In the awaited ruling on Quantitative Easing, the German Constitutional Court states that it has not "found a violation of the prohibition on monetary financing of states", but asks the ECB for clarifications on the proportionality of its actions. The EU Commission responds and the Bank…
After his last Governing Council at the helm of the ECB, Draghi confirms that the expansionary monetary policy will last much longer and silences rumors about disagreements on the board: "Discussion is normal"
On the day of the go-ahead for Lagarde's appointment, the Eurotower announces that rates will be able to drop further - The Frankfurt technicians are also studying a new securities purchase plan - Positive reaction from the markets, which however then retreat to…
The ECB will not increase the cost of money before summer 2019 - "Uncertainty is increasing, we are ready to adjust the measures at any moment" - "A significant monetary stimulus remains necessary" and the hypothesis of a new one cannot be excluded wave…
Draghi sticks with Italy ("It's an uncertainty like Brexit and the spread damages the banks") but remains confident in the possibility of an agreement between the Government and the EU - The ECB leaves the reference rates unchanged for all time necessary…
The number one of the ECB speaks of Italy: "We are waiting for the maneuver and the parliamentary debate, but Conte and Tria have assured that Rome will respect the rules" - The central institute confirms the monetary policy: interest rates at a minimum and Qe stopped from…
At the Cernobbio Forum, the former Mister Spending Review, Carlo Cottarelli presented a report on the economic scenarios after the Qe: in the event of a crisis, Italy would cost 22 billion - This is why we need to push on growth and…
The Riga meeting established that quantitative easing will not go beyond 2018 and that from October the purchase of government bonds will be reduced to 15 billion a month - Draghi: "Rates on hold until summer 2019" - The…
From "THE RED AND THE BLACK" by ALESSANDRO FUGNOLI, strategist of Kairos - "If the Italy of change will be satisfied with one point of extra fiscal space, the reaction of the Stock Exchange will not be negative and the spread will remain at the levels…
"The economic indicators - explains the ECB in its monthly document - have recently weakened. Overall, however, growth is expected to remain solid and generalized".
At a time of such great uncertainty on the financial markets, it is time to actively and dynamically manage the bond market, restoring the logic of analyzing the risk-return balance, abandoned in the long years of Quantitative Easing
Rates will therefore remain at their current level "until we see signs" of a rise in inflation - On Quantitative Easing: "The benefits outweigh the distortions".
There are many groups, including Snam, Telecom, Enel, Ubi and Intesa Sanpaolo, which have pushed the bond accelerator in recent months - The goal is to take advantage as much as possible of rates close to zero, waiting for …
The calculations come from the Bundesbank: between 2008 and 2016, Berlin saved in interest rates on its debt the equivalent of 7,5% of its GDP, compared to 10,5% for Italy - France, Belgium and Austria also achieved savings equal to…
According to reports from Reuters, the board of the European central bank has agreed that, at the most appropriate moment, the first step of the remodeling of quantitative easing will be a reduction in the stimulus - Possible extension of 6-9 months but with significant…
The strengthening of the euro weighs on inflation and prompts the ECB to postpone the announcement most awaited by the market: decisions on the reduction of monetary stimuli will be taken "probably in October" - Eurozone GDP revised upwards in 2017 (+ 2,2%) - "No…
Signs of caution are coming from the American Central Bank on the increase in interest rates, which could be postponed - This move risks influencing the ECB, which, in order to avoid excessive strengthening of the euro against the dollar, could postpone the announcement of the…
No comment on US monetary policy by the head of the Federal Reserve which instead issues a warning to Donald Trump on the liberalization of financial transactions he promised to Wall Street - On the US economy: "Substantial progress" that have…
From "THE RED AND THE BLACK" by ALESSANDRO FUGNOLI, Kairos strategist - Being a central banker has become a difficult job: prolonging expansionary monetary policies can fuel a new bubble but stopping them too soon can cause a recession…
