Cogliamo nei cambiamenti delle opportunità di crescita

As Citi’s rates strategists have pointed out, the ECB could counteract this – end of the ECB’s QE – saying that it is “pretty likely that there will need to be an adjustment in prices – “through an “Italian Operation Twist” (lengthening the maturity of their BTP holdings), but such a response might not come immediately, given the ECB’s reluctance to favourindividual countries, unless associated with the conditionality that comes with an economic adjustment programme.

Source: Citi Research

The popular trading maxim of sell-in-May-and-go-away may prove misguided in 2018? Equities have spent three months consolidating February’s sharp correction. Fears of accelerated Fed rate increases and a potential trade war between the U.S. and China have capped any gains. There are reasons for short-term optimism in relation to both concerns.


La massima «sell on May and go away» quest’anno potrebbe risultare fuorviante. Il mercato azionario ha impiegato circa 3 mesi per recuperare il tonfo di febbraio. I timori di una politica monetaria più aggressiva del previsto, e la potenziale guerra commerciale tra Cina e USA hanno limitato il rimbalzo. Tuttavia il mercato intravvede con un certo ottimismo una risoluzione, a breve termine, dei due problemi citati.