Italy's new government proposed a 2019 budget that would set a deficit target three times as big as the previous administration's goal, setting up a clash with the European Commission and sparking a sell-off of state bonds.
Reported by Reuters 3 minutes ago.
Italy's budget proposal hikes deficit, defies EU and sends shiver through markets
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USD/CHF recovers above 0.9750 as DXY stays clings to gains post data
· *Annual core PCE price index stays unchanged at 2%.*
· *Italy worries weigh on the market sentiment on Friday.*
· *US Dollar Index clings to gains above 95.*
After closing the first four days of the week with gains, the USD/CHF pair lost its traction on Friday as the Italian political drama triggered a flight-to-safety and helped the Swiss franc gather strength against its peers. Following a drop to 0.9738, however, the broad-based USD strength pushed the pair back above mid-0.97s. As of writing, the pair was trading at 0.9757, losing 0.15% on the day.
Today's data from the U.S. showed that the annual core PCE price index, the Fed's preferred gauge of inflation, stayed unchanged at 2% in August to match the previous reading and analysts' estimates. Commenting on the data, "Now that the Federal Reserve has achieved its inflation goal, its rate objective must be 'normalization'. But what is a neutral rate these days? Not even the Fed knows. All the governors can do is increase and watch the results," FXStreet Senior Analyst Joseph Trevisani said.
Other details of the report revealed that personal spending growth ticked down to 0.3% from 0.4% and personal income increased by 0.3%. The US Dollar Index, which touched its highest level since September 10 at 95.37 earlier today, was last seen at 95.26, adding 0.3% on the day.
· *US: Annual core PCE price index remains steady at 2% in August.*
Later in the session, Chicago PMI and the UoM Consumer Sentiment Survey will be looked upon for fresh impetus.
*Technical levels to consider*
The pair could face the first technical resistance at 0.9785 (50-DMA) ahead of 0.9850 (100-DMA) and 0.9900 (psychological level). On the downside, supports could be seen at 0.9750 (200-DMA), 0.9670 (20-DMA) and 0.9620 (Sep. 26 low). Reported by FXstreet.com 19 hours ago.
· *Italy worries weigh on the market sentiment on Friday.*
· *US Dollar Index clings to gains above 95.*
After closing the first four days of the week with gains, the USD/CHF pair lost its traction on Friday as the Italian political drama triggered a flight-to-safety and helped the Swiss franc gather strength against its peers. Following a drop to 0.9738, however, the broad-based USD strength pushed the pair back above mid-0.97s. As of writing, the pair was trading at 0.9757, losing 0.15% on the day.
Today's data from the U.S. showed that the annual core PCE price index, the Fed's preferred gauge of inflation, stayed unchanged at 2% in August to match the previous reading and analysts' estimates. Commenting on the data, "Now that the Federal Reserve has achieved its inflation goal, its rate objective must be 'normalization'. But what is a neutral rate these days? Not even the Fed knows. All the governors can do is increase and watch the results," FXStreet Senior Analyst Joseph Trevisani said.
Other details of the report revealed that personal spending growth ticked down to 0.3% from 0.4% and personal income increased by 0.3%. The US Dollar Index, which touched its highest level since September 10 at 95.37 earlier today, was last seen at 95.26, adding 0.3% on the day.
· *US: Annual core PCE price index remains steady at 2% in August.*
Later in the session, Chicago PMI and the UoM Consumer Sentiment Survey will be looked upon for fresh impetus.
*Technical levels to consider*
The pair could face the first technical resistance at 0.9785 (50-DMA) ahead of 0.9850 (100-DMA) and 0.9900 (psychological level). On the downside, supports could be seen at 0.9750 (200-DMA), 0.9670 (20-DMA) and 0.9620 (Sep. 26 low). Reported by FXstreet.com 19 hours ago.
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Italian PM: Government wants to reduce debt and will do it by generating growth
Italian Prime Minister recently crossed the newswires saying that the government wants to reduce debt and will do it by generating growth, as reported by LiveSquawk.
Commenting on today's Italy headlines, "The Italian budget forces the EU to fight on two fronts. Externally against the UK in the Brexit negotiations and internally against the populist anger in one of the Union's core nations. The Italian threat is far greater," FXStreet Senior Analyst Joseph Trevisani noted. Reported by FXstreet.com 19 hours ago.