The President of the European Central Bank resists pressure from Germany: "It is obvious that one day the time will come to talk about tapering, but we are not there yet" - "We do not see any country in the euro area with unsustainable public debt"
The President of the ECB explained that the Governing Council will wait for December to evaluate the next monetary policy moves - Rates, however, "will remain low for a long time to come, well beyond the horizon of Qe", which expires in March and could…
In front of the German parliamentarians, the number one of the ECB defends his monetary policy, emphasizing that the latter has saved the Germans 28 billion euros in the form of lower interest rates - "Our measures help to maintain…
From "THE RED AND THE BLACK" by ALESSANDRO FUGNOLI, strategist of Kairos - From America there are signs of a first awakening of inflation after the complex maneuvers of the central banks - Keep an eye on what is happening in Japan - The world needs…
During the press conference called by the European Systemic Risk Board, the number one of Eurotower rejected to the sender the accusations made to the ECB according to which Quantitative Easing caused the compression of interest margins, thus reducing profitability…
The corporate bond purchase plan that the ECB announced in March officially kicks off. For Italy, the Eurotower should focus on Generali's bonds - The stock gains 1,18% on Piazza Affari, also thanks to the Ubs Report
LOMBARD ODIER: The negative interest rate policy is not working: negative rates destroy capital, undermine the financial system and have so far failed to generate sufficient nominal GDP growth to reduce the already very high…
The president of the ECB in the press conference after a historic Governing Council: "The new measures are calibrated to ease financing conditions, stimulate new credit and shake up the economic situation, bringing inflation back towards 2%"
From the protocol of the last board meeting it emerges that the Governing Council has also evaluated the option of extending the duration of the program beyond the six months already proposed
The changes made by the ECB to the securities purchase program have disappointed the financial markets, but will still have important consequences on the real economy: from loan rates (especially as regards installments on variable-rate mortgages) to exports,…
Here's how the securities purchase program has changed: deadline extended to March 2017, "or beyond if necessary", and extension to local government issues - Deposit rate cut - Monthly purchase amount confirmed (60 billion): disappointed markets ,…
The massacre in Paris will not cause the Fed and the ECB to change course, which will march in opposite directions, but the unknown factor concerns the size and speed of their moves and their effects on the relationship between the dollar and the euro - Presumably the…
ECB NEWSLETTER - "The risks for the area's growth prospects remain oriented towards the downside" - Uncertain prospects also for inflation - A warning, also to Italy, on the "improper use of flexibility on public finances" - "The job market continues to…
Differential never so low since March - The possible increase in Qe announced by Mario Draghi for December pleases the markets.
The markets expect a strengthening of the ECB's Qe and close the black September - Piazza Affari was also the best in the third quarter (+12% since the beginning of the year): Atlantia, Terna and Snam at the top, CNH and Saipem in…
The number one of the European Central Bank has ensured that, "should the risks weighing down on inflation weaken its prospects", the Eurotower will intervene "on duration and composition" to strengthen the securities purchase programme.
The total purchases made so far since the start of Quantitative Easing rises to 269,87 billion - In addition, during the week Abs were purchased for 332 million and covered bonds for 1,414 billion.
The European Central Bank has admitted thirteen new subjects to the Quantitative easing program dedicated to the public sector: there are four Italian companies.
The EU judges contradict the German Constitutional Court, which had declared illegitimate the anti-spread shield launched in 2012 by Draghi's ECB - Now the game moves to quantitative easing.
An essay by Figna, Sabbatini, Cordara published by GueriniNext highlights how the golden age of the BTP is ending because, beyond the low growth and low inflation, the birth of the euro, the launch of the banking union and the launch of the Quantitative…
According to three private appellants, the public and private bond purchase program wanted by Mario Draghi's board would be "scandalously worse" than the OMTs, on which a judgment is expected on June 16th.
