend of 19 euro cents per share is expected during the period of the Plan deriving from traditional activities plus the contribution of non-traditional activities 60% payout on results).