Commenting on today's Italy headlines, "The Italian budget forces the EU to fight on two fronts. Externally against the UK in the Brexit negotiations and internally against the populist anger in one of the Union's core nations. The Italian threat is far greater," FXStreet Senior Analyst Joseph Trevisani noted. Reported by FXstreet.com 19 hours ago.
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Italian PM: Looking forward to going to Brussels to illustrate budget
Additional comments from Italian Prime Minister Giuseppe Conte are crossing the wires.
*Key quotes (via LiveSquawk)*
· Looking forward to going to Brussels to illustrate budget.
· Budget law to focus on investments, growth.
· Italy plans to invest €5 billion over next 3 years.
· Confident markets will support budget when details given. Reported by FXstreet.com 19 hours ago.
*Key quotes (via LiveSquawk)*
· Looking forward to going to Brussels to illustrate budget.
· Budget law to focus on investments, growth.
· Italy plans to invest €5 billion over next 3 years.
· Confident markets will support budget when details given. Reported by FXstreet.com 19 hours ago.
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EUR/USD finds some support near 1.1560
· *The pair’s decline met support in the 1.1560 region so far.*
· *The greenback keeps session tops near 95.31.*
· *US Core PCE came in at 2.0% YoY in August.*
The sharp sell off in *EUR/USD* appears to have met some contention in the 1.1560 region so far on Friday.
*EUR/USD keeps looking to Italy, data*
The pair remains entrenched into the negative territory on Friday, navigating fresh 2-week lows in the 1.1580/60 band amidst rising jitters on the Italian fiscal front, the rally in the greenback and somewhat disappointing EMU’s CPI.
However, the pair seems to have met some buying interest around 1.1560 after today’s US docket left no room for surprises. In fact, inflation figures gauged by the Core PCE rose 2.0% on a year to August, while the monthly variation came in flat.
In addition US Personal Income expanded 0.3% inter-month (vs. 0.4% forecasted) and Personal Spending rose 0.3%, in line with prior surveys.
Later in the NA session and still in the US calendar, the Chicago PMI is up next followed by the final U-Mich reading for the current month.
*EUR/USD levels to watch*
At the moment, the pair is losing 0.43% at 1.1591 and a breakdown of 1.1526 (low Sep. 10) would target 1.1508 (low May 29) en route to 1.1299 (2018 low Aug.15). On the flip side, the next up barrier aligns at 1.1815 (high Sep.24) seconded by 1.1853 (monthly high Jun.14) and finally 1.1944 (200-day SMA). Reported by FXstreet.com 19 hours ago.
· *The greenback keeps session tops near 95.31.*
· *US Core PCE came in at 2.0% YoY in August.*
The sharp sell off in *EUR/USD* appears to have met some contention in the 1.1560 region so far on Friday.
*EUR/USD keeps looking to Italy, data*
The pair remains entrenched into the negative territory on Friday, navigating fresh 2-week lows in the 1.1580/60 band amidst rising jitters on the Italian fiscal front, the rally in the greenback and somewhat disappointing EMU’s CPI.
However, the pair seems to have met some buying interest around 1.1560 after today’s US docket left no room for surprises. In fact, inflation figures gauged by the Core PCE rose 2.0% on a year to August, while the monthly variation came in flat.
In addition US Personal Income expanded 0.3% inter-month (vs. 0.4% forecasted) and Personal Spending rose 0.3%, in line with prior surveys.
Later in the NA session and still in the US calendar, the Chicago PMI is up next followed by the final U-Mich reading for the current month.
*EUR/USD levels to watch*
At the moment, the pair is losing 0.43% at 1.1591 and a breakdown of 1.1526 (low Sep. 10) would target 1.1508 (low May 29) en route to 1.1299 (2018 low Aug.15). On the flip side, the next up barrier aligns at 1.1815 (high Sep.24) seconded by 1.1853 (monthly high Jun.14) and finally 1.1944 (200-day SMA). Reported by FXstreet.com 19 hours ago.
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Markets Right Now: US stocks open slightly lower
NEW YORK (AP) — The latest on developments in financial markets (all times local): 9:35 a.m. Stocks are opening slightly lower on Wall Street as the market gives back some of the ground it gained a day earlier. Banks and energy companies had the biggest losses in early trading Friday. Electric car maker Tesla plunged 12 percent after the Securities and Exchange Commission sought to remove Elon Musk as CEO, accusing him of securities fraud. European markets fell broadly over concerns that Italy's populist government announced a sharp increase in spending that will add to the country's already heavy debt load. The S&P 500 index fell 3 points, or 0.1 percent, to 2,910. The Dow Jones Industrial Average slipped 32 points to 26,407.