The announcement by the president of the ECB of a possible increase in Qe invigorates the stock exchanges which all turn into positive territory: Piazza Affari rises but then shuts down: +0,14% - Mediaset, Finmeccanica and Unicredit stand out - Realizations on Ferragamo, A2a ,…
BANKITALIA ANNUAL MEETING/ANNEX - "Positive signs at work, but there is the risk that the recovery will not create jobs" - "Italian companies lagging behind in innovation" - "Urgent transposition of the EU directive on banking crises" - "Eurozone: recovery accelerates, but increase investments" -…
The acceleration of the Qe announced by the ECB between May and June and the renewed optimism on the agreement between the EU and Athens pushed the European lists - Milan closes with a gain of over 2%, among the best in Europe - In…
According to the member of the Executive Committee of the central institution Benoit Coeure, the ECB's purchase plan will be more concentrated in May and June, in anticipation of the liquidity drop in the summer months - The governor of the Central Bank of…
The president of the ECB: "We will fully implement our (bond) purchase program and, in any case, until we see a prolonged adjustment of the inflation trend" - Lagarde: "Draghi is a brave man" - In Generali Stock Exchange…
The confirmation by the president of the ECB that QE will continue as long as necessary has given a boost to the markets together with the arrival of good economic signals from America - Even the quarterly reports give a sprint to Piazza Affari, led by Generali's exploits in…
According to the Minister of Economy, the figures released today by Istat are a sign "of the turning point impressed on the economy by the Government's policies" - "Italy has once again entered an expansive cyclical phase after a long recession"
SPEECH BY ROCCO BOVE, bond manager Kairos - The violent jolt and the exasperated volatility of bonds force us to rethink bond investment: from the old drawer approach we need to move to a more dynamic attitude - It remains surprising that in Europe the…
The number one of Consob, presenting the annual report at the Expo facilities, also launched a series of proposals to stimulate the access of SMEs to the financial markets: from simplified prospectus schemes to the hypothesis of raising the threshold of…
TAKEN FROM THE ADVISE ONLY BLOG - One of the old adages of investors is that they recommend selling in May, but does this rule really have statistical validity? It would seem not, or at least not enough to use it as a…
Paolo Basilico, leader of Kairos, an excellent asset management group: "Italy has a unique opportunity ahead of it and Renzi is doing important things, starting with the Jobs Act" - Strategist Alessandro Fugnoli recommends the equity of Europe, Japan and, in…
On the basis of the data released by the ECB, the objective of stimulus interventions of 60 billion a month seems to have been virtually achieved.
FROM THE 'RED AND BLACK' BLOG BY ALESSANDRO FUGNOLI, strategist Kairos- The reality of the US and European economy is less glittering than the markets imagine it to be and a correction is a must - However "we remain moderately positive on…
FROM THE MORNINGSTAR SITE - What should we expect in the short term, after the European Central Bank's Quantitative Easing? Analyst Francisco Torralba compiled the handbook of probable scenarios - From bubble risk to emerging market vulnerability, moving from…
FROM THE BLOG OF ALESSANDRO FUGNOLI, Kairos strategist - According to UBS "the big movements on exchange rates don't change anything" because exchange rates are less important than they once were for 3 reasons: globalisation, the greater importance of production prices…
In its latest economic bulletin, the Central Bank speaks of "interventions" on "labor and product markets" that could make Italy fly in the long term - However, the Eurotower also comes a new blow to our country for the level of…
With the success of the bonds for small savers, the CDP touches 9,5 billion euros of issues which, however, are still not enough to reach the minimum threshold of 10 billion to enter the quantitative easing program - Bassanini…
The Qe strikes again: the euro is at its lowest and the German Stock Exchange reaches its peaks and pushes up all the European lists - Piazza Affari always tonic: it gains almost 1% - The shares of Autogrill, Exor are particularly brilliant (for effect…
The ECB also informs that, again in the week ending March 13, and due to the related programmes, purchases of bank covered bonds increased by 2,78 billion to 56,94 billion.
