Stiff Neck Hard Swallow

20110304 - Oil yes, no oil

Mercati Weekly

Portafogli Weekly

Multiasset Weekly

USA

I dati macro non soddisfano pienamente, anche se su 192k nuovi posti non si sputa. Anche il tasso di disoccupazione scende a 8.9% ma gli investitori non ne restano particolarmente entusiasti. Nemmeno gli ordinativi alle fabbriche riescono a cambiare il "mood" di mercati che guarda piuttosto con molta preoccupazione il greggio oltre 104.

DJI -0.74% -0.72% SPX, Nasdaq -0.50% VIX 06.19 (+2.47%)

Europe

seemed to go okay during the session with some company information positive. The reaction of U.S. markets with data on employment and the price of crude oil, however, turns the table and then in mid-session, the indices point to the decline and no longer able to recover.

CAC -1.00%, DAX -0.65%, -1.04% SMI, DJES50 -0.68% V2X 23.64 (-1.24%)

Japan

Not only Crude Oil at 106 could give a headache to internal growth, but the cost of energy could take away "resources" of income to many other consumers around the world. So they think the Japanese investors who download the titles of various exporters and penalize the Nikkei.

Nikkei -1.76%

Asia

less extreme reaction in Japan to other Asian markets where there is however a strong dispersion. Shanghai trust the government's announcement about the driver of domestic consumption growth in the coming years, while in India the cost of energy seems to be more relevant e penalizza gli azionari

Hang Seng -0.34%, Straits Time +0.09%, Taiwan -0.80%, Shanghai +1.81%, Sensex -1.81%

FX

USDCHF 0.9252 (0.9322)

USDJPY 82.26 (82.33)

EURUSD 1.3976 (1.3959)

EURCHF 1.2930 (1.3012)

EURGBP 0.8601 (0.8573)

GBPUSD 1.6251 (1.6280)

GBPCHF 1.5030 (1.5176)

USD libor 3 mesi 0.31% (0.31%)

USA tbill 3 months 0.11% (0.12%)

USA tbond 5 years 2.17% (2.29%)

Greece 10 years 12.25% (08.12%)

Gold 1437.85 (1416.45)

Crude 106.02 (102.41)

SPGS Commodity 719.62 (711.68)

Baltic Dry Index 1346 (1317)

Considerations

Interestingly Trichet's announcement did not splash the value of the euro which was come down to an issue of interest rates, as the risk of PIGS. To date, the rates demanded by the market for peripherals, touch the highest in recent years but remains in the EUR area 1:40 against the dollar. We are again faced with a problem more political (EU summit) that economics and finance.