Reported by SeattlePI.com 19 hours ago.
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Wall Street opens modestly lower dragged by financials
· *Financials fall sharply in the early trading hours.*
· *Political worries in Italy weigh on market sentiment.*
· *Utilities' performance keeps losses limited for now.*
Major equity indexes in the U.S. started the last trading day of the third quarter modestly lower as rising political tensions between Italy and the EU hurt the financial sector. "Commenting on today's Italy headlines, "The Italian budget forces the EU to fight on two fronts. Externally against the UK in the Brexit negotiations and internally against the populist anger in one of the Union's core nations. The Italian threat is far greater," FXStreet Senior Analyst Joseph Trevisani noted earlier today.
The S&P 500 Financials Index was last seen down 0.82% on the day while the financial-heavy Dow Jones Industrial Average was losing 0.15, or 36 points, at 26,404 points.
Meanwhile, the S&P 500 Utilities Index is adding more than 0.8% in the first trading hour of the session to help the S&P 500 limit its losses. At the moment, the SPX was down 5 points, or 0.17%, at 2,909 points.
On the other hand, the S&P 500 Communications Services, which was the top performer of Thursday, seems to be feeling the pressure of the profit-taking action as it falls 0.45% on the day to drag the tech-related Nasdaq Composite Index down to 8,020 points, where it was losing 0.27% on the day.
Reported by FXstreet.com 18 hours ago.
· *Political worries in Italy weigh on market sentiment.*
· *Utilities' performance keeps losses limited for now.*
Major equity indexes in the U.S. started the last trading day of the third quarter modestly lower as rising political tensions between Italy and the EU hurt the financial sector. "Commenting on today's Italy headlines, "The Italian budget forces the EU to fight on two fronts. Externally against the UK in the Brexit negotiations and internally against the populist anger in one of the Union's core nations. The Italian threat is far greater," FXStreet Senior Analyst Joseph Trevisani noted earlier today.
The S&P 500 Financials Index was last seen down 0.82% on the day while the financial-heavy Dow Jones Industrial Average was losing 0.15, or 36 points, at 26,404 points.
Meanwhile, the S&P 500 Utilities Index is adding more than 0.8% in the first trading hour of the session to help the S&P 500 limit its losses. At the moment, the SPX was down 5 points, or 0.17%, at 2,909 points.
On the other hand, the S&P 500 Communications Services, which was the top performer of Thursday, seems to be feeling the pressure of the profit-taking action as it falls 0.45% on the day to drag the tech-related Nasdaq Composite Index down to 8,020 points, where it was losing 0.27% on the day.
Reported by FXstreet.com 18 hours ago.
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Global stocks dip on worries about Italy’s debt; Tesla sinks
NEW YORK (AP) — Global stocks are falling Friday after Italy’s new government announced a big increase in spending. Italy’s main stock index fell about 4 percent and other European indexes also took sharp losses as investors worried that the government’s plan will lead to a clash with European Union leaders who want Italy to […]
Reported by Seattle Times 17 hours ago.
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Global stocks dip on worries about Italy's debt; Tesla sinks
NEW YORK (AP) — Global stocks are falling Friday after Italy's new government announced a big increase in spending. Italy's main stock index fell about 4 percent and other European indexes also took sharp losses as investors worried that the government's plan will lead to a clash with European Union leaders who want Italy to reduce its debt level. Banks are falling. Tesla stock is plunging after federal regulators moved to oust Elon Musk as the electric car maker's CEO following his tweet last month that he was close to a deal to take Tesla private. U.S. indexes are slightly lower at the end of a rough week, but the third quarter has been the strongest for the U.S. market in several years.
Reported by SeattlePI.com 18 hours ago.
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European banks sink as Italy set for battle with EU over budget
Reported by SeekingAlpha 18 hours ago.
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Tom Holland & Zendaya Film 'Spider-Man: Far From Home' in the Canals in Italy
Tom Holland and Zendaya cruise around the canals in Venice, Italy, while shooting Spider-Man: Far From Home! The Spider-Man: Homecoming co-stars were spotted on set on Friday (September 28) after arriving into town earlier this week. They were joined by their other co-star Jacob Batalon. “Serving 3 looks in Venice today! #spidermanfarfromhome,” Tom captioned the [...]
Reported by Just Jared 15 hours ago.
