Bags with the turbo after Draghi's words and in the wake of the celebrations of the Egyptian stock exchange with the changing of the guard at the helm of the country. While Wall Street is closed for Independence Day, European stock markets kick into gear in the early afternoon reassured by the promises of the Eurotower for a monetary policy that will remain accommodative as long as necessary and accelerate in the finale: the Ftse Mib +3,4 % with the spread at 280 points, London +3%, Frankfurt +2,1%, Paris +2,9%. The euro dollar drops to 1,2921 (-0,68%).
Draghi left interest rates unchanged at 0,5% and confirmed a downward-oriented future guidance, which does not exclude a further cut in the cost of money. The president of the Eurotower sees recovery prospects ahead in 2013 and 2014. According to Ifo (Germany), Insee (France) and Istat, starting from the second quarter, GDP should grow again and then accelerate moderately in the second half of the year in the Eurozone, but "fiscal consolidation and the deleveraging process in the manufacturing and banking sectors underway in many countries in the area will continue to hinder growth" and "labour market conditions will remain unfavorable ”.
For Italy the IMF, which released its conclusions today after the latest periodic survey in Rome, estimates a -1,8% (from -1,5%) of GDP in 2013 and a +0,7% (from +0,5 %) in 2014. “The recovery – he explained – is expected at the end of 2013, supported by exports and a modest improvement in investments”.
But the priority remains work, especially for young people and women: halving the gap with the rest of Europe "could raise the GDP by around 2,5% by 2018".
The banks are running in Piazza Affari with Ubi Banca standing out at +7,81%, Bper +7,76%. Unicredit +4,49% and Intesa +5,78%. Fonsai +6,8%. Also in the light were Buzzi Unicem +6,8% and Finmeccanica +6,4 which benefits from the stabilization of the top management with the De Gennaro-Pansa partnership. Telecom +1,83% after interrupting negotiations with H3G while Telecom Italia Media leaps by 18,6% after selling 51% of Mtv. Rcs rises by 0,48%. Close to the closing of the markets, Diego Della Valle who unexpectedly convened a press conference in Milan, declared that he had adhered to the capital increase and that he was ready to go further. In the red on the Ftse Mib only Salvatore Ferragamo -0,49%.
