weekly market comment STOCK MARKET
With positive locking of the week Last stock markets have continued the streak of four consecutive weeks of decline that, in fact, had cleared the progress made in the course the months of May and June. The increase (+6% MSCI World index in local currency) is encouraging because accompanied by an increase in trading volumes and price volatility, both indices of strength of the trend. breaking bearish readily recovered from the quotations may indeed be viewed as a 'false bearish signal': the board's operating last week that called for taking time and not liquidate existing positions pending further developments in spite of the courses had fallen below moving average reference is proving, at the time, correct.
a geographic continued outperformance of Asian markets versus the World although, at the level of weekly relative strength, the best stock indices turned out to be those of an emerging, possibly as a result of information relating to the possible availability of the IMF and World Bank to renegotiate the sovereign debt of some of these countries .
At this point, all the world stock indices are back in the mid-term bullish position, therefore address the trend in the course also provided advice to wait, to increase equity positions exceeding the long-term indicators (moving average to 200 seats )
Among individual titles hitting the unexpected vitality of FIAT (best title of the FTSE MIB, +16% per week) and Daimler (second best under the STOXX 50, +19% more on a weekly basis): new times for the automotive industry?
Apart from this it is interesting to note that, in a week when almost all the titles in the main list of European (STOXX 50) took home the best results are positive performance came from banking and pharmaceuticals.
Finally I note that, after weeks of relative strength than ANSALDO STS market begins to show signs of weakness and slow the race: also on the list Milan eyes on banking but also on Prysmian and Tenaris.
BOND MARKET
bond market and point out that rates on a monthly basis, are continuing to drive down returns for the quarterly government debt securities with at least triple-A credit quality.
From the graph it is evident that the yield on advances of a few weeks the quarterly Euribor: after the slight increase in April / May quarterly returns have begun to fall, a sign that the market expects short-tightening by ECB: for some time you should not be an increase in interest rates.
Some nervousness in the bond market, it also points to the fact that, year to date, the spread between the maturities of 10 and 2 years of non-government bonds has stopped rising.
RAW MATERIALS
The month of May and June was certainly characterized by soaring oil prices which, by $ 35 a barrel has come to exceed $ 70 and then fall back to around $ 60-65. As
have stressed the U.S. Energy Information Agency, taking into account stocks, consumption and forecast on the economic cycle, current prices deemed reasonable: do not exclude more speculative transactions in energy commodities, however, there are structural reasons and business being carried significant increases from current levels.
I would like to draw your attention to the metal, which in many cases, are taking bullish positions of considerable interest
could be the case of copper, which increase in prices is accompanied by a concomitant decrease in stocks (which should allow further increases of the commodity in question)