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Zendaya & Tom Holland Continue Shooting 'Spider-Man: Far From Home' in Italy!
Zendaya and Tom Holland take a boat ride while filming Spider-Man: Far From Home! The former K.C. Undercover star and the Avengers: Infinity War actor were seen riding around the canals on Friday (September 28) in Venice, Italy, following their arrival into the city earlier in the week. They were joined by their other co-star [...]
Reported by Just Jared Jr 15 hours ago.
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Jorginho explains decision to snub Man City in favour of Chelsea switch
The Italy international had appeared destined to join the reigning Premier League champions before Maurizio Sarri negotiated a reunion in west London
Reported by Goal.com 16 hours ago.
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EU's Dombrovskis: Important for Italy to stick to responsible fiscal policy to keep interest rates low
Speaking at a conference in Riga, Latvia, Valdis Dombrovskis, the vice-president of the European Commission, said that what emerged so far from the discussions in Italy does not seem to be in line with the stability and growth pact. "For Italy, it is important to stick to responsible fiscal policy to keep interest rates low," Dombrovskis added, as reported by Reuters.
Reported by FXstreet.com 16 hours ago.
Reported by FXstreet.com 16 hours ago.
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Italy budget revives fears of populist instability
Five Star and League impose their plans on fiscally conservative economy minister
Reported by FT.com 13 hours ago.
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EUR/CHF: Likely to be affected by the Italian budget noise - ING
Strategist at ING, consider that the current political situation in Europe with Brexit and the Italian budget drama will likely keep the Swiss franc bid. The see EUR/CHF moving between 1.1180 and 1.1380 next week.
*Key Quotes: *
“Messy European politics - both Italy budget risks and Brexit noise at the Tory party conference - will likely keep the Swiss franc, a European haven, bid over the coming week. While we did see EUR/CHF move above 1.14 on a trade war haven unwind, the pair fell sharply below 1.13 on the back of the budget-related Italian asset sell-off on Friday.”
“It's difficult not to see further Italian budget noise here weighing on EUR/CHF - especially ahead of potential downgrades by rating agencies and budget clashes with the European Commission in October. The risks, however, *is that we could see the Swiss national bank intervening on any sharp moves below the 1.12-1.13 level.”*
“On the Swiss franc side, the key data point to note next week is September CPI due Friday, where consensus expects +0.2% MoM increase (+1.1% YoY). Although Swiss data rarely tends to have much of a sustained impact on the currency, especially during times when the focus for FX markets is on European politics.” Reported by FXstreet.com 14 hours ago.
*Key Quotes: *
“Messy European politics - both Italy budget risks and Brexit noise at the Tory party conference - will likely keep the Swiss franc, a European haven, bid over the coming week. While we did see EUR/CHF move above 1.14 on a trade war haven unwind, the pair fell sharply below 1.13 on the back of the budget-related Italian asset sell-off on Friday.”
“It's difficult not to see further Italian budget noise here weighing on EUR/CHF - especially ahead of potential downgrades by rating agencies and budget clashes with the European Commission in October. The risks, however, *is that we could see the Swiss national bank intervening on any sharp moves below the 1.12-1.13 level.”*
“On the Swiss franc side, the key data point to note next week is September CPI due Friday, where consensus expects +0.2% MoM increase (+1.1% YoY). Although Swiss data rarely tends to have much of a sustained impact on the currency, especially during times when the focus for FX markets is on European politics.” Reported by FXstreet.com 14 hours ago.
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Tom Holland and Zendaya continue to work on Spider-Man: Far From Home in Italy
I refuse to call them “Zomdaya”. Sorry Kathleen, but “Zomdaya” sounds like some sad wasting disease tragic heroines die of in 19th century Russian novels. Poor little Dasha, that scoundrel Alexei abandoned her for the wicked Countess Kharlamova, and now she’s withering away with Zomdaya. So I will c...
Reported by Lainey Gossip 12 hours ago.
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Inge Feltrinelli Dies at 87; Publishing Titan Started With a Camera
Early on she photographed Hemingway, Garbo, Picasso and others. Then she married a publisher and later took over the house, one of Italy’s most important.
Reported by NYTimes.com 11 hours ago.
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Wall Street closes the day little changed, DJIA adds more than 9% in Q3
· *Financials underperform on concerns over Italian government's proposed budget.*
· *Today's data shows that personal spending and personal income both increase by 0.3% in August.*
· *DJIA outperforms Nasdaq Composite and S&P 500 in Q3.*
Major equity indexes in the United States started the day slightly lower and struggled to make a decisive move in either direction as investors are assessing their next move in the last day of the third quarter.
