MILANO – Western markets are aiming for recovery after the weakness of the eve, pending the publication of the minutes of the Federal Reserve: Governor Jerome Powell admitted yesterday that American central bankers are considering when to lay down the extraordinary weapons put in place to counter the crisis (the so-called “tapering”, the end of the 120 billion a month purchase program) , but on the other hand he remarked that the Delta variant remains a possible unknown factor on the recovery. Investors will be looking for new indications from today’s minutes on when the tapering process will start, then awaiting the usual Jackson Hole symposium at the end of the month in which all the pieces could be put on the board in view of the meeting of 20-21 September in which the decisions will be made official.
In the morning, the Asian indices interrupted a four-day fall in which China’s further tightening on the technology sector also played an important role. TO Tokyo, the Nikkei rose 0.84% supported by a good export figure, up 37% in July. Also Hong Kong recovered 0.8%, a slight rise in the Chinese lists in Shenzhen e Shanghai. Last night, Wall Street closed down (-0.8% for the Dow Jones) paying in particular for the unexpected drop in retail sales in July (-1.1%) while industrial production recorded a rise of 0.9%.
Few movements, on the currency front, pending the publication of the minutes of the Federal Reserve. L’euro it is barely moved in early trading at $ 1.1714 from $ 1.1712 yesterday after the close of Wall Street. Also stable on the yen with which it changes hands at 128.42 (from 128.57 of yesterday’s ECB price). The differential between Italian and German ten-year olds is also not very different: it spread between BTPs at 2031 and Bunds with the same maturity it moves just above 104 basis points; substantially unchanged, compared to yesterday’s closing, also the yield on Italian 10-year bonds, equal to 0.57%.
Among the raw materials,oro it is stable on the Asian markets, with the dollar rising and investors awaiting the Fed’s minutes. The precious metal with immediate delivery is trading at 1,790.28 dollars an ounce (+ 0.2%). On the rise silver, platinum and palladium. In slight recovery the Petrolium after four days of decline, knocked down by growing concerns about the spread of the Delta variant of Covid. The WTI for delivery in September is trading at $ 66.82 per barrel (+ 0.4%). In London, Brent is gaining 0.4% at $ 69.27 a barrel.
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