MILANO – 9:15 am. The Fed kept rates steady and confirmed the purchases at the end of the meeting on Wednesday evening. The decisions were expected by the markets, but the changes to the post-meeting statement and the words of Jerome Powell, the president of the American Central Bank, confirm that the discussion on tapering, the end of aid, is present within the Fed. Powell kept the bar on patience straight, explaining that “US GDP is on track to achieve its strongest growth in decades” and the labor market “has shown improvement, but the way” to recovery. “is still long”. On the bugbear of inflation, he made it clear once again that a high price level is not worrying because it is linked to temporary factors and has actually confirmed an accommodative approach, in which data will guide the next moves. But the fact that the statement states that the US economy has made progress “towards our goals” of maximum employment and price stability and we will continue to evaluate “progress” in the next meetings “postpones a decision to the next few months. on tapering, which according to analysts is not far off. A few more clues should arrive in September, Unicredit announces the official announcement in December with the start of the stimulus reduction in January 2022.
For the moment, the reaction of the markets is one of optimism: in Europe, trade starts on the rise. Milano marks a gain of 0.5%. Paris salt by 0.8% e Frankfurt 0.3%. Last night, Wall Street closed mixed as the quarterly season continues (with Facebook): the Dow lost 0.36%, while the Nasdaq rose 0.7%.
Many quarterly also on Piazza Affari: St stands out positively after bringing revenues for the first half over $ 6 billion (+ 39%) and announcing an upward revision of the 2021 revenue estimates to 12.5 billion. Still in volatility auction Carige, which marks a theoretical gain close to + 16%.
Strong rebound, after very bad days, for the Chinese price lists. The markets have recorded a sharp correction in recent sessions due to yet another squeeze by Beijing on economic activity (the private education sector is in the sights, after tech). But now the government has corrected the game, letting in information that the market reaction was excessive. A signal was given confirming the permission for Chinese companies to go public in the United States, as long as they meet the requirements set by the government. China Securities Regulatory Commission Vice President Fang Xinghai reassured brokers in a virtual meeting yesterday evening that overseas listings are vital for attracting foreign capital, but that they must address Beijing’s security concerns. national. This relaxing step towards the market triggered tech stocks in Hong Kong (+ 3.3% for the general index), while the Shanghai Stock Exchange advanced by 1% and Shenzhen by a generous 2%. Tokyo also did well, which so far has been less linked to these movements, and this morning gained 0.73%.
Stable opening for the spread between BTP and Bund. The differential marks 106 points, on the same level as yesterday’s close. The ten-year yield is 0.61%.
Among commodities, the price of gold is rising: the metal with immediate delivery rises by 0.43% to 1816 dollars an ounce. The rise in the Petrolium driven by the decline in stocks in the US, a sign that the recovery does not stop despite the persistence of Covid and the spread of the Delta variant. Texas WTI crude rose 0.47% to $ 72.7 a barrel. Brent rose by 0.44% to 75 dollars.
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