Frankfurt updates the all-time record, while Paris and Milan travel to the highest levels since May 2008 and February 2010 respectively - The Qe of the ECB contributes to the increases, but also the anticipation for this week's meeting of the Fed and the…
LINKS OF THE WEEK - The effects of Qe on businesses and families, the construction site of the reforms of the Renzi government (from the Italicum to the reform of cooperative banks and that of schools), how to save on mortgages and current accounts…
Four days after the start of the ECB's Qe, the yield on the BTP fell to new absolute historical lows (1,05%) and the spread is getting smaller and smaller - Long public debt titles are in fashion - A…
Mario Draghi was right once again: "QE works" and is revolutionizing the financial markets - Sparks in the stock market - The euro is at its lowest and the dollar is flying and paving the way for the Fed to raise…
According to the forecast report of the Bologna study center, the world recovery is proceeding but "remains fragile and heterogeneous" - For Italy, Draghi's intervention could be worth almost all of the increase in GDP in 2015, which remains confirmed at + 0,7% …
But the EIB can start making its contribution right away: "The resources are there, we need to give a strong political direction" - In Italy, Qe and the reforms will produce "a job-rich growth".
According to the ECB president, QE at the moment not only protects against the risk of Greek contagion but is also supporting the recovery: "The market reaction shows that the purchase plan is working" - "Eurozone will reverse course".
The euro is below 1,08 against the dollar - The approaching rise in US interest rates and the Qe are revolutionizing the currency markets - The German Bund accelerates but the BTP does not lose its blow - Greece: trading in the balance - On the stock exchange…
Exploit of Saipem and good rises of the cooperative banks, of Atlantia, Tenaris and Eni at Piazza Affari (+0,5%) - Boom of real estate securities: +18% for Gabetti - Realizations on Moncler, Yoox, Telecom Italia and Mediaset - Price lists Europeans for two…
Via Nazionale wrote this in an in-depth analysis on the program launched by the ECB in which he recalled that the government bonds that will be purchased by the Bank of Italy will amount - in all - to around 130 billion, which will rise to 150 with…
Only Milan is profitable, the other markets remain in decline despite the start of the purchases of government bonds by the ECB - Interested in the sovereign bonds of Germany, Italy, Belgium and France - Spreads below quota…
On the day of the launch of the quantitative easing plan, the BTP-Bund spread rose slightly in the morning and stood at 94 basis points - 10-year BTP yield at 1,29%.
Today the first purchases of securities by the ECB but new unknowns loom over the financial markets: the approaching rate hike by the Fed and the new duel between the EU and Greece on the reforms of Athens - Between the euro and the dollar in the…
FROM THE ADVISE ONLY BLOG - Mario Draghi announced the Qe starting from Monday 9 March: what can a simple citizen, and in particular a saver, expect? What about businesses? Here are the effects more or less…
LINKS OF THE WEEK - From SuperMario Draghi's Quantitative Easing to the February balance sheet on the Stock Exchange and news for pensions and mortgages, without forgetting Telecom and ultra-broadband, electronic payments, right-wing drift and the Expo:…
The Milan Stock Exchange shuts down in the final and closes just above parity (+0,1%) under the effect of Wall Street which does not celebrate the US labor data fearing a rise in interest rates - But in Piazza Affari they remain on the rise…
After the announcement of the launch of Quantitative easing starting from Monday, the downward race of the single currency continues, approaching parity with the dollar. Government bond yields anticipate next week's purchases: for…
SuperMario Draghi's coup with Qe unleashes the bull on the stock market and invests euros, government bonds and spreads: purchases for 60 billion euros a month from Monday 9 March - Tokyo too at the top,…
Stock markets are up sharply, the euro is ever closer to parity with the dollar, yields on government bonds and ever-lower spreads: this is the effervescent response of the markets to the launch of Draghi's ECB Qe which will start from…
After Draghi's words on the Qe, the single currency reached 1,1004 against the dollar and also lost ground against all the other main currencies.
