The Lagarde era begins with the ECB, but the Fed will be the first to cut rates – Repubblica.it

MILAN – The week of the markets starts with the official change of the guard at the top of the Eurotower, culminating with the decision of the Federal Reserve that will probably cut US rates again and live with the background of Italian labor on the financial maneuver.On Monday, October 28th, Christine Lagarde's time at the ECB is officially launched: the President of the Republic, Sergio Mattarella, and the Economy Minister, Roberto Gualtieri, are also expected for the departure of Mario Draghi. Everything has already been written about the Italian governor, just as much has been said about the challenges that remain open for Lagarde. The new president will have to officially start the second round of Quantitative easing, but he will be a spectator of the first important monetary policy decision on the agenda.
This will in fact touch the American Federal Reserve, which is preparing for a new cut in interest rates: the monthly directive will end on Wednesday, October 30, and investors expect a reduction in the cost of money. The two-day monetary policy meeting should lead to a further cut of a quarter of a percentage point (0.25%) of the reference rates, which would thus bring them to a value between 1.5% and 1 , 75%. The move will be put in place to counter the risks of a slowdown in the global and American economic situation conditioned also by fears for the US-China trade war.No later than last Thursday, US president Donald Trump returned to attack the Fed: "If it does not lower rates and does not stimulate the economy, the Federal Reserve does not do its duty." The new trip came just on the day the ECB left rates at zero, the latest decision by Mario Draghi. "Look around, look at our competitors in the world", Trump wrote on Twitter: "Germany and others are really going to be facilitated in borrowing money. The Fed instead was too fast in raising rates and too slow in cut them. " But in the week the eyes are also focused on the Japanese central bank directive scheduled for Thursday, October 31, whose decisions will affect the yen's performance.

In Italy, however, the economic week is centered on the budget law. The transmission of the text of the maneuver to the Chambers and of the related fiscal decree is awaited. The tax bill was published yesterday in the Gazzetta and comes into force from today, although some measures will be triggered only in 2020, such as the limitation of the use of cash falling from 3,000 to 2,000 euros which will apply from next July while from 1 January 2022 the threshold will drop to 1,000 euros. Confirmed the refinancing of the bridge loan to Alitalia (which goes from 350 million to 400), the penalties for merchants who refuse the tax payer's tax code for the participation in the lottery of the receipts and the cuts to the expenses of the ministries for 3 billion and 89 million. The incentives for the purchase of anti-abandon devices are unchanged. Instead the rule that allowed defense industries access to development cooperation funds is skipped; in recent days the Foreign Minister, Luigi Di Maio, had called the measure "hallucinatory" and had asked for its cancellation.

On the international front there is always Brexit to keep the bench: once again, given the impasse of the London parliament, it seems that the divorce will be postponed. Attention then to some quarterly reports of weight: Facebook, Mastercard, GE, Pfizer, Bristol-Myers Squibb, Bayer, AT&T, Sony, Airbus, Colgate-Palmolive, GM, Volkswagen, Aeroflot, Apple, Starbucks, Beyond Meat, Alphabet, Alibaba, Exxon Mobil, Chevron, BP, PetroChina, Repsol, Baker Hughes, Hess, Total, Sanofi, Royal Dutch Shell, Credit Suisse, Bank of China, MetLife, Allstate, AIG, HSBC, Danske Bank, BNP Paribas, Nomura, Macquarie Group and Banco Santander are the hot names on the agenda.

Here are the main events of the week on the agenda Agi.

MONDAY OCTOBER 28th
Post Office: organizes the second edition of 'Mayors of Italy, with Economy Minister Roberto Gualtieri.
Eni: presents the Inertial Sea Energy Converter or ISWEC project for wave energy production at Marina di Ravenna. With the Prime Minister Giuseppe Conte, the CEO of Eni Claudio Descalzi, the Cdp CEO Fabrizio Palermo Tim: in Rome, a digital education project for Italy. With the CEO Luigi Gubitosi, the Minister for Pa Fabiana Dadone, the Minister for Regional Affairs Francesco Boccia, the Minister for Innovation Paola Pisano and the extraordinary commissioner for the implementation of the Digital Agenda, Luca Attias.
Unioncamere: press conference presentation of the GreenItaly 2019 Report, organized by Unioncamere and Symbola Foundation. The report was presented by Giuseppe Tripoli, general secretary of Unioncamere, with Ermete Realacci, president of the Symbola Foundation, Andrea di Stefano, head of special projects Novamont and Giorgio Quagliulio, President of Conai.
Abi: in Rome Giovanni Legnini and Daniele Piccione present their new essay 'Public powers in the age of disenchantment – Unity lost between legislation, regulation and jurisdiction.
Organized by: Luiss University Press. Speaker: Giovanni Sabatini, Abi General Manager.
Mediobanca: assembly in Milan.
ECB: in Frankfurt 'Farewell event for Mario Draghi', with the Economy Minister, Roberto Gualtieri.
US: September trade balance.

