MILANO – 1:30 pm. Waiting day on the financial markets: today the Fed will communicate its decision on the tapering, the squeeze on purchases of securities, to try to give a first turn to monetary policy and therefore cool the galloping inflation, the number one enemy for the recovery also according to the White House. The toto-Fed of analysts is aiming for a doubling of the cut in purchases from 15 to 30 billion per month (out of 120 in purchases). According to Unicredit economists, doubling the tapering pace since January would mean that asset purchases would have ended at the end of March, three months earlier than initially estimated. An acceleration supported by two elements, in recent times: the reading of core inflation in October, at 4.1%, is double the Fed target. And many board members have opened in “hawkish” tones, even the most “doves” like President Powell himself.
The final statement should also acknowledge the fact that the price rush is no longer so temporary. “This meeting will also be an opportunity for the Fed to communicate its new growth and inflation forecasts – recalled by Allianz GI – with an expected upward revision of the latter “. The” points “of the Fed, or where central bankers envision rates in the future, “they could also be revised to higher levels, in line with those expected by the markets (ie, three rate hikes in 2022 and three further hikes in 2023)”.
Pending these news, the markets move cautiously upwards: Milano it rose by 0.5%, while the other European exchanges were mixed. London lime 0.25%, Frankfurt salt by 0.3% e Paris 0.65%. At Piazza Affari, one looks in particular at Generali which unveiled the new plan, in which the Caltagirone-Del Vecchio shareholders are against. Vola Carige which, with its little free float in the odor of takeover bids, received the offer from Bper for the aggregation and is approaching 0.8 euros. The Emilian bank stands out on the Ftse Mib: “From an industrial point of view, the operation – albeit not transformational – will allow Bper to reach about 10% of the market share in terms of branches (from the current 8%), growing especially in Liguria (where Carige has 37% of branches) “, comment the Equita analysts, underlining that” the move seems to us effective, with good timing and creates the conditions for the creation of a third banking center in Italy “.
This morning the stock exchange of Tokyo it finished slightly higher, buoyed by gains from Toyota as it stepped up its electric breakthrough, but investors remained cautious overall: the leading Nikkei index gained 0.10%. Weak the others: Hong Kong loses 1% to 23.399 points, Shanghai what 0.38%. Wall Street he has just returned from a weak session in which he lost 0.3%.
Stable opening for the euro below 1.13 dollars. The single currency therefore remains close to the 17-month lows reached at the end of November, awaiting not only the Fed tonight but also the ECB that will repeat tomorrow. Fears are growing over Europe’s slowdown in economic growth, with rising energy prices and new anti-Covid restrictions. The European currency changes hands at 1.1272 euros and 128.14 yen. Down dollar / yen to 113.66.
It spread between BTP and German Bund it opens stable at 130.7 dollars, with the Italian ten-year yield at 0.927%. The Bank of Italy has drawn that the public debt it increased by 3.8 billion in October compared to the previous month, amounting to 2,710.3 billion. The borrowing requirement (6.9 billion) was partially offset by the reduction in the Treasury’s liquidity (approximately 4 billion, to 92.3).
Rich macro agenda, withinflation protagonist: in Great Britain it was 5.1% in November. In Italy, consumer prices in November marked + 0.6% per month and + 3.7% per annum.
Among the raw materials,oro there is little movement on the Asian markets. The precious metal is trading at $ 1,770.44 an ounce after losing 0.9% yesterday. Silver and platinum are down, while palladium is trading at its lowest levels since March 2020. Petroleum down for the third day in the wake of new restrictions to contain the Omicron variant. WTI for January delivery is below $ 70 and is trading at $ 69.83 a barrel, down 1.3%. Brent with delivery in February changed hands at 72.86 dollars per barrel (-1.1%).
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