The Frankfurt board confirmed the cost of money in the Eurozone at an all-time low, with the main interest rate at 0,05% - Forecasts for growth in Euroland in 2015 have been revised upwards (from +1 to +1,5 %) and in 2016…
Today the Governing Council of the ECB defines the final details of the Qe, which is now ready to take off, but the first effects are already being seen: the euro is at a low against the dollar - China is holding back growth - A new blow in big pharma…
After the final details that the ECB will set in tomorrow's Governing Council and Thursday, Mario Draghi's Quantitative Easing will kick off on Friday or Monday - The Eurotower will inject at least 1.140 billion into the European system by purchasing government and corporate bonds…
Piazza Affari holding its breath for Telecom Italia in view of tomorrow's government decisions on ultra-broadband: copper network in the balance - China too cuts rates in view of the European Qe (which will debut next Monday)…
Yields almost halved compared to the analogous auction in January - Demand is also improving - ECB quantitative easing kicks off in eight days.
There are eight days left before the launch of Draghi's Qe and the markets are benefiting government bonds from the periphery of the Eurozone: the BTP is strengthened and the BTP-Bund spread is reduced to 106 as in April 2010 - Auction today…
HEARING OF DARIO FOCARELLI (ANIA) TO THE CHAMBER - "The plan of the new president of the EU commission and the move by the ECB have been greatly appreciated by the markets, but the way in which these projects will translate is by no means obvious…
According to the Governor of the Bank of Italy, Ignazio Visco, speaking at the Assiom-Forex congress, the growth of the Italian GDP will be higher than 2015% in 0,5 and will reach 1,5% in 2016 - Green light for the bad bank as long as it doesn't help...
The launch of the ECB's Quantitative Easing by Mario Draghi and the electoral victory of Tsipras in Greece represent two big news for Europe - But restrictive fiscal policies continue to damage the economic recovery - Moderate optimism on…
CENTRO STUDI CONFINDUSTRIA REPORT - The quantitative easing recently announced by the ECB will result in a 1,8% increase in GDP for Italy over two years: +0,8% in 2015 and +1% in 2016.
The governor of the Bank of Italy Ignazio Visco pulls himself out of the race for the Quirinale - On quantitative easing Visco replies to Weidmann and says that the ECB's plan will make it less expensive to implement the reforms
LINKS OF THE WEEK - The historic turning point of Mario Draghi's ECB with the launch of QE of over one thousand billion but also the Renzi government blitz on cooperative banks, as well as the effects of the uncoupling of the Swiss franc...
For the number one of Bank of Italy, the ECB's plan "shows determination" and "will work in practice".
Markets still in turmoil after the Qe announced yesterday by Mario Draghi - Euro at its lowest since 2003 against the dollar - Positive European stock exchanges, Milan the most volatile - Spreads still decreasing - Realizations on the popular ones - Vola Telecom…
The ECB will buy government bonds from Italian banks, freeing up over 100 billion euros that could be diverted to credit - Mutuionline.it: "The availability of financing for businesses and households will increase" - The weak euro will benefit exports, but will more…
Stock markets, government bonds and currencies in turmoil after the ECB's QE of over a trillion - But the emotions don't end there: the death of the King of Arabia Abdullah causes oil to rebound and the count begins in Greece...
Bond purchases for 60 billion euros a month will begin in March and will continue until at least September 2016 - 80% of the risks will be borne by the national central banks: a decision taken, Draghi argued, to mitigate…
For Christine Lagarde the bond purchase plan launched by the Eurotower "strongly increases the prospects for the ECB to achieve its mandate on price stability".
"The focus on inflation and pro-rata purchases with reference to the weight of the countries in the ECB capital for 60 billion euros per month until September 2016 fully meet the budget objectives and exceed market expectations".
Mario Draghi announced the launch of Quantitative Easing for an amount of 60 billion per month until September 2016 - The risks will be partially divided between Frankfurt and the national central banks - Rates unchanged -…
Awaiting the announcement of Quantitative Easing by the ECB, euro unchanged and spread at five-year lows (115 basis points) - In Piazza Affari, oil and utilities are leading the rises, while the thrust of the Popolari slows down - Good…
