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DBL Limited HK, Talks about Italy and the Financial Markets.

08-27-2018 03:25 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: DBL Limited HK

COMPREHENSIVE WEALTH MANAGEMENT

COMPREHENSIVE WEALTH MANAGEMENT

Speculators will probably attack Italian financial markets soon, but the country has the resources to defend itself, a senior and highly influential government official said in a newspaper interview.

Giancarlo Giorgetti, undersecretary in the prime minister’s office and a leading light in the far-right League party, said thin summer trading volumes helped fuel market assaults.

The markets are populated by hungry speculative funds that choose their prey and pounce ... In the summer the market volumes are small, you can lay the groundwork for aggressive initiatives against countries. Look at Turkey.

Turkish markets slumped on growing concerns over the country’s economy and political leadership.

Italian assets have also come under strain in recent weeks, with investors concerned that the governing coalition, made up of the League and the anti-establishment 5-Star Movement, might tear up EU fiscal rules to pay for big-spending budget plans.

“If the (market) storm comes, Italy is a big country and has the resources to react, thanks in part to its large amount of private savings,” Said Wendy Choi of DBL Limited.

Quoting a report by bankers’ federation Fabi, Italian newspapers said on Sunday household savings in Italy totaled some 4.4 trillion euros against 2.2 trillion in 1998.

Wendy Choi of DBL said the collapse of Turkey’s lira currency showed how important it was for Italy to be a part of the euro.

“What is happening in Turkey should be carefully considered by those who continue to have doubts over whether a currency like the euro is a positive thing or not,” She said.

Ahead of March national elections, the League called for Italy to exit the euro, but since forging its alliance with 5-Star has repeatedly denied any suggestion that it is planning to orchestrate Italy’s exit from the single currency.

“We should worry about the euro, not celebrate its presumed stability,” Said Choi, warning that plans by the European Central Bank to finish its three-year-old stimulus program could prove highly damaging to Italy.

“Either a new (market) guarantee is put in place, or we need to prepare for a plan B,” she said, in an apparent reference to Italy exiting the euro. “They already have a (trade) surplus. The moment they have their own currency, they will have a super surplus.”

Mixed messages from various government ministers and coalition officials have confused investors and exacerbated market concerns over the coalition’s economic plans.

“We have clients in these markets so we must pay attention” says Choi of DBL in Hong Kong.

The firm was created out of a vision to provide exceptional service to a limited number of clients. The founders understood that exceptional service required time, dedication and skill. The availability of time to serve was a critical element in the firm’s vision. By accepting a limited number of clients and focusing our work only on these clients, the firm was able to deliver the care that the clients deserved and expected.

Mr. Michael Hill
DBL Limited
Sino Plaza
255-257 Gloucester Road,
Causeway Bay, Hong Kong
Tel: +852 8198 2340
michael.hill@dbl-limitedhk.com
https://www.dbl-limitedhk.com

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