Rates unchanged and brake on the next increase. Brexit also worries Janet Yellen, which in yesterday's press conference softened expectations on the rate hike path undertaken by the American Central Bank. I ask for more caution Brexit, which is "dangerous" and could have consequences on future economic and financial conditions and will remain "a factor in future decisions", and the greater tensions on the markets but also the sudden fragility of the US labor market (denounced by the latest employment data ). As the Fed he said he "expected conditions to evolve in a way that requires only gradual rate hikes."
After the Fed yesterday Wall Street he showed nervousness and the indices closed slightly lower while the purchase of safe-haven assets continued with purchases on Treasuries whose yields fell to 1,58%.
In Europe in recent days the German 4-year bond has recorded negative returns for the first time in history. Yesterday, however, the German Treasury auctioned 3,6-year bunds for XNUMX billion, receiving requests for only XNUMX. The BTP-Bund spread remains in tension at 144 basis points while purchases pour, hands down, paradoxically the more Brexit risk increases, even on British Gilts.
On the markets but yesterday was a day of easing tensions: waiting for the Fed the European stock exchanges they caught their breath after five days of declines. Recovering banks in Piazza Affari pushed the FTSE MIb up 1,49%. London rose by 0,73%, Paris by 1% and Frankfurt by 0,92%.
However, after Yellen's concerns and Wall Street's weak close today Tokyo falls 3% against the yen to the highest since January 2013 against the euro: the Bank of Japan, the second important appointment on the central banking front this week, has postponed any further monetary easing move to July. Oil still down. We are now looking at the openness of Europe which will probably feel the effects of the renewed tensions.
During the day the markets are looking at the publication of the Economic Bulletin of the ECB. On the macroeconomic front, data on retail sales in Great Britain, inflation in the Eurozone in May and a dense series of indicators from the USA are expected: weekly benefit claims, the current account balance for the first quarter, inflation for May, the Philadelphia Fed index for June and the Naha housing market index for the same month.
Eyes on banks, but also on car buyers, after this morning the area released data relating to registrations in the month of May.