On Friday, European stocks recorded losses after Italy's government proposed a budget deficit targeting 2.4% of the GDP for the next three years to receive heavy criticism from the EU. The risk-off mood weighed on the global market sentiment and triggered a sell-off in the financial sector amid falling US T-bond yields. “Italy is weighing on people’s minds as to where they want to be. The U.S. is the place to be, and the rest of the world - not so much,” Thomas Martin, senior portfolio manager at Global Investments in Atlanta, told Reuters, and the S&P 500 Financials Index closed the day 1.06% lower.
Meanwhile, defensive sectors such as real estate and utilities, which benefit from lower bond yields, recorded sharp gains to help keep losses limited. At the end of the say, the S&P 500 Utilities and the Real Estate indexes were up 1.5% and 1.3%, respectively.
The Dow Jones Industrial Average finished the day 0.07% higher at 26,459.05 points, the S&P 500 closed flat at 2,914.13 points, and the Nasdaq Composite Index erased 4.81 points, or 0.06%, to 2,914.13.
*Major indexes' weekly, monthly & quarterly performances (via Reuters)*
· For the week, the S&P fell 0.54 pct, the Dow lost 1.07 pct, the Nasdaq gained 0.74 pct.
· For the month, the S&P rose 0.43 pct, the Dow added 1.9 pct, the Nasdaq shed 0.78 pct.
· For the quarter, the S&P rose 7.19 pct, the Dow added 9.01 pct, the Nasdaq gained 7.14 pct.
Reported by FXstreet.com 12 hours ago.
· *Today's data shows that personal spending and personal income both increase by 0.3% in August.*
· *DJIA outperforms Nasdaq Composite and S&P 500 in Q3.*
Major equity indexes in the United States started the day slightly lower and struggled to make a decisive move in either direction as investors are assessing their next move in the last day of the third quarter.
On Friday, European stocks recorded losses after Italy's government proposed a budget deficit targeting 2.4% of the GDP for the next three years to receive heavy criticism from the EU. The risk-off mood weighed on the global market sentiment and triggered a sell-off in the financial sector amid falling US T-bond yields. “Italy is weighing on people’s minds as to where they want to be. The U.S. is the place to be, and the rest of the world - not so much,” Thomas Martin, senior portfolio manager at Global Investments in Atlanta, told Reuters, and the S&P 500 Financials Index closed the day 1.06% lower.
Meanwhile, defensive sectors such as real estate and utilities, which benefit from lower bond yields, recorded sharp gains to help keep losses limited. At the end of the say, the S&P 500 Utilities and the Real Estate indexes were up 1.5% and 1.3%, respectively.
The Dow Jones Industrial Average finished the day 0.07% higher at 26,459.05 points, the S&P 500 closed flat at 2,914.13 points, and the Nasdaq Composite Index erased 4.81 points, or 0.06%, to 2,914.13.
*Major indexes' weekly, monthly & quarterly performances (via Reuters)*
· For the week, the S&P fell 0.54 pct, the Dow lost 1.07 pct, the Nasdaq gained 0.74 pct.
· For the month, the S&P rose 0.43 pct, the Dow added 1.9 pct, the Nasdaq shed 0.78 pct.
· For the quarter, the S&P rose 7.19 pct, the Dow added 9.01 pct, the Nasdaq gained 7.14 pct.
Reported by FXstreet.com 12 hours ago.
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BlackBerry, CalAmp rise; Tesla, Royal Bank of Scotland fall
NEW YORK (AP) — Stocks that moved substantially or traded heavily Friday: Tesla Inc., down $42.75 to $264.77 The Securities and Exchange Commission sought the removal of CEO Elon Musk, saying he committed securities fraud by misleading investors. J.C. Penney Co., down 7 cents to $1.66 The struggling retailer said its chief financial officer, Jeffrey Davis, is leaving the company. Royal Bank of Scotland Group PLC, down 23 cents to $6.53 European banks fell after Italy's government announced plans to sharply increase spending, setting up a clash with the European Union. BlackBerry Ltd., up $1.19 to $11.38 The company reported earnings and revenue that came in ahead of analysts' forecasts. Progress Software Corp., down $7.26 to $35.
Reported by SeattlePI.com 12 hours ago.
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