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The lists of the Old Continent are slowing down with Washington that seems ready to put numerous Chinese companies in the “black list”. Focus on infections and the launch of vaccination campaigns against Covid, while Europe shortens the time for the green light Stable Euro at 1.22 dollars, differential up to 112 points
by Enrico Miele and Stefania Arcudi
The Old Continent’s lists are slowing down with Washington appearing ready to “blacklist” numerous Chinese companies. Focus on infections and launching vaccination campaigns against Covid, while Europe shortens the time for the green light. Stable euro at $ 1.22, spread up to 112 points
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A downward start for European equity markets, in a day that is still conditioned by the succession of news about the spread of the coronavirus epidemic. Tokyo previously closed lower.
Wall Street ignores macros and pandemics and awaits the fiscal plan
Meanwhile, the Wall Street chase continued on Thursday. In fact, the New York Stock Exchange yesterday registered new highs for the S&P 500 and Nasdaq indices, despite disappointing signals for the United States on the macro side and especially of an increasingly alarming pandemic situation in the country. Investors, however, preferred to look at the possible green light from Congress for the expected $ 900 billion fiscal aid plan, which would come after a meeting in which the Federal Reserve reiterated its expansionary measures.
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Dollar decline, cautious Europe and BTp-Bund spread at low (for now)
The repercussions were felt not only in the stock market, but also in the dollar, which depreciated further due to the possible arrival of new stimulus measures to the economy, which took the euro to the highest levels since April 2018 very above 1.22. European stocks, on the other hand, are more cautious, with the exception of Frankfurt rising 0.75%, with Piazza Affari, however, ending with 0.12%. The spread between BTp and Bund remained at its lowest level since spring 2016 at 108 basis points, with the Italian 10-year at 0.50 percent. Friday 18 will be the last day before the holidays in which the ECB will carry out its purchase operations that also affect government bonds: in the absence of Frankfurt’s “helping hand”, some pressure on BTp could be taken into account.
The macro quotes of the day
Among the macroeconomic data for the last day of the week are expected, from Germany, the Ifo index in December and producer prices in November, from the retail sales of Great Britain in November. In Italy, Istat publishes data on prices
of housing in the third quarter and those of industrial prices and construction production in November. In the afternoon, space in the United States for the current account balance for the third quarter and the leading index for November.
Tokyo Stock Exchange No Boost Over Covid Fears
The Tokyo stock market stalled following the resurgence of the pandemic in Japan, and it barely reacted to announcements of a still very accommodative monetary policy from the Japanese central bank. The Nikkei index fell 0.16% to 26,763.39 points, while the Topix index managed to remain positive (+ 0.04% to 1,793.24 points). For the entire week, the Nikkei gained just 0.4%. More than 3,200 new cases of coronavirus were identified in Japan on December 17, a new record for the country.