TUESDAY OCTOBER 29
Istat: production prices of industry and construction, September.
Government securities: six-monthly Bot auctions for 6.5 billion.
Eni: in Rome dialogue between Eni's CEO Claudio Descalzi and Chatham House director Robin Niblett.
Abi: in Rome, conference 'Oeconomicae et Pecuniariae Quaestiones'.
With president Antonio Patuelli, Giovanni Pirovano, vice president of Banca Mediolanum; Riccardo Bollati, assistant secretary of the International Theological Commission; Antonio Fazio, former Governor of the Bank of Italy.
Ice: in Rome 2019 edition of the Oice Report on the activity of Italian engineering, architecture and technical-economic consulting companies abroad.
Confindustria: in Milan, Anima public assembly "The social impact of mechanics. The technologies underlying development.
With president Vincenzo Boccia and deputy minister of the Ministry of Economic Development, Stefano Buffagni.
Unioncamere: assembly in Treviso, with the president, Carlo Sangalli, to follow the intervention of the Minister of Economic Development, Stefano Patuanelli.
Eccidio Fragala: to Melissa (kr) 70th anniversary of the massacre; participates the general secretary of the CGIL Maurizio Landini.
Gb: consumer credit in September
Use: index of house prices in August.
US: consumer confidence in October.

WEDNESDAY OCTOBER 30
Istat: consumer and business confidence in October; contractual remuneration of the third quarter.
Securities Status: BTP auction.
Il Messaggero: in Rome conference 'Circular economy, from sustainability to intelligent mobility, with, among others, the designated European commissioner Paolo Gentiloni, the Environment Ministers Sergio Costa and the Economy Minister Roberto Gualtieri, the directors of Cattolica Insurance Alberto Minali and Adr Ugo De Carolis, the president of Snam Giovanni Lo Storto.
Mef: in Rome, institutional greetings from Economy Minister Roberto Gualtieri at the event "Financial education and sustainable finance: investing in the future".
Reeds: in Rome, public assembly, with speeches by the Prime Minister Giuseppe Conte, the minister of infrastructure and transport Paola De Micheli, the Minister of Economic Development Stefano Patuanelli, the economist Carlo Cottarelli and the president Ance Gabriele Buia.
Coop Alliance: National Assembly in Rome. The Minister of Agricultural, Food and Forestry Policies, Teresa Bellanova, the Minister of Infrastructure and Transport, Paola De Micheli, the Undersecretary for Foreign Affairs, Manlio Di Stefano, spoke
Cnel: in Rome Forum Mercintreno with transport minister Paola De Micheli, Daniele Rossi, president of Assoporti, Salvatore Martgiotta, undersecretary of the Ministry of Infrastructure and Transport, Andrea Camanzi, president of the Transport Regulation Authority.
Acri: in Rome press conference to present the annual Acri – Ipsos survey on "The Italians and Savings", now in its nineteenth edition, with president Acri, Francesco Profumo and president Ipsos, Nando Pagnoncelli.
Confindustria: in Rome the pension fund of industrial managers set up between Confindustria and Federmanager, will present the new investment strategy in the real economy.
Pier Paolo Baretta, Undersecretary for Economy and Finance, was invited to participate.
Mise: at the Chamber (production activities committee) hearing of the Minister of economic development, Stefano Patuanelli, on the programmatic lines of his department.
Pa: at the Chamber hearing of the Minister for Public Administration, Fabiana Dadone, on the programmatic lines of the department.
Pa: in Rome active national unitary of Fp-Cgil, Cisl-Fp, Uil-Fpl and Uil-Pa.
In Milan, a series of meetings dedicated to the show 'Return to Reims' Participation is the general secretary of the CGIL, Maurizio Landini.
Use: Fed rate decision.
Usa: Third quarter GDP.
Germany: dissemination of data on EU harmonized inflation for the month of October
France: GDP for the third quarter.

THURSDAY OCTOBER 31
Istat: provisional estimate of consumer price data in October; preliminary estimate of GDP in the third quarter; provisional estimate of September employment and unemployment figures.
Acri: to celebrate the 95th World Savings Day, Acri and Ipsos conference on "Savings is sustainability. Today's choices to imagine tomorrow", with Minister Economy, Roberto Gualtieri; governor of Banca Italia, Ignazio Visco; president of Acri, Francesco Profumo; President Abi, Antonio Patuelli.
Rfi: at the Chamber (Transport commission) hearing of the managing director of Rete Ferroviaria Italiana, Maurizio Gentile, on the state of implementation of current and planned investments.
Confindustria: in Bolzano press conference at the end of the IX Confindustria Business Forum – Bdi (in camera); with Vincenzo Boccia, president of Confindustria.
Confitarma: in Rome annual meeting.
Japan: Boj decides on rates for October.
China: data on manufacturing SMEs relative to October.

FRIDAY NOVEMBER 1
Usa: unemployment rate in October.