The EU has published the awaited report on member countries e Italy is placed under monitoring: our country has "excessive macroeconomic imbalances", we read, which require "special monitoring" by the EU which will report to the Eurogroup on the Italian reforms and in June "will decide on further steps". Among the imbalances: high debt, low competitiveness, insufficient structural adjustment.
But an expected jab arrives also to Germany where it is reiterated that the surplus is too high, a sign of high competitiveness, but domestic demand is scarce and economic resources are not distributed well. Brussels therefore asks Berlin for "measures to strengthen domestic demand and growth potential". These measures "which will have effects on internal demand", the Commission points out, are already "contained in the coalition agreement of the new government".
On an uncertain morning, the Ftse Mib it moves above parity in the middle of the session and rises by 0,2%, mainly driven by the performance of some bank stocks. Pounce Ps the 4,4% Where's Banca +1,77% and Mediobanca +1,58%. Piazzetta Cuccia is supported by a report by Fidentiis which highlights the positive impacts for Mediobanca's accounts from the participation, as a member of the underwriting syndicate, in many of the bank recapitalizations announced in Italy. The broker estimates that Mediobanca, present in all the consortia announced so far (Banco Popolare, Mps, Carige, Creval and Bpm), could collect 36 million euros in commissions, with a 3-5% increase in the result in the second half .
However, the banking sector is overall contrasted: in fact, we find at the bottom of the Ftse Mib Bmp -2,7% Bper -1,8% andBanco Popolare -1,2%. The Btp-bund spread still travels below 180 basis points, at 177. Among the other stocks highlighted in Piazza Affari we note Fiat +2,8% and A2A +1,65%. Among the biggest drops Finmeccanica -1,8% Yoox -1,6% andLuxottica -1,23%.
Other European markets were weak after yesterday's rally on easing of the situation in Ukraine which offset part of Monday's losses. London loses 0,5%, Frankfurt 0,31% and Paris 0,36%. In Tokyo, the Nikkei index rose by 1,5%.
Yesterday the Stock Exchange Moscow, which tumbled down nearly 11% on Monday, closed up 5%. The ruble it rebounded from yesterday's all-time low against the dollar to 36,09 from 36,58. Russia has sold foreign currency totaling $11,3 billion to shore up the ruble.
from China then there was a sign of improvement with the PMI services index in February rising to 51 points from 50,7 in January, when it had reached its lowest level for two and a half years. However, operators are looking at the default of a solar company listed in Shanghai: it is the first time in the history of China that a private company declares that it is unable to repay its bonds.
Now the attention of the markets is focused on tomorrow's ECB meeting and on US job data expected on Friday. In Italy, Prime Minister Matteo Renzi announced the presentation of the housing plan and the jobs act and some measures for schools for next Wednesday. Meanwhile, various macroeconomic data have been released in the Eurozone.
Il GDP of the Eurozone at 17 in the fourth quarter it was confirmed at +0,3% and for the whole of 2013 it stood at -0,5%. In the EU, +0,1%. In the Eurozone 18, the final value of the Markit Composite Index of output in the Eurozone rose to 53,3 from 52,9 in January and from 52,7 in the previous flash estimate: this is the eighth consecutive month of progress and of the strongest expansion period since the first half of 2011.
