MILANO – Decisive day for the European Central Bank: the release at the end of the Governing Council will be X-rayed by investors, who are waiting to understand how the governors will adapt the steps related to interest rates, securities purchase plans and other monetary policy instruments to the new Frankfurt strategy, which focused on a symmetrical inflation target of 2%. “Given the determination that we need to demonstrate to make our commitment effective, forward guidance will certainly be revisited”, anticipated the president of Eurotower. Christine Lagarde, in an interview with Bloomberg TV in recent days. The ECB meeting will therefore present “some interesting changes and variations”. According to analysts’ expectations, however, it will be in the September meeting that we will discuss how and when to manage the phase of exit from the stimuli: those of Unicredit do not believe that today’s change in rhetoric can generate important reactions on the markets.
Pending these important developments, equity markets remain on the upside after the good US quarterly results and the positive session in Asia. It is precisely the company results and the belief that central banks will remain accommodative that have reversed concerns about the Covid variants, which on Monday had led to a collapse of the lists. From the same conference calls of the quarterly reports, however, the price growth trend highlighted by many managers, who pointed the finger at expensive raw materials, clearly emerged.
In the morning, Hong Kong took the lead in the rises (+ 1.7%) of the Asian squares, with Tokyo closed for holidays. Shanghai is also positive. Last evening, Wall Street he finished trading with the Dow Jones at + 0.8% and the Nasdaq at + 0.9%. Today is the turn of the accounts of Intel and Twitter.
Among currencies, theeuro there is little movement pending the announcements in Frankfurt: the single currency is trading at 1.1795 dollars against 1.1799 yesterday at the close of Wall Street. The European currency is also little moved against the yen, with which it changes hands at 129.98 (129.63 the latest ECB price). Elon Musk returns to move Bitcoin, this time on the upside: after questioning its environmental footprint, the volcanic entrepreneur said he remains a “supporter” of Bitcoin. While reiterating his fears about the cryptocurrency’s energy impact, yesterday Musk pushed the quote when he said: “I have Bitcoin, Tesla has Bitcoin and SpaceX has Bitcoin.” The main virtual currency has thus returned to well above 30 thousand dollars, a quota that it had abandoned in recent days. Musk himself said Tesla could return to accepting Bitcoin if progress on the use of renewable sources for its mining is confirmed.
In addition to the ECB, there are also various data coming out in the afternoon for the USA: among the most anticipated the weekly update with new requests for subsidies, the leading index and sales of existing homes. For the euro zone, consumer confidence will also arrive at 4 pm.
Among the raw materials, the prices of Petroleum they are down after two days of increases. The WTI with delivery in September dropped 0.4% to 70.03 dollars a barrel. In London, Brent fell by 0.5% to 71.90 dollars. Oro down on the Asian markets. The precious metal is trading at $ 1,799.83 per ounce (-0.2%). Stable silver, palladium and platinum.
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