Waiting to understand what will be the next moves by the central banks, Bags leave room for profit taking: Milan -1%, London -0,99%, Frankfurt -0,7%, Paris -0,82%, Madrid –0,79%.
In Spain GDP in the first quarter fell by 0,5%, -2% on an annual basis, confirming the provisional data of the National Statistical Institute. The government estimates a 2013% drop in GDP for 1,3. The unemployment rate in Spain is at 27% while inflation accelerates to 1,8% from 1,5% in April, mainly due to food prices.
After yesterday's crash, Tokyo closed higher (+1,3%). The markets are looking at the US macro data and at the possible moves of Ben Bernanke. In the afternoon, US data on household incomes, consumer spending for April, the Chicago PMI for May at 15,45 and Michigan household confidence for May at 15,55 are expected. Unemployment figures were released in the Eurozone which reached the highest level ever reached since 1995: 12,2% against 11,2% in April 2012. The same thing happened for youth unemployment, which reached 24,4 %, which in Italy rises to 40,5%, in fourth place after Greece, Spain and Portugal.
In Italy Istat announced that inflation rose slightly to 1,2% in May from 1,1% in April. The first increase after seven consecutive slowdowns, partly due to unprocessed food (fresh fruit).
Fiat shines in Piazza Affari +1,5% which continues the rally of the last period, reaching above 6 euros per share fueled by speculation on the purchase of the entire share capital of Chrysler, the integration with the US house and the subsequent process of listing on Wall Street.. The banks go up: Ubi Banca +1,3% boosted by the announcement of cash reimbursements to subscribers of the approximately 640 million euro convertible bond maturing on 10 July; Mps +0,51% after a Bank of Italy document reveals that the capital is largely adequate.
Down about 4% Telecom Italia after the go-ahead for the spin-off of the network, Ansaldo Sts -3,83%, Finmeccanica -3,27%, Mediolanum -2,80%. Rcs on the roller coaster dropped 2,1% in the middle of the